Business incubators and accelerators are often hailed as essential tools for fostering growth in startups. In addition to helping startups fast track their learning process, accelerators and incubators also help them steer clear of mistakes new businesses make, and connect them to appropriate resources that can help them grow and scale.
These local innovation centers support the early start-up communities with turning an idea into a business plan, providing training and workshops, and connecting startups with industry experts that can aid them in refining their startup idea. The startups in these programs gain experience and have a mentor from their own industry who has in-depth knowledge of the market they are working in. They provide effective business mentoring and technical assistance for startups that want to develop or expand.