The term incubator is often used in the same sentence as the terms launchpad and accelerator, but the three have their own subtle differences. Many incubators also operate an accelerator and/or a launchpad.
Incubators provide services to new startups and entrepreneurs that aim to help them overcome the hurdles encountered by new businesses and people who are not familiar with the business world. This assistance and these services include:
- Business setup
- Regulatory compliance
- Business training
- Networking and partners
- Access to funding from banks, angel investors, and venture capital
Incubators will often offer mentors and advisors experienced in a new business's particular field to help them succeed. More often than not, an incubator will operate in a certain field or niche e.g. finance or media.