If your startup is looking for ways to grow and scale beyond current operations, many experienced entrepreneurs would consider utilizing the many resources of a business incubator to help you reach these goals. For instance, the University Lab Partners is a wet-lab incubator that offers work space for entrepreneurs and startups within the bioscience and medtech industries. These incubators are programs that are set up by various organizations to assist early-stage businesses and startups that are looking to grow their company.
Entrepreneurs who sign up for such programs are provided with a shared work space that emphasizes collaboration. The many benefits of working within a business incubator such as University Lab Partners include networking opportunities, mentoring possibilities, funding support via angel investors, and being able to use shared equipment that would otherwise cost far too much for a young and fledgling business to afford.
These incubator spaces provide young companies with the ability to grow and thrive in a space that costs very little money to use. Likely the best aspect of a business incubator is that you can grow at your own pace and won’t be pressured to accelerate quicker than you’re able.
These business incubators are handled and overseen by members of the National Business Incubation Association, which has transformed in recent years to account for international incubation programs as well. They are a nonprofit organization that’s comprised of incubator developers and managers as well as additional professionals like venture capital investors and joint venture partners. They aim to promote the development of new businesses by educating the investor and business community about the myriad benefits of business incubators.
The mission of the National Business Incubation Association is to develop, mentor, and guide sustainable entrepreneur support programs in all industries around the globe. To do so, they provide industry resources, global programming, education, and events that entrepreneurs and startups can make use of. If you’re thinking about entering a business incubator like University Lab Partners with your startup, you should know about the National Business Incubation Association.
The History of National Business Incubation Association
The National Business Incubation Association has a lengthy history that first began in 1985 as a nonprofit organization. Though the name of this association has since changed to the International Business Incubation Association, their sole purpose remains the same. Their primary goal is to promote the continued growth of new business while also educating the investor and business communities about the many different benefits associated with business incubators.
In order to reach this goal, the National Business Incubation Association provides its members with some fantastic benefits. For instance, members are provided with valuable training and information on how to form and properly manage an incubator. They also publish a newsletter and provide members with a useful referral service to make use of.
The resources that they provide are designed first and foremost to help communities from all over the country to enable entrepreneurs in a way that will help them transform their ideas and concepts into businesses that are innovative and successful. This nonprofit organization is comprised of many different entities, which include economic development professionals, venture capital investors, business incubator managers and developers, and corporate joint venture partners. All of these entities work together to facilitate growth for startups and entrepreneurs in all different kinds of industries.
Currently, their association consists of more than 2,200 members throughout 62 nations. Along with standard business incubators, the companies that their members are a part of include entrepreneurship centers, coworking spaces, accelerators, economic development organizations, and small business development centers. They can partner with organizations of all sizes, which is why you shouldn’t hesitate to become a member of the NBIA if you’re looking to help spur economic growth in your community.
How to Apply for Membership?
If you want to create your own business incubator, you should definitely consider applying for a membership with the National Business Incubation Association. When you become a member of this association, you’ll be provided with many fantastic benefits that will assist you in operating a business incubator. The members of this association are meant to spearhead economic growth throughout their communities by helping startups obtain success.
When you want to apply for a membership at the National Business Incubation Association, you’ll need to select the membership option that you believe is best for your situation. Once you’ve selected the right membership, you’ll be taken to a page that provides you with a detailed breakdown of membership benefits. From here, simply add the membership to the cart before clicking the checkout button. You’ll then need to enter your billing information as well as the information of any individuals in your organization who you want to receive the benefits of being a member. There are no actual requirements for becoming a member. All you need to do is select the membership of your choice and purchase it. It will likely take a few days for everything to be processed before you can begin to access membership benefits.
There are three membership tiers available to you, which include the silver membership, gold membership, and platinum membership. The silver membership is priced at $525 per year and allows for three individuals per organization to obtain membership benefits. The gold membership costs $695 per year and provides benefits to six individuals of an organization. As for the platinum membership, it’s priced at $1,200 per year and provides membership benefits to 12 separate individuals per organization.
If you have a question about your membership or need to ask for some help when applying to the National Business Incubation Association, they can be reached at (407) 965-5653. You can also contact them online by entering your name, e-mail address, and message in the appropriate fields on this page. If you message them during a weekday, they should provide you with a response within 24 hours.
National Business Incubation Association Membership Benefits
Once you’ve applied and have been provided with your membership, it’s time to take a look at all of the benefits that you receive with this membership. These benefits are expansive and will greatly assist you in operating a business incubator. The primary benefits include global collaboration, a partner perks program, and various discounts and recognition.
Membership to this association provides you with access to global collaboration through an online platform known as “The Exchange“. It’s on this platform that members of this association can create communities, collaborate, and share ideas and resources. This platform is regularly updated with new resources for you to take advantage of, which include sample documents, whitepapers, templates, course content, economic impact reports, and webinars that focus on an array of topics.
Special Membership Discounts
As for the discounts and recognition, all members will receive special discounts on the products, programs, and services available from the National Business Incubation Association, which should allow you and your organization to save thousands of dollars. Members are also provided with recognition on a regular basis. Along with being featured in the monthly newsletter, members will receive recognition through blog posts, podcasts, case studies, videos, and an awards banquet. A great benefit of receiving this recognition when you obtain success is that it will allow you to expand your exposure beyond your standard network.
NBIA Review Subscription
When you become a member of the National Business Incubation Association, you’ll also be provided with a subscription to the NBIA Review, which is a monthly publication that offers insight into the incubation efforts throughout numerous industries. Some of the additional benefits that you’ll be provided with when you’re a member of this association include access to numerous networking opportunities on local, state, national, and international levels, discounted pricing for global events pertaining to the NBIA, and discounted entry into some fantastic training courses, the latter of which includes the entrepreneurship center program and NewCo Academy courses. The subjects of NewCo Academy courses include equity investment for your business, non-dilutive funding opportunities, and financial modeling that can attract investors.
National Business Incubation Association Sponsors
When looking at the many sponsors that support business incubators, they range from non-profit organizations to governments. The main goals of these types of incubators include tax-base expansion, economic diversification, and job creation. Many other incubators are sponsored by universities, which helps to provide alumni, students, and faculty with business opportunities and important resources. For-profit incubators are also available, which are sponsored by many different types of investment groups. The goal of these incubators is to provide returns on any of the funds that are invested by the group.
The downside of for-profit incubators is that they are typically only able to provide a limited amount of guidance, financing, and leadership. Most of these incubators will fail within two years. Before you become a member of the National Business Incubation Association, it’s important that you do your research in regards to the many different types of incubators out there. Keep in mind that a small number of incubators will be sponsored by non-traditional organizations, which include chambers of commerce, churches, and even Indian tribes.
Starting a Business Incubator
If you’re interested in creating programs to support entrepreneurship and innovation, you may want to look into the National Business Incubation Association to gain its numerous membership benefits! These benefits will give you the tools and knowledge necessary to create an incubator that makes a difference in the business community.