Staying at home during Covid-19?
For entrepreneurs looking to develop a business, staying home for Covid-19 doesn’t have to be an obstacle to getting ahead. In fact, it’s quite the opposite.
At Bridge, we know that business incubation doesn’t have to happen in person for it to be effective. Here are 5 reasons why.
1. Online incubation, Location’s not a limitation
Physical incubator, physical location. By attending an incubator in person, you limit yourself to physical space. With an online incubaton program, geography is no longer a limitation. You can work on your project when you like, wherever you like. No need to worry about transportation costs and the hassle of figuring out how to get from A to B.
Physical incubators also require face-to-face interactions, meaning a limited pool of mentors. This is independent of the skills they have to contribute and whether these match your goals.
With an online incubator this isn’t the case. Being online allows for a larger network of e mentors and increases the chances of receiving a mentor whose experience and knowledge best complements your venture.
2. Flexibility, let’s work around your schedule
The benefits of an online incubation versus physical is that it gives more entrepreneurs the opportunity to reach their goals despite busy schedules. It’s likely that aspiring entrepreneurs are the busiest kind of people. After all, you can’t chase your dreams without having the motivation to make moves.
It’s not uncommon for aspiring innovators to have a million tasks to complete throughout the day, everyday. In the life of an entrepreneur, there is too much to do and too little time to do it. Overall, online incubators pave the way for increased entrepreneurship.
3. Boost interaction through online connection
You might think that a physical incubator allows for more interaction, but that’s not always the case. In fact, an online platform creates a more personalized form of communication that gives mentors and entrepreneurs the opportunity to share more feedback.
Online communication is on-going and flexible, allowing for constructive feedback and productive learning.
4. More accessible, higher acceptance rates
You usually find physical incubators in major cities such as San Francisco, Boston, New York, London, etc. That means that if you have a great idea but live in an area away from a major city, you probably won’t be able to participate in an incubation program.
There is already a lack of support for entrepreneurs. There are roughly 9000 business incubators for the 136 million new entrepreneurs yearly.
Also, because physical incubators are bound to location in areas with large populations, they have low acceptance rates or ask for qualifications that a very small percentage of entrepreneurs meet.
5.Online Incubation is more affordable
Early-stage entrepreneurs are usually on a tight budget, bootstrapping their way through the development of their projects while searching for funding.
Most physical incubators take equity, which we consider an unfair practice considering the financial situation of many early-stage entrepreneurs.
And, when you take into consideration the time it takes away from your already busy schedule, being part of an incubation program is far less likely to leave you out of pocket.