What is Incubation? And 5 Reasons Your Project Needs Incubation

Kelly Kigan
May 15, 2022

Everyday entrepreneurs, tech startups and solo projects look to scale, and put their businesses on the map. However, these businesses and projects often fail because they lack components that would define their success. Startups and brilliant tech projects fail because they lack capital, technical assistance, and a network that may help them scale in a competitive environment. This calls for incubation, to protect promising projects and provide the needed support to scale.

What is Incubation?

Incubation is a process that allows entrepreneurs, tech startups and solo projects to preserve capital and gain external support to accelerate their business growth. Sankore 2.0 is offering incubation to tech projects built on blockchain, to help them scale and succeed. 

The goal of the incubation from Sankore is to launch profitable and sustainable entrepreneurial technology projects built on the NEAR blockchain. Your tech project stands a greater chance of survival when it undergoes incubation, such as what Sankore offers. Here are 5 reasons why you need to incubate with Sankore.

Read Also: 5 Reasons Why Your Blockchain Project Needs Funding

Top 5 Reasons Why Your Project Needs Incubation

Top 5 Reasons Why Your Project Needs Incubation

Networking

A great benefit of Sankore incubation is access to a network of successful like-minded projects and ideas. Often, startups and great tech projects have limited marketing and public relations budgets. Exposure to a greater network of projects alike promises to bring the much needed clout to help the project scale. There is a ripple effect in networking, where your exposure multiplies every time your project meets the right people. This creates the relevant marketing and scales your project further. 

Related: What are Sankore NEAR-Meets?

Mentorship

As a growing tech startup or a developing tech project, there is no room to make costly mistakes that may completely paralyze the project. This calls for mentors, who have taken the path before, to advise on mistakes you will likely face. The mentors will give tips on how to handle certain expected situations, and mistakes that are bound to happen. Making mistakes is certain in every entrepreneurial journey, but you need mentors to increase your chances of survival. 

Read Also: Careers for Africans in Blockchain and NEAR Protocol

Business and Technical Assistance

Limited human resource partly define the early stages of entrepreneurship. Your project may be brilliant, but without the relevant human resource, it is bound to fail. Incubation exposes your project to several talented individuals, who are ready to offer business and technical assistance. This valuable assistance often comes at no cost. It is a measure to save on capital while getting the best minds to advise on your project. 

Financial Assistance and Advice

The number one reason startups and projects fail is because of a lack of capital. Some have the capital, but lack the know-how for using the money, and end up bankrupt even before they see their first profits. Incubation opens doors to financial assistance and, most importantly, financial advice. Mentors will provide a roadmap on how to utilize the available finances, and make the most of the money they have. 

General Support from other Members

Incubation does not only cater for a single entity. There are several entrepreneurs, startups, tech projects and ideas, all under the same roof. This opens opportunities and experiences to share with other members of the incubator group. Sharing and exchange of ideas ensures you launch your business more quickly and smoothly as opposed to trying to do so on your own. Inspiration to push yourself comes from speaking and learning from other entrepreneurs and members of an incubator. 

Related: Top 5 Reasons You Should Join a Blockchain Community

Conclusion

Startup incubators provide long-term opportunities for tech projects and entrepreneurs looking to launch a brand new venture. If your business or project is still in its early stages, the networking, mentorship, financial and technical assistance as well as general support from other ventures is paramount. Sankore is looking to offer incubation to brilliant technology projects built on blockchain technology. 

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