5 Benefits of an Online vs Physical Incubator
Bridge for Billions is the online incubator for early-stage entrepreneurs to structure, develop, and refine their business with a mentor that guides them step-by-step. Developing your business online presents many advantages vs physical incubators, here are the main ones.
- You have the flexibility to work around your schedule
The benefits of an online incubator versus a physical incubator is that it allows for more entrepreneurs to have the opportunity to pursue their dreams in spite of their busy schedules. The truth is it’s likely that aspiring entrepreneurs are the busiest kind of people. After all, you can’t chase your dreams without having the motivation to make moves. It’s not uncommon for aspiring innovators to have a million tasks to complete throughout the day, everyday. In the life of an entrepreneur, there is too much to do and too little time to do it. Overall, online incubators pave the way for increased entrepreneurship.
2. Your resources are not limited to your local surroundings
Physical incubators not only require you to fit them into your busy schedule, but they also limit you to your physical location. This may mean that you would have to take into consideration transportation and the hassle of figuring out how to get from place to place. Physical incubators are also at a disadvantage because they often require face-to-face interactions, meaning the pool of mentors available to provide guidance would be limited to those available, regardless of the skills they have to contribute and whether they are the best fit. With an online incubator this isn’t the case. Being online allows for a larger network of available mentors and increases the chances of receiving a mentor whose experience and knowledge best complements the venture at hand.
3. You have the opportunity for more interaction.
Although many would think that a physical incubator would allow for more interaction, physical interaction doesn’t necessarily mean more interaction. In fact, we believe that an online platform allows for a more personalized form of communication that gives mentors and entrepreneurs the opportunity to give more detailed feedback. Communication is on-going rather than limited to a set appointment, allowing for step-by-step constructive feedback and more productive learning and mentoring.
4. They are more accessible and have higher acceptance rates.
Physical incubators tend to be found in major cities such as San Francisco, Boston, New York, London, etc. That means that if you have a great idea but live in an area away from a major city, you most likely won’t be able to participate in an incubation program. There is already a lack of support for entrepreneurs. There are roughly 9000 business incubators for the 136 million new entrepreneurs yearly. Furthermore, because physical incubators are so limited and located in areas with large populations, they also tend to have very low acceptance rates or qualifications that a very small percentage of entrepreneurs meet.
5. Online incubators are more affordable.
Early-stage entrepreneurs tend to be on a tight budget, bootstrapping their way through the development of their projects while searching for funding. Most physical incubators take equity, what we consider an unfair practice considering the financial situations of many early-stage entrepreneurs. In addition, when you take into consideration the time it takes away from your already busy schedule, transportation costs, etc. being part of an incubation program online turns out to be much more affordable.
Apply to our Online Incubation program at bridgeforbillions.org, and connect with the community on Facebook and Twitter. Also, ask us anything at info@bridgeforbillions.org :)
