Start Your Startup | Should You Join a Startup Incubator?
As a supporter and believer in the power and potential of new entrepreneurs, Stephen Semprevivo wants you to have all the access to the resources that can help your startup during the tricky beginning stages of starting a new business.
One of those support systems is startup incubators. These collaborative programs are designed to give you a leg up in the first couple of years of becoming an established business.
Whether you’ve already decided you want to join an incubator or are still on the fence, Stephen Semprevivo is here with some of the pros and cons of startup incubators to help you make an informed decision.
Cons of Joining a Startup Incubator
It is important to know that there are some personal preferences in whether or not you’re comfortable with joining a startup incubator, as well as some red flags to look out for when you’re choosing which ones to apply to.
Unfortunately, if you join an incubator, you will have to answer to someone other than yourself, and that can be frustrating when you’re trying to learn how to be a boss. This can be a deterrent for entrepreneurs excited to be on their own at last. It is important to know that there are some personal preferences in whether or not you’re comfortable with joining a startup incubator, as well as some red flags to look out for when you’re choosing which ones to apply to.
Incubators require that you stick around for a minimum timespan, usually one to two years. During that time, you’ll be expected to attend seminars, workshops, and whatever else your incubator requires. While these can be educational and helpful, you’ll spend a lot of time on them that will take away from your business.
While they can help ease some financial burdens that come with building a business, incubators are not free. You’ll either have to give them equity or pay a lump sum that can range from hundreds to thousands of dollars.
As a successful entrepreneur, Stephen Semprevivo is always looking for new businesses to mentor. If you have an idea for a startup and are ready to take the next steps, apply for the Stephen Semprevivo Startup Scholarship. Two student entrepreneurs will receive a $2,500 scholarship along with mentorship and guidance. Learn more about the scholarship program and apply today. Remember, the best time to start a business is NOW!