In a recent episode of The Shades of Entrepreneurship, I welcomed a notable figure in Oregon's startup community, the founder of PIE—the Portland Incubator Experience, Rick Turoczy.
PIE is a program predicated on providing founders — often first time entrepreneurs — with access to the mentorship and networks they need to be successful. And they do it by focusing on what each company needs, rather than being driven by a one size fits all curriculum.
Because of that, Rick has helped lead PIE to becoming a cornerstone for startups in the region, which brings me to today’s focus: The Power of Business Incubators: Cross-Training for Entrepreneurial Success.
What Are Business Incubators?
A business incubator is an organization designed to help startups and entrepreneurs develop their businesses by providing a range of services, from management training to office space, and even venture capital financing.
In essence, incubators provide the tools and environment to nurture a startup’s growth from an early stage into a viable, scalable business.
Incubators come in all shapes and sizes. Some operate out of physical spaces, offering conference rooms, office amenities, and networking hubs. Others exist in virtual formats, conducting mentorship and advisory sessions through online meetings.
Regardless of the medium, the strategy is the same: to jumpstart an existing business model and help entrepreneurs overcome initial hurdles.
One of the best-known examples is Stanford’s d.school. According to its mission statement, the d.school helps people develop creative abilities through a community-driven and mindset-based approach, offering an eight-course incubator program that fosters innovation and growth.
Why Are Business Incubators Important for Entrepreneurs?
Business incubators support startups through mentorship, advisory services, and even administrative and financial assistance. The goal of any incubator is simple yet powerful: to produce successful, financially viable businesses that can survive and thrive on their own.
According to the International Business Innovation Association, incubators play a vital role in local economies by boosting the success rate of startups. By tapping into a network of experienced mentors, venture capitalists, and executives, startups gain access to essential resources that help them navigate the complexities of running a business.
This includes understanding financial management, dealing with overhead expenses, and creating effective business strategies.
But here’s the thing—a business incubator doesn’t have to be a formal establishment. In fact, an incubator can form anywhere: during a car ride, at the gym, or even over a cup of coffee at work.
The goal is to surround yourself with experts who are willing to offer insights and advice in areas where your business is trying to grow.
The Value of Cross-Industry Collaboration
One of the misconceptions about incubators is that they only benefit businesses within a specific industry.
On the contrary, some of the most valuable insights come from professionals outside your field through business agnostic accelerators.
For example, one of my best friends works in the shoe industry, while I work in healthcare. Despite our different industries, we bounce ideas off each other all the time.
The unique perspectives he offers often provide solutions I wouldn’t have thought of on my own.
This kind of cross-industry collaboration is invaluable for entrepreneurs. It’s like gaining access to a whole new set of tools for problem-solving.
The way the shoe industry approaches challenges might be completely different from the healthcare sector, but that diversity of thought is exactly what fuels innovation.
The Incubator Mindset: Cross-Training for Business Success
Think of incubators like cross-training for athletes. For instance, many NFL players take up boxing during the offseason. Why? They’re not training to become boxers; they’re learning endurance, footwork, hand speed, and techniques that will help them avoid getting hit on the football field. This cross-training adds new dimensions to their skill set.
Entrepreneurs can benefit from a similar approach. Players like Russell Wilson and Mark Ingram hire boxing trainers like Freddie Roach to improve their game—not by playing football, but by learning new skills that are applicable to their profession. Likewise, entrepreneurs should be willing to reach out to professionals from different industries and ask questions about their toughest business challenges, even if the solutions might seem unrelated at first.
The Role of Self-Awareness and Initiative
At the heart of every successful business incubator is the understanding that no entrepreneur knows everything. Being an entrepreneur means continuously learning and adapting. A good incubator facilitates this by encouraging self-awareness and initiative. It’s not just about solving problems—it’s about developing the mindset to ask better questions, share ideas, and improve upon solutions, even after the problem seems solved.
As entrepreneurs, we must cultivate initiative—the willingness to take action and pursue ideas. Everyone has ideas, but it’s the entrepreneur who turns those ideas into reality. Often, the most impactful solutions arise when we seek advice and input from others, particularly those outside our direct circle or industry.
Creating Your Own Incubator Experience
Business incubators are vital for any entrepreneur looking to grow, scale, and succeed. Whether it’s a formal organization like PIE, a nonprofit like Latino Founders, or an informal group of professionals who meet up to share ideas, incubators provide a framework for collaboration, mentorship, and innovation.
My advice: get out there and start creating your own incubator experience. Network with professionals outside your industry, ask difficult questions, and be open to new perspectives.
Heck, ask questions about problems you’ve already solved! That’s the essence of a business incubator: learning, adapting, and sharing ideas to make them better.
Incubators are more than just a support system—they’re a way of thinking, collaborating, and ultimately succeeding. Surround yourself with people who challenge you, and you'll be well on your way to entrepreneurial success
After all, we're the average of the 10 people we hangout with the most.
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