What Is a Business Incubator?
Like infant incubators, business incubators are protected environments designed to help new businesses stabilize in their first stage of life.
Business incubators typically provide education, mentorship, shared workspaces, and support. These resources help new businesses avoid common pitfalls and operate at a lower cost during their first developmental stage. Sometimes, they also provide software, technology tools, or administrative support services.
According to the International Business Innovation Association (InBIA), there are more than 1,400 business incubators in the U.S.
However, only the Liberated Nurse Business Incubator is designed by nurse entrepreneurs to support nurses!
Examples of Business Incubators
Business incubators have been around since the 1960s. Since then, they have evolved into many forms, but they all aim to promote stability and growth in new businesses. Here are a few examples:
Academic institutions: Many business incubators are run by universities or have academic affiliations. Most work with university students, and some accept non-students.
Nonprofit organizations: Nonprofit and governmental agencies use incubators to stimulate economic development by helping companies that focus on improving public welfare.
For-profit ventures: Larger corporations sometimes develop incubators to find investment opportunities, fund subsidiaries, develop technology, or find partnerships.
Venture capital firms: Some venture capital firms establish incubators as an investment opportunity. They invest in the best business ideas in exchange for equity in the new business.
How Long Do Business Incubators Usually Take?
Business incubators usually take about a year to complete, but entrepreneurs can often stay longer, if necessary, to develop their business to Stage 2.
Pros of a Business Incubator
There are many benefits of a business incubator for a growing startup, such as:
Self-paced and structured: Incubators are structured programs that are often self-paced.
Learn and grow: The best business incubators give you access to a network of mentors, coaches, and educational content geared toward business success. Mentors can include entrepreneurs, accountants, investors, lawyers, researchers, and more.
Find funding: Acceptance into a reputable incubator can serve as proof of your skills to investors who may want to fund your ideas.
Network with other startups: Incubators are not usually cohort-based, but you'll meet with fellow entrepreneurs, which gives you natural opportunities to share ideas, get support, and form mutually beneficial partnerships.
Improve focus: Incubators encourage accountability and offer a structured environment to help you focus, develop your business without missing necessary steps, and achieve your goals.
Cons of a Business Incubator
While business incubators offer a host of benefits, there are a few downsides to consider, too:
Time commitment: Some incubators require consistent time commitments to meet developmental milestone deadlines.
Limited access: The incubators with higher reputations have more applicants, making them harder to get into.
Rigid schedule: Incubators often require strict attendance at training, workshops, and other learning activities. While distracting for some, this education can be invaluable to those who need and want it.
How Does the Application Process Work?
Business incubators typically require an application and interview to join, plus a specific minimum participation time commitment. Business incubator application processes usually include these steps:
Once an entrepreneur is accepted, the services are tailored to their unique strengths and needs.Apply: Answer questions about yourself and your business idea. Describe your current business activities, if any.
Interview: Have a video call so the interviewer can meet you.
Receive a decision: The acceptance notification usually takes a few weeks. If the incubator offers financial aid, you can apply for it after you are accepted.
What Does the Liberated Nurse Business Incubator Offer Nurse Entrepreneurs?
Choose their best business idea
Prove its value in the marketplace, and
Position their business to grow and develop sustainably
LNBI is unique because it was designed by nurse entrepreneurs, for nurse entrepreneurs.
This is important because nurse values, viewpoints, and challenges, e.g., legal responsibilities, are best understood by nurses.
The Liberated Nurse Business Incubator (LNBI) is built on a foundation that includes state Nurse Practice Acts, Holistic Nursing Scope and Standards of Practice, the ADOPIE nursing process, and best business practices that are evidence-based and trauma-informed.
Your incubator mentors will teach you how to use best business practices, hone your business plan, market and deliver outstanding programs or services. As a result, you'll have a company worth investing in.
Is Joining the Liberated Nurse Business Incubator Program Right for You?
The Liberated Nurse Business Incubator (LNBI) provides nurse entrepreneurs with the education, coaching, and tools they need to start a sustainable business.
LNBI is specifically designed for nurses’ Stage 1 businesses, where it is especially beneficial to work with nurse business coaches who have experience in your field.
The LNBI can be the right choice for you if you
Have not started your business yet OR
You’ve started but aren’t consistently making at least $3000/month NET income
“The Liberated Nurse Business Incubator program was transformative for me! I’ve discovered practical, tangible ways to redefine & reclaim my nursing practice that create healing for me & my clients, & create a sense of safety & stability in my "lane." It IS possible to liberate my nursing practice!” ~ Elizabeth Ranum, MA, RN, NBC-HWC, Integrative Health & Wellbeing Coach
How to Apply for the Liberated Nurse Business Incubator Program
Apply for the Liberated Nurse Business Incubator today. If you are accepted, we will assess your personal and professional strengths and match you with a nurse business coach.
Then, you'll gain access to the online business education, coworking space, and coaching you need to develop your business plan, receive start-up funding if you want it, launch your business, and profitably market your program or service. Apply Now.
References
Birth of Business Incubators | The Mill Magazine. https://themillmagazine.com/character/birth-of-business-incubators
Business Incubator. https://repository.najah.edu/items/9bf876e0-71c0-4b1c-8002-6c88eb096353
Business Incubator Helps Propel Nursing Business to Millionaire Club
Business incubator program. https://hurmaninvesterargejhkdf.netlify.app/110/95393.html
Business incubators are quizlet. https://lonxrts.web.app/90313/14776.html
Guide To Build And Manage A Successful Business Incubator - HowDo. https://howdo.com/masterclass/tools/business-incubator
What Is a Business Incubator? — NEXEA. https://www.nexea.co/what-is-a-business-incubator
What Is a Business Incubator? https://www.draperuniversity.com/blog/what-is-a-business-incubator
Valero, J. N., Saitgalina, M., & Black, R. A. (2021). Understanding the Nature of Non-Profit Incubators with Other Sector Incubators in the Founding of Social Change Organisations by Social Entrepreneurs. https://doi.org/10.1080/19420676.2021.1977975
