Corporate incubation is an innovative approach to business growth. As an entrepreneur or business leader, you will need to rethink your strategies in the increasingly disruptive business environment.
Your success depends on taking risks and exploring unique opportunities.
Also, you need to leverage your current capabilities and improve your efficiency.
In oil and gas industry, established companies as well as investors are increasingly relying on corporate incubators to fuel innovation and growth with entrepreneurial mindset.
What is an incubation centre?
An incubator is a development program that is managed by organizations, institutions or government agencies.
They provide businesses with support and create an environment to help you grow. Some of the services that corporate incubation providers bring to the table include office space and management training.
Among the many incubation programs that are available to you is the start-up incubator.
This is a collaborative program designed to help new businesses succeed. The main objective of such a program is to help an upstream oil and gas entrepreneur grow their business.
Corporate Incubation – Benefits for Entrepreneurs
In almost all cases, taking part in a corporate incubation or accelerator program enables you to leverage on the organization’s resources.
This will help you to;
- Take advantage of new technologies.
- Access competencies such as regulatory and legal services.
- Get scientific expertise that might otherwise be unavailable to you.
- Financial assistance in some cases.
- Mentorship and guidance.
For example, companies participating in Blue Startups, an incubator from Honolulu-based Blue Planet Software, receive $20,000 in cash and a variety of professional services valued at more than $500,000.
Challenges of Corporate Incubation
As in everything else in life, corporate incubation programs also come with some inevitable challenges.
These would include;
- Lengthy application process.
- Misalignment – you can be forced to focus on an area that is not what your business is about.
- You might be asked to sign over a portion of equity or business ownership to the program.
- Day to day issues like office politics or bureaucracy.
- Disconnect between yourself and the accelerators
In conclusion, I hope this has helped you in clearing the way as to whether a corporate incubation program fits for your business.
In times of crisis like today or difficulty in growing a business, such a program would be of great value to you.