Get Your Business Funded: Creative Methods for Getting the Money You Need

Business Incubators

Starting a business is difficult. There is a lot to know and do, it is exhausting and expensive, and there are many moving parts. On top of that, as you know only too well, money is usually tight. How do you balance the financial needs of renting space, hiring staff, building a brand, and launching a business? It's almost like deciding which of your children deserves to be fed—they all need to eat.

That's where business incubators come in. Business incubators are collaborative programs designed to help new startups with some of the most vexing issues they face. By providing workspace, support services, networking opportunities, and yes, sometimes even money, business incubators kick-start worthy businesses.

Do business incubators work? You bet. According to a study conducted by the University of Michigan and the National Business Incubation Association (NBIA) entitled Business Incubation Works, an amazing 87 percent of business incubation graduates stay in business.

Business incubators are usually funded and run by some consortium of local governments, private enterprise, trade associations, local entrepreneurs, and universities. But that said, business incubators are not all the same. Typically, different regions with different industries create incubators around those industries. You will find high-tech incubators in the Silicon Valley and agricultural incubators in the Midwest. You can find incubators that cover everything from tourism to healthcare, green ...