Business incubators are programs designed primarily to assist new start-ups in growing and innovating their business. The incubators generally assist in providing mentorship, workspace, and education & give access to various investors for the start-up. The newly innovated start-ups mostly need a hand to shape their business and take a step towards growth with a low-cost investment, and that is where the incubators come up as life savers. The incubators go through the application process to join the start-up and commit for a specific period.
Various kinds of incubators all around the world lend a helping hand to start-ups in different fields. Some organizations that have been growing through these incubators are Non-profit development corporations, academic institutions and venture capital firms. Business incubators follow a less rigorous schedule and can customize the program to the business’s unique needs. Business incubators fall under the category of residencies but with added educational programming and mentorship.
Each business incubator has its unique application process, but it is as simple as it can be. The application process consists of just a few simple steps, including the start-ups filling up the application form followed by an interview, to end with a decision on whether the business incubator decides to work with them.
Furthermore, talking about the Singapore incubator,despite their small size, Singapore has numerous accelerators and incubators for start-ups on the peninsula, giving founders easy access to Indonesia, Malaysia, Philippines, etc. Located strategically on the peninsula, Singapore gives founders easy access to regional cities such as these. It has many funding opportunities and some of the world’s best talents, making it a start-up hotspot. Here is a curated list of Singapore incubators to help you kickstart the journey of your start-up.
1. Block 71 Singapore- This organization is a technology-focused ecosystem builder and global connector that facilitates and aggregates the start-up community.
2. Timbre+ – This incubator focuses on promoting culinary talents around the city by testing their culinary business start-ups. Therefore, providing rental fees and service charges at nominal rates.
3. Expara co-working space- They focus on providing professional training to start-ups on entrepreneurship, innovations & venture finance. In addition to it, they invest in early-age start-ups, helping them grow
4. NTUitive Collaborative space- A significant advantage of working with them is the benefit of working in a 5,000 sq. ft. open-concept space, which creates synergies among the start-ups. Being a solo worker, this is just the right place to work, as it provides business services, meeting rooms, access to the internet, personally designed multi-functional cubicles and a fully stocked pantry.
5. Pollinate Incubator- It is a joint initiative amongst three polytechnics- Ngee Ann polytechnic, Singapore Poly & Temasek Poly aiming to support the new entrepreneurship efforts of alumni entrepreneurs as well as polytechnic students.
6. Get2Volume Incubator- They consist of Venture partners and Incubation managers in Singapore & silicon valley, working to provide success to portfolio companies through mentorship, operational & execution capabilities.
A few advantages of working with business incubators include the following:
- Saving on rent
- Learning & growing
- Finding funding
- Networking with other start-ups and Improving focus