Incubators for Successors
Business incubators invite people with a business concept to join, turn the concept into a business and grow. Possible services are concept or start-up funding, office space, business advisory and networking. The typical cycle of incubators is quite short ranging from a few months to a year. Silicon Valley is full of IT incubators either hosted by universities, venture companies or visionary entrepreneurs.
Incubators are perfect training grounds for business or family successors. Many ideas that come to incubators do not make it into a business. Many ideas that get converted into a business do not grow. Many businesses that grow do not get the next round of funding. There are more failures than successes.
This is where the real lessons are learned. Failure is the best way to learn what not to do. What not to do indirectly show you what to do. Companies in incubators are not established enough to endure any mistakes. A small mistake can make a great idea go sour.
After seeing so many failures and successes up close, getting involved in every discussion, day to day challenges and strategic meetings, one learns so much in a short time: What makes a concept into a reality and a profitable business; what to do to grow a company and what not to do; and what’s important to make a business viable and scalable.
Aster Family Advisors works with various incubators to groom family business and family successors. There are various ways for families to get involved with incubators. Our coaches work closely with successors to reflect on learning and build their entrepreneurial skills and styles.