What is a business incubator?

What is a business incubator?

Like an egg incubator creates the perfect space for development of young chicks, a business incubator creates the perfect place for new or establishing businesses to grow and succeed.

A business incubator is a facility which facilitates the growth of new or small businesses, providing space as well as wrap-around services.

Often, services provided within incubators include:

• Business advisory and support
• Peer group support
• Office or consulting space
• Mentorship
• Access to networks
• Referrals to relevant grants or funding bodies
• Assistance with administrative and reception tasks

Benefits of incubators

Aside from providing physical space for a business to grow and prosper, there are a wide range of benefits associated with joining an incubator.

Business advisory and mentorship

Being a business owner is hard. There’s marketing, customer service, manufacturing or service delivery, accounting, compliance, maybe human resources… the list goes on. Business incubators can provide access to business advisory on topics you need help with.

Mentorship and accountability is also critical for business owners. Having someone who cares about your success and holds you accountable to your goals will help ensure positive outcomes.

Networking with peers

We all know the importance of networking! It helps to build a network of clients, suppliers, stakeholders, and supporters for your business. Being co-located within an incubator provides an immediate network of like-minded individuals who you can learn from, discuss challenges with, share experiences and potentially develop mutually beneficial business relationships with.

In the health sector, businesses co-located within the incubator may become referral sources to your business.

Time and money savings

Incubators often provide office and meeting spaces at subsidised rates. Often the pricing is bundled to include outgoings, rent and other services like internet and telecommunications. Most also have some dedicated meeting spaces or hot desks incubator members can utilise at discounted rates. On top of this, having someone to assist with administrative and reception tasks can save time and money!

Referrals and information

Business incubators will usually have connections with key industry bodies like universities, local governments or business associations. Businesses located within the incubators can benefit from these partnerships through referrals to support programs, introductions to potential research partners or introductions / information about potential funding and grant opportunities.

Where is my closest incubator?

Business Station have two business incubators located in northern suburbs of Perth. ECU Business and Innovation Centre (ECUBIC), located in Joondalup is perfect for start-ups or small businesses with an innovation focus. ECUBIC currently have limited vacancies and are seeking businesses in the professional services, technology, manufacturing, mining or construction industries.

The Allied Health Precinct in Wanneroo is a business incubator specifically designed for health-based businesses. The brand new facility has vacancies for any business or health practitioner looking to establish or move their business to Wanneroo. Rooms can be used for consulting. Specialised services are offered to support heath sector businesses.

Want to learn more? Visit businessstation.com.au/locations