Startup incubators are becoming popular in many different parts of the world. Simply put, a startup incubator is some form of collaboration that is created for startup companies. It is always a physical area in a workspace. Still, in some instances, the incubator can be a virtual meet-up place where startups meet.
Roles of a Startup Incubator
The primary role of a startup company is to help startups, that are yet to bloom, to take off. The startup incubator helps to provide them with seed funding if they have a brilliant idea but lack financial support. It
also includes space for training and mentoring startup entrepreneurs on the basics of business and how they can move their company from the ideation stage to actualisation.
Startup incubators are always set up by non-governmental organisations, private investors or universities that have a mandate to empower startup companies. For people to be admitted into a startup incubator, they must show enthusiasm to grow their businesses and already have an idea that has potential.