Welcome to the Age of Incubator Enlightenment

If your mind conjures images of cubicles and gray cinder blocks when you hear the word “incubator,” think again.

Incubator managers around the country are evolving. While some may have stolen a page from the coworking handbook, they’re realizing they have so much more to offer entrepreneurs than just a place to crash. Like the suave return of elbow patches on corduroy sport coats, incubators are reinventing the old, putting a fresh face on what’s hip – and the fish are biting.

Gone are the days of holding onto a tenant for rental income; enlightened managers know the valuable services they offer position them as leaders in the startup community. With thirty years of proven success, their new message is, “Stay as long as you need to – not because I need your money, but because you need the guidance I can offer.”

So what are the most successful incubators doing that others are not? They’re providing six things that business owners are willing to pay for:

1. Programming. If you join a coworking space, you’re essentially paying for a desk. You just have space. Even if it’s a gorgeous space, it won’t matter if you don’t know how to write a great business plan or manage your money. That’s what incubators can offer. You’re looped into a process that includes help with finances and polishing your business plans. ATDC in Georgia excels in this area. They’re skilled at identifying his members who are ready to be taken up a notch and really helping them reach their potential. For young companies, that kind of mentoring is invaluable.


2. Community. Like many areas of life, there is value in who you know. Incubators set you up to meet others who can offer help and cheer you on. It’s not unusual for incubators to bring in a keg when someone gets a new round of funding; they come around each other and tell the story and celebrate together. Community also offers the opportunity to ask tough questions like “How do you scale?” or “How do you find customers?” And all the while, your manager is there to help you find answers. Cheers to LBTC of Baton Rouge who has worked hard to build authentic community for their client companies.


3. Incubator Manager. When you join an incubator, you’re grafted into the friendly embrace of the all-knowing manager. It used to be said that an incubator manager’s worth was measured by his or her Rolodex. That sentiment is still alive today: your incubator manager knows everybody. Tom Walker at Tech Columbus is an example of someone insanely connected with others in the business world who isn’t shy when it comes to making introductions. Young companies do well to take advantage of those connections—that’s the benefit of working at an incubator.


4. Space. Enlightened incubators are kicking coworking facilities out of the limelight with spaces that not only support great work but inspire it. They realize that space matters and that merely providing a desk is not enough. People who swore they’d never sit in a group workspace again are flocking to luxe incubators because they can’t get great space and great programming anywhere else. Devon at Innovation Depot is a great example of a manager who has created a fantastic place for his client companies to work and collaborate.


5. Diversity. Popular media would have you believe that startups have to be tech-based. But the truth is that incubators are equipped to help a diverse crowd of enterprises. From bio-science to green tech to culinary arts, incubators support diversity and equip their client companies for success in a growing marketplace. David Terry of West Texas A & M University is a champion for diverse residents, supporting the booming agribusiness in Amarillo, Texas.


6. Support their neighbors. Great incubators are good for their communities and states because at the end of the day, they create jobs. Some young companies are tripped up by the attractive offers of venture capitalists ready to buy them out, but selling your company (though not universally unwise) does nothing to spur the local economy. Enlightened incubators build up neighborhoods, create jobs and funnel money into their own zip codes. Community Citizen of Grand Junction, CO holds a Christmas Party every year for their community. It’s so packed that the local Boy Scouts have to direct traffic! Money raised from their silent auction goes back to the incubator who, in turn, continues to invest in the community.

The best incubators in America are doing more than giving startups a sweet space to work and a cool place to have meetings. They’re teaching and mentoring the next generation of leaders who will reignite our economy and engage the workforce for good.

And if that’s what enlightenment looks like, count me in.

via Business 2 Community http://ift.tt/1iikbz0