What is a 'business incubator'?

A business incubator plays a crucial role in supporting new startups by providing them with various resources and services necessary for growth and development. These can include access to office space, mentorship programs, networking opportunities, funding assistance, and educational workshops focused on entrepreneurship. By creating an environment that nurtures business ideas and helps entrepreneurs refine their strategies, business incubators significantly increase the chances of startup success.

In contrast, an online platform for selling products primarily focuses on e-commerce and does not encompass the broader support functions that incubators provide. A space for conducting market research is typically a physical or virtual research facility and does not specifically offer the variety of resources that assist in business development. A government agency for regulating businesses is focused on enforcing laws and regulations rather than assisting new companies in their formative stages. Overall, a business incubator is uniquely positioned to foster innovation and entrepreneurship by guiding startups through the challenging early phases of business establishment.