Joining an incubator is one of the ways for businesses and entrepreneurs to get started into turning their ideas into projects. Incubators help creating sustainable models that can help a business grow. There are pros and cons that come with joining an incubator. You must fully understand them for you to make the right decision when thinking of getting into an incubator.
*Creates an inspiring environment: Even big companies that seem to understand the basics of business are always looking for inspiration on some of the concepts they are coming up with. An incubator is the best place for start-ups that want to learn from others to start.
*Likelihood of getting funding: If you work with a reputable incubator, your chances of getting an investor are higher.
*Learning faster: Incubators have modules such as basics of business and how start-ups can succeed.
*Mentorship: Incubators are always ran by those who are experts in the field. So, joining one ensures start-ups are getting quality advice.
*Overdependence: It is possible for start-ups in incubators to develop a sense of overdependency on the incubator. This ends up delaying their takeoff.
*Interference: There are some start-ups that end up micromanaging start-ups and even interfering with their initial concepts. Some try to push their personal agendas and force their ideas to the people attending the incubator.
*Unnecessary competition: There are instances when being in an incubator creates unnecessary and unhealthy competition among those attending the incubator.
It helps for start-ups that are considering joining an incubator to do research. They should understand the mandate of the incubator, the people who will be attending, and others who have attended such an
incubator in the past. This makes it easier to make a rational decision on whether the incubator is worth it.