Business incubators are companies that offer support to new companies. Basically, they provide offices to new entrepreneurs who have great ideas, along with the support of technology and financing. There are several business incubators in the country, and they are all supportive of the startup competition in the Philippines.
In addition to this, incubators also provide co-working spaces for new groups, complete with amenities that they need to develop their new and revolutionary products and services.
Here, we will take a look at some of the services offered by business incubators for a startup in the Philippines.
Incubator Services
This is a program where you will receive intensive training about how you will go about your business. It includes specific training about management, IT, financials, and how to assess the value of your business.
As a start-up, this service is only available to companies that are called pre-seed. What this means is that these companies have not yet asked anyone to invest money in their business.
You can get training telemarketing outsourcing, app development, and many more. After the incubation, your efforts will culminate in a pitch, where you will offer your product to investors, and hopefully find people who will fund your business.
In some cases, you will only pitch your business to a panel of judges, like a contest, and if you make it, you will be taken to the advanced classes called Accelerator Services.
Accelerator Services
Here, you will go through much more intensive training. What you have to do here is to polish everything you have done in the incubation period.
During this phase, the instructors will provide you guidance, like processes you need to create for your business, and potential problems you can face. If, for example, you want to put up telemarketing services in the Philippines, you need to create a redundancy plan if some of your utilities shut down.
The final stage after this period is to present your business plan to actual investors.
Co-Working Services
Here, you will benefit from office spaces that are fully-equipped to help you facilitate your start-up company. This way, you do not have to buy thee gadgets or apparatus yourself. Apart from this, you will be sharing the working space with other groups.
The benefit of this is that you save on cost, and you can have an office that is conducive for your team to think and plan how you will execute your business.
In some cases, these offices are rented out to businesses that are already functional, like those that offer virtual assistant in the Philippines.
Summary
Whether you are a start-up business or in the process of operating one, incubators and accelerators can help you make your plans into fruition. You will receive training on how to create a business plan, and how to operate your business.
Incubators in the Philippines cover a wide array of businesses from customer service in the Philippines to IT to app development. However, this also has a cost, as you have to pay for the services of the experts who will mentor you.
For inquiries, write to bd@athl.com.hk.