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HOW ARE UK INCUBATORS SUPPORTING BUSINESS GROWTH?
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ome of the UK’s most successful businesses have been nurtured through the process of an incubator – but what is an incubator and what does the future hold for the concept? This article will also look at the true impact of their introduction to the UK. How are they evolving? And what support do they offer businesses and entrepreneurs?
Incubators come in many different guises, varying considerably in their offerings and areas of focus. In general, they all share the common remit of helping early-stage businesses achieve growth quickly by providing support around office space, mentoring, professional support, subsidised or free professional services and access to funding. By offering all these resources, participating businesses can focus on achieving product market fit, as opposed to spending valuable time securing this from external sources. 26
How are incubators helping businesses? Typically, incubators work with companies that aim to disrupt current business models in a variety of sectors to grow British industry, both at home and abroad. In late 2019, the Department for Business, Energy & Industrial Strategy (BEIS) issued a report which looked at the effectiveness of UK-based incubators. The report states that out of “428 start-ups that have previously or are currently attending an incubator or accelerator, we find that most start-ups consider the contribution of the incubator
or accelerator as significant or vital to their success.” Dr Francine Morris, Associate Dean, Enterprise and Industry Engagement at the University of Salford Business School, gives more detail around the benefit of incubators: “Incubators are vital support systems to those in the early stages of setting up their business. "They provide a sense of community and a safe place to test a business idea, whilst surrounded by like-minded people. March - April 2020
