Incubators understand that it can take time for a new business to find its footing. Some allow entrepreneurs to stay for one or two years, even after a student has graduated.
Others give new businesses more time. At the Missouri Innovation Center, businesses developed through the incubator can stay as long as they need to.
• What are the challenges of working in an incubator environment? Business school students sometimes team up with someone with a more scientific background to get a business off the ground. In this setting, students can develop an inferiority complex about not having technical skills, says Halliday of the Missouri Innovation Center.
Even if someone is able to physically build a product, not knowing how to market it or control financing can still lead to failure, making an MBA candidate a particular asset.
"They are perhaps even the most valuable member of the team," Halliday says.
He encourages students entering an incubator to be ready to work hard. The long hours needed to launch a new business can be grueling.
"New ventures consume every minute and every ounce of energy," he says.
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