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Entrepreneurs sometimes have this idea that to be truly successful, they need to go it alone. But it turns out that the majority of the world’s biggest companies were collaborations which sought outside help. For instance, Google’s Larry Page and Sergey Brin didn’t build the multi-billion dollar tech giant through sheer hard work on their own. Instead, they brought in a bunch of people around them to deliver a fantastic product which ultimately made both men billionaires.
Entrepreneurs in the tech space should do the same. Often, working in the context of an incubator or an accelerator can increase the rate of progress, generate connections and often help startups end up with a better product.
Here’s why your startup needs an incubator.
Support From Established Mentors
Any founder will tell you that mentors aren’t just a “nice-to-have” – they’re essential to success. It’s impossible for a single brain to understand all the possible outcomes for a particular decision, which is why communicating with people with the relevant experience and business acumen is important.
Mentors associated with incubators can provide entrepreneurs with all sorts of help, including a roadmap to product development, vision, and strategy.
Better Connections To Industry
Startups don’t manufacture their own devices. Instead, they look outside their business for others who can deliver membrane switch manufacture, PCB design, mass production and many other services. Building relationships with these suppliers can be difficult when entrepreneurs decide to go solo. But when they’re associated with an incubator, they garner so of the credibility of that establishment, as well as gain access to some of its network.
Those who work with incubators are often able to far more aggressively develop and market their products and get them to marketing faster. They’re also able to conduct more intense testing, shortening their product pipelines dramatically.
Part of the reason startups tend to putter out is that there’s just not enough excitement to push things forward. Many tech entrepreneurs love the product development part of their job: there’s nothing more exciting than coming up with a new device to entertain the masses. But without incubators, much of their work is simply doing the mundane things, like getting office space and managing legal issues.
Tech incubators provide comprehensive support networks to their patrons. Being connected to an incubator saves you a lot of the hassle that goes into starting up a business, such as dealing with legal issues, building the infrastructure to deliver your idea (before it’s profitable) and getting financial backing.
Strong Business Partner Networks
Building a new device or product is a costly endeavor – one that few entrepreneurs can afford by themselves. And thanks to tech incubators, they might not have to. Not only do incubators and accelerators offer great connections to industry, but they also grant excellent access to financial investors.
This makes sense: financial investors know that startups that have the backing of incubators are more likely to succeed than those that don’t, making it a great place to spot new opportunities.