Question

Option 3 - Interview an incubator manager Contact the manager of an incubator and conduct an interview by asking the following. In what types of companies does the firm help/invest? What criteria does the firm use to decide whom to help/fund? What are the typical focuses of the incubator in helping a company? What controls are used by the incubator to help ensure the company's success? What are the most challenging tasks any business incubators may encounter?

Answer 1

1.

An incubator firm invests in and help new companies, startups etc to make them function on their own efficiently. They provides business assistance services to companies which require them and most of them are new in industry. They offer there services to companies in online business, food industry, public service, online and offline businesses, new startups, technology, construction, retail, media, telecommunications, etc.

2.

Business incubators do not serve all or some companies. Entrepreneurs who wish to take the services apply for it and those with a valid business idea are dealt with. It also includes the type of business and the owner's experience in business industry. Research companies require more time to establish. Incubators also set benchmarks such as staff, policies, revenues etc.

3.

Main focuses of incubator in helping a company are on job creation, technology adaptation, adapting to local economies, identifying potential opportunities, financing and sponsoring agencies, to make available the resources, bring in big returns and pay offs.

4.

Office space is offered to clients at prices less than market. Expertise staff is hired by them. Various expenses are shared among various startups or organization which leads to minimizing the operational costs. Business should match their available space, finance and equipment.

5.

Challenges-

* Attracting expertise and skilled professionals

* Lack of entrepreneurial skills in the owners or clients.

* Sustainability of incubator

* Access to various resources such as technology, funds, sponsorship.