Get Incubated

Posted by Leland On April - 16 - 2014 0 Comment

For a state with a struggling economy, supporting and fostering growing businesses may seem like an unnecessary challenge. Why focus on starting new businesses when the ones you already have are having trouble staying afloat? The state of Michigan looks at the situation in a different light: The Mitten’s business-minded individuals have found a safe place within the arms of the state’s business incubators. Entrepreneurial spirit blossoms within these incubator programs, helping Michigan’s economy grow one startup at a time. The business incubator industry exists only to serve and transform the state’s economy. But what exactly is a business incubator? Let’s take a look.

The Michigan Business Incubator Association (MBIA) defines business incubators as “economic partners who are focused on creating jobs and developing Michigan’s local economies.” Incubators exist to “enable and empower entrepreneurs and start-up companies” and lead them onto the road to success. Their sole purpose is to help new businesses succeed, meaning that all of their resources are dedicated to their member organizations. These resources may include grants and other funding opportunities, capital investment, business development support, office equipment, conference rooms, or co-working spaces with flexible hours.

Why join a business incubator? The answer is simple: if you want to succeed, you’ll need a support system, and business incubators function as that support system, in the case of entrepreneurs. Incubators and other similar programs make the resources available for budding businesses that have the potential to stimulate the local economy. Many of these incubators serve as collaborative workspaces, allowing multiple sources of input and support for each project being created within the program. These organizations allow for communication and collaboration between like-minded entrepreneurs, advisors and mentors. Simply put, business incubators exist to extend the longevity, prosperity, and diversity of businesses in their vicinity. What’s not to love about a program that strives to support the community in which it was created?

This post was written by a guest contributor for LEAP, a Lansing, MI business partnership program.

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