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A business incubator is an organization that helps startup companies and individual entrepreneurs to develop their businesses by providing a fullscale range of services, starting with management training and office space, and ending with venture capital financing. [1]
The main differences between business incubators, startup studios, [5] and accelerators are: [3] [6] The application process is open to anyone but highly competitive. For instance, Y Combinator and TechStars have application acceptance rates between 1% and 3%. Seed investment in startups may be made, in exchange for equity.
This style of business building is referred to as "parallel entrepreneurship". [ 1 ] Unlike business incubators and accelerators , venture builders generally don't accept applications, and the companies instead pull business ideas from within the team itself, or their close network, and assign internal teams to develop them. [ 2 ]
The initiative dedicated 4.3 square miles of greater downtown Detroit to house small business incubators, train local aspiring entrepreneurs, and attract anchor institutions to the area. The area comprises only 3.1% of the city's land area, but already hosts 55% of the city's jobs and 11% of all companies in Detroit.
In these programs the students launch a new business as an integral part of the learning process. The most comprehensive VCP programs therefore also run a business incubator on site and operate over a long time period (e.g. 1–2 years). Another approach is to promote innovation or introduce new products, services, or markets in existing firms.
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