When you’re ready to start exploring options for your business idea, know that you have a myriad of ways to get the help you need to be successful.
Alexander Graham-Bell collaborated with many scientists, providing a space in which they could research and create technological marvels. Many of these inventions are embedded in our everyday lives, like lasers and the transistor. Some inventions were precursors to the ease with which we communicate today, like the fax machine and, of course, the telephone. In its heyday, Bell Labs earned numerous Nobel Prizes for the discoveries that came from the organization.
So, why the history lesson? Because Bell Labs’ efforts to provide a space for inventors and creators to thrive is the basis of the incubators we know today. In the 21st century, we now have incubators and accelerators (an incubator helps entrepreneurs flesh out business ideas while accelerators expedite the growth of existing companies with a minimum viable product) for just about any industry in all corners of the globe. Inventors and founders no longer have to fend for themselves or relocate to specific cities to get the help they need. These brave pioneers can start, run and grow their businesses with the best resources, education and access to funding wherever they are.
While the resources that incubators/accelerators provide vary, here’s a list of some of the perks of belonging to one:
- Office space
- Access to subject matter experts
- Business development curriculum
- Workshops
- Community of peers
- Access to funding
- Shared resources (marketing, HR, bookkeeping, etc.)
An incubator’s goal is to help founders build viable, sustainable organizations that will create jobs and contribute to the economic vitality of the cities they serve. Founders are taught how to explain or pitch their ideas and solutions to their target market’s pain points with confidence. Preparing founders to pitch for funding is a critical aspect of most incubators.
After 13 seasons, I believe many of us are familiar with the phenomenon of “Shark Tank.” On this show, ordinary men and women with unique products and services pitch to a panel of investors, “the Sharks.” The sharks listen and ask clarifying questions before deciding to extend an offer to fund in exchange for equity or “ownership” in the company.
If you’ve watched the show, you can probably relate to the white-knuckled, nail-biting deal situations that transpire. The show has done a great job putting a spotlight on what it takes to pitch to investors. Many don’t realize there’s a village of people helping these founders put their best foot forward. From offering guidance to contestants on their pitches to providing everything required to showcase the contestant’s products, the producers and staff of the show guarantee that each presenter is prepared to wow the Sharks.
Incubators and accelerators provide this kind of preparedness and more in a less sensationalized atmosphere. Great incubators collaborate with angel investors and venture capitalists to create pitch opportunities for their founders. Y Combinator, a well-known and successful accelerator, has graduated several well-known companies from their program. Dropbox, Airbnb, Instacart, Twitch, Weebly and Reddit are a few big names that were grown within Y Combinator’s nurturing space.
The resources for entrepreneurs continue to evolve to meet the needs of their clients. When you’re ready to start exploring options for your business idea, know that you have a myriad of ways to get the help you need to be successful. FBN
By Diana White
Diana White serves as the executive director for the Moonshot at NACET Flagstaff campus. Moonshot (www.moonshotaz.com) a 21-year-old 501(c)3 non-profit. The mission of Moonshot is to assist both entrepreneurs in building and scaling start-ups as well as developing entrepreneurial ecosystems for economic development purposes across Arizona.
