Cutting manufacturing costs
Tech incubators are invaluable for someone who is ready to move manufacturing operations out of their garage — but not quite ready to take on investors.
Support and networking
Starting a business from the ground up is easier with a strong support system and networking opportunities in the early stages. Fledgling manufacturers can benefit from sharing office space with other startups.
Reducing the skills gap
The skills gap is a growing obstacle, especially in advanced manufacturing. Some tech incubators address this by providing technical skills training.
Incubators offer growing manufacturers a nontraditional space with the freedom to be creative, sharing space with like-minded employees, with a similar drive and entrepreneurial spirit. Collaboration comes naturally in a shared working space, where like-minded manufacturers and tech-savvy entrepreneurs bounce ideas off one another.
Incubators can assist manufacturers to secure capital and customers that the company needs to scale by building relationships with angel investors, high-tech brands, and venture capitalists. It’s up to the manufacturer to become valuable in the eyes of an investor, but a good incubator will provide mentorship and coaching that startups need to attract potential investors.
Embracing the future
Tech incubators can provide manufacturing startups with modern equipment and technologies, cutting the process from weeks to days, or hours.
Even after researching the market and the competition, there is always some risk to launching a business. Tech incubators can provide resources to mitigate your risk - like supercomputers so entrepreneurs can test product ideas before going to market.