The vital role of business incubators

When you become part of The NUS MBA, you will gain much more than a network within the business community.

For Christian Eviston-Putsch from the NUS MBA Class of 2022, having access to the different faculties and incubation systems across NUS enabled him to meet his co-founders of different backgrounds, and find synergy in creating a business while doing his MBA. Being able to apply what he has learned directly to his food tech start-up in real-time has also helped him become a better entrepreneur. He shares more on how business incubators were vital in getting his start-up off the ground.

Business incubators can help with “startup paralysis”

When it comes to starting a business, the first step is often the hardest. You have to overcome the anxiety and fear that the risks of your new venture outweigh the rewards. Until Christian launched his food tech start-up, he felt he was often waiting for the perfect idea to take hold of him.

“It causes a certain paralysis, maybe part of perfectionism,” he admits. “But my advice would be just to go out and start. Even if the idea isn’t perfect, the experience you will gain will help you for whatever comes next.”

Getting started is essential for your self-confidence, but it’s only afterward that you’ll know if you have a viable business. And that’s where business incubators come in. They can help move your startup from a budding idea to a market-ready product.

“One was HANGAR (the HANGAR Booster Programme), and then the second program was GRIP (the NUS Graduate Research Innovation Programme). That carried us through [and] gave us the momentum to bring the product to market,” Christian explains.

You can meet co-founders through business incubators

Finding a co-founder for your start-up can be one of the most challenging steps. And while not everyone needs a co-founder, two are normally better than one. Not only can two founders combine their expertise across different areas, but it also means you can get more done in a shorter space of time.

Christian met the two co-founders of his food tech start-up just two months into the programme. The trio has since gone through two different business incubators affiliated with NUS. The incubators helped them distill their drinks business into a growing startup.

The GRIP programme, which Christian passed through, offers to match students to other co-founders with “complementary skillsets”.

While Christian didn’t meet his co-founders through a business incubator, his experience demonstrates the value of meeting co-founders who can plug those holes in your fledgling startup.

Connections to the local business ecosystem

Business incubators also play a vital role in the local business ecosystem. They act as a bridge between start-ups and universities, funding bodies, and governments. They can help you access support, networks, and funding opportunities that you wouldn’t be able to access otherwise.

“In Singapore, the government is offering a lot of support for startups through funding and other grants to create an ecosystem here for startups to grow,” Christian says. “That’s also where NUS comes in with the incubation systems such as GRIP. They really help us grow within NUS and then they also launch us in Singapore and connect us to the ecosystem of Singapore for start-ups.”

Besides the direct funding opportunities, having access to these ecosystems can be a huge help for your startup in other ways. For instance, they could allow you to network with other start-up founders, enabling knowledge exchange and collaboration. They can also provide mentorship opportunities with experienced entrepreneurs and industry experts. This network of help can guide you through the challenges of growing a business.

Additionally, incubators often offer workshops, training sessions, and access to resources like market research and legal advice. These services can be invaluable in developing and scaling your venture. All these non-financial benefits can significantly contribute to your startup’s success.

Taking advantage of business incubators can help you overcome initial barriers and provide the resources and connections necessary for your venture to thrive. As an entrepreneur, embracing the role of business incubators in your journey can lead to valuable opportunities and potential success.

This article is an adapted version of the original article, “3 lessons from a founder on the vital role of business incubators” by MBAGRADSCHOOLS.