An incubator is an organization that supports the development and growth of startups and early-stage companies by providing resources, mentorship, and networking opportunities. The goal of an incubator is to help startups become self-sufficient and successful by providing a supportive environment and resources that would otherwise be difficult or impossible to obtain.
Incubators are typically run by private companies, government agencies, or universities, and they offer a range of services to their clients, including office space, access to funding, legal and accounting services, marketing and branding assistance, and mentorship from experienced entrepreneurs and industry experts.
Incubators often have a competitive application process, and once accepted, the startup will typically be given office space, access to resources, and a period of time to develop their product or service. During this time, incubators may offer workshops, networking events, and access to industry experts to help the startup refine their product or service and build their network.
Incubators are often confused with accelerators, but there are some key differences between the two. While incubators focus on providing resources and support to help startups develop and grow, accelerators focus on accelerating the growth of startups by providing a short-term, intensive program of mentorship and resources. Accelerators often provide funding in exchange for equity, while incubators typically do not take equity in the startups they support.