When an entrepreneur is in the process of starting up a business, she may have very little space in which to operate and not enough time and/or money to find all the space and resources she needs for the business. This is where business incubators come into play.
Business incubators operate to help startup companies become financially independent and viable. They can provide the following resources for a new business:
There are some factors you should consider when deciding which business incubator is best for your needs:
Keep in mind that incubators do not run your business for you. You will still have all the duties of the business owner and will need to put forth your own personal effort and resourcefulness.
Most of the time, entrepreneurs will become involved with business incubators because they do not have the money and resources to support their business all by themselves. It is not really a surprise then that many entrepreneurs may not have the money to consult an attorney before getting involved with a business incubator. However, keep in mind that when you deal with a business incubator, you are going to forming a contractual agreement that is legally enforceable. If you have the time and money, you should consult a business attorney who has experience with startup businesses. Your attorney will be able to go over any contracts with you and make sure your best interests and the interests of your business are adequately represented.
Last Modified: 06-02-2014 03:16 PM PDTLaw Library Disclaimer
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