Minc, based Malmo, Sweden, is an incubator for start-up businesses in Sweden. An incubator, in this context, is defined as a centre or organization where entrepreneurs looking to enter the business world can seek business advice, grooming, and networking opportunities all in one place. Needless to say, this provides immeasurable advantages to most entrepreneurs, and is a highly sought-after placement for start-up ventures.
MINC conducts a two-year programme, where potential start-up companies can refine their business proposals, seek venture-capitalist funding and get to know people in the industry, all under the careful guidance of their mentors. After the two years have passed, businesses are offered a rental space within the MINC facility, at a discounted rent rate, from which they may carry out businesses operations for the short term.
The services provided by MINC serve the nation in more ways than one; the presence of funding, advice and administrative support increase the ease of starting a new company, which promotes increases in the number of new and innovative companies. This puts pressure on existing companies to either improve on their own products or buy over the newcomers, which increases the quality of products either way. With government oversight, businesses with original ideas receive support from incubators such as MINC, thus reducing the number of failed start-ups.
Organizations such as MINC provide a platform where young innovators, existing businesses and venture capitalists can interact healthily with one another to promote mutually beneficial relationships.
– Ho Bao Yuan