What is an Incubator, and what does it do for your innovative startup business.
Updated: Jul 26, 2021
Globally there are 582 million entrepreneurs, and this number keeps increasing every year. According to a Stakeholder Survey in 2018, 84 per cent of Bermudians were interested in starting their own business in the upcoming years. However, most often, business ideas don't pass the phase of being just an idea. There are several excuses for not starting a business; one of the most common is lack of knowledge and investment. Nonetheless, there is currently a lot more guidance, advice, and support for entrepreneurs who want to start or enhance their business in Bermuda.
The absence of the development and optimal administration for these projects are also the primary reasons why businesses fail; this is because the formation of a company not only entails "creating" or "starting" something, but rather, starting something with the help, knowledge and experience of other entrepreneurs. For that reason, there are now hubs that serve as roadmaps to channel your entrepreneurial spirit towards the right direction, such as InnoFund’s i3 incubator.
What is an incubator?
Incubators like i3 Incubator are programs that are specifically designed to help young startups. These programs are great tools for promoting the start and accelerating the growth of new businesses; they provide specialized assistance and support, so your business idea becomes a successful reality.
Incubator hubs are in control of evaluating and maintaining strategic and commercial viability while also considering the financial aspects required to sustain the business over time.
These hubs usually offer financial, logistical, legal and technical resources, mentorship, marketing and distribution strategies while often also providing a physical space and equipment to increase your company's chances of success. Incubators often work with young startups indefinitely, and these startups work alongside other startups in a collaborative space to help one another and build more relationships.
How does it work?
Multiple Incubator programs worldwide have been emerging due to their popularity with young entrepreneurs and their success rate — they have proven their effectiveness in fostering new ventures and companies while being closely linked to the company.
Many well-known companies began as a startup that took part in an incubator program to stimulate their growth; companies such as Reddit, Airbnb, and Dropbox are now valued at more than $1 billion US.
How i3 works is simple! I3 partnered up with The DMZ — a world-leading incubator for tech startups that helps businesses worldwide scale and succeed as global companies. Together i3 and The DMZ provides you and your startup with critical business services and exclusive access to:
Investor relation support & access to our investor network
Community access to a network of like-minded peers & alumni
Mentorship & introductions to potential customers
Access to brand building expertise & marketing/ sales support
If you're yet not convinced if you should look into an incubator for your idea or venture, here are three reasons you may want to consider partnering up with an incubator such as InnoFund.
Access to capital
With the numerous partnerships incubators work with, they often provide funding to facilitate the growth of startups that need a little boost and help with funding applications.
Incubator leaders and staff members have the expertise needed to provide startup business owners with insightful advice and information on various topics ranging from how to grow, market and finance a company to how to deal and prevent business challenges.
Being in an incubator gives you the opportunity and exposure to mingle with a wide range of industry leaders that could lead to mentoring relationships, which would typically be difficult to get alone.
InnoFund services and benefits:
InnoFund provides their clients with exclusive access to a curated roster of funding opportunities, regular investor meetups, workshops and one-on-ones with VCs, as well as business-friendly jurisdictions, tax benefits and a beautiful tropical lifestyle.
InnoFund aims to give the support and resources needed to consolidate successful business ideas and projects that are financially sustainable, autonomous, and competitively advantageous while creating a global offshore venture capital market to contribute to the well-being of Bermuda's social and economic development. InnoFund also aims to connect communities and to enable innovation through strong relationships.
InnoFund recognizes that being an entrepreneur can be a challenging and scary path. However, with incubators like i3, you and your business don’t have to freight. The primary goal of InnoFund and i3 incubator is to accelerate the growth rate of the startups we incubate, so you can be sure to have a successful business.
Now that you know how Incubators work and benefit your startup business/ ideas contact us for more information or apply today for our new (year-year) cohort.
InnoFund, dedicated to building new pillars for a digital economy!