Startup companies – fledgling businesses geared towards rapid growth – are increasingly commonplace in the rapidly growing American economy. A source of this growth for many startups comes from their membership in startup incubators. Most incubators provide some level of resources and assistance to startup companies such as office space, mentorship and occasionally even their first round of funding, called seed funding. This is a process that has proven highly successful for many startups, allowing them to secure larger funding and propel their growth to become some of the worlds most recognizable companies.
What is a Startup Incubator?
Put simply, a startup incubator is a business which provides startup companies with the resources, network and mentorship to help them grow early on. Many startups come into incubators with no or little funding. Many incubators provide startups with access to resources like a space to work, a wealth of knowledge or specialized equipment and even low level funding. Utilizing the feedback and advice of mentors, startups can work towards improving their businesses in a way that can allow them access to greater sources of funding. The startup is then connected with individuals and firms in the in the incubator’s network who can provide this level of increased funding.
Why are Incubators Important?
Incubators provide startups with the experience, knowledge and funding that can help startups make their abstract ideas into a profitable reality. These ideas can create a shift in the way we live our lives, making them easier and oftentimes better. When these ideas really take off, they have the potential to create jobs and economic growth, which allow them to create real impact for society and the community at-large. Without the help of an incubator, some of these ideas may never reach their maximum potential to impact the world.
What Role Does TBEIC Play?
TBEIC is an energy and tech startup incubator – and it is the only energy incubator in Ohio. We help startups in the technology and energy sectors through mentorship, the opportunity to co-work and allowing them to rent office space. We provide support through an entrepreneur-in-residence program, workshops to help startups and entrepreneurs develop their skills, and allowing startups to test their products in our facility. By providing this help in the Warren, Ohio area, we create an opportunity for more entrepreneurs to bring their ideas into existence.