A business incubator is an entity or program designed to support and promote the development of new businesses and entrepreneurs in the early stages of their life cycle. The main goal of an incubator is to provide these entrepreneurs with the tools, resources, and guidance necessary to increase their chances of success. These organizations typically offer a wide range of services and resources, including, among others, low-cost or even free office space, business and technical guidance, access to networks, and initial financing. Some incubators also provide additional services such as training, mentoring, and access to research and development facilities.
The incubation process generally begins when an entrepreneur or team submits a business proposal or plan to the incubator. If accepted, the entrepreneur gains access to the resources and services provided by the incubator for a defined period, which usually ranges from a few months to several years. During this time, the entrepreneur is expected to develop their business, increase their revenue, and be prepared to operate independently outside of the incubator.
Business incubators play a crucial role in fostering innovation and job creation in many industries and regions. They help reduce entry barriers for entrepreneurs by providing financial support and strategic guidance. Furthermore, by bringing together entrepreneurs and emerging businesses in a shared space, incubators encourage collaboration and the exchange of ideas, which can lead to synergies and growth opportunities.
The Sales Glossary is a compendium of all the most commonly used terminology in sales strategy. Many of the concepts listed here are used when implementing a CRM system or a digital sales funnel, no matter if they are legacy systems or an online CRM. See also our blog that deals with sales techniques, marketing and sales culture.