Incubator programmes provide supportive environments and resources to unleash the potential of up-and-coming Start-Up’s. They want Creatives to have access to the tools and know-how to create and experience business successes.
They provide some or all of the following at a reasonable cost to small companies who face challenges in actualizing their potential. Resources including a physical workspace, tech tools, meeting rooms, telecommunication systems, Internet connectivity, mentorship & often more such as…
• Support such as business coaching, strategic planning, expert insight and guidance.
• Networking opportunities with a community of like-minded entrepreneurial professionals and creative movers and shakers.
Types of Incubators
Incubator programmes can be set up in various ways depending on the goals and objectives of those backing them.
Corporate Incubators also known as ‘skunkworks’ are an offshoot of large companies wanting to facilitate flexibility, encourage creativity, and invigorate innovation. They often have a specific focus tied to growing the industry or sector they operate within.
Investor-funded Incubators can be created by successful entrepreneurs looking to stimulate the Start-Up culture in a particular city. These are often run as for-profit incubators, although fees for participating are usually nominal.
University Incubators are often located on campus grounds and make use of research facilities on-hand. They are often available free of charge to students and alumni.
Community-Initiative Incubators generally focus on supporting and reaching specific development goals. These can be in individual industry sectors, regional communities, cities, or countries. They may operate and distribute both private sector funding or governmental public grants.
Gauteng Based Incubators Worth Noting
eGoLiBio is an incubator serving the bioscience industry. They identify and support entrepreneurs working to develop innovative technologies. They assist Start-Ups with personalized solutions that contribute to commercial success. Their goal is to build a stronger bioscience sector within South Africa and allow good ideas to find secure profitable places in the market.
Spotlight on Success: One successful graduate is BIODx – a company committed to formulating disinfectants that are effective and environmentally friendly. Their products create an alternative to harsh synthetic chemicals and rely instead on biodegradable compounds.
Softstart Business and Technology Incubator is geared towards recognizing and growing successful ideas to reach their full potential. Their comprehensive fully-integrated approach assists entrepreneurs with every aspect of bringing their business to life. The incubator offers education and support to maximize available and applicable technology. They assist in creating optimal operational plans ensuring regulation compliance. Additionaly, assistance is provided with the commercialization of products and services, understanding faceted market complexities, and the development of business strategies for long-term vision.
Spotlight on Success: Batsumi Technologies was given a helping hand by the SoftstartBTI incubator. Today they are successful company who provide ICT solutions, project and performance management.
SAB Kickstart programme has been developed to encourage and empower businesses owners who are between the ages of 18 and 35. Their aim is to aid and coach dynamic ambitious visionaries to flourish on the unique platform of the South African market. Particular attention is given to business owners with ideas that have growth potential. They provide development support, financial boosts and connections with fit-for-purpose buyers.
Spotlight on Success: Famous success stories supported by SAB Kickstart include Kgomotoso Pooe Founder of Soweto Outdoor Adventures. Soweto Outdoor Adventures provides travellers with adventure tours in Soweto; offering unique insight into the area and history. Their strong community relationships remain focused on empowering and supporting local businesses.
Creating Your Success
If you have new business, then the resources of an Incubator might be just the thing to ease your company’s growing pains and make your transition from vision to profitability happen. Incubators can offer valuable services and support through the tough times of getting off the ground. Mentorships are embedded in most incubator models – ever heard of the expression “two minds are better than one”?
To see the value that Mentors can have, be sure to see our Prestigio’s community’s experience – simply search via the hashtag #PotentialUnleashed.
Unleash your potential in our Prestigio competition
• Have you already had an unforgettable Mentor?
• What life lessons or guidance have you learned from a mentor?