Business Incubation

Five Reasons to use a Startup Accelerator

Accelerators tend to run between 2 to 6 months and put you on the fast track so you can:

  1. Test ideas.
  2. Get assistance with developing beta versions and/or prototypes of products.
  3. Identify and target initial customers.
  4. Receive coaching to develop and deliver solid investor pitches to secure financing so you are investor ready!
  5. Obtain assistance with developing organizational, operational and strategic plans.

Six Reasons to use a Business Incubator

This is a supportive environment that is focused on the successful development of startup and fledgling companies by providing the owner(s) with an array of targeted resources and services that include, but not limited to, the following:

  1. Nurturing Startups by helping them survive and grow during their initial stages, when they are most vulnerable. This process can take 6 months to three years.
  2. Niche Industries. What services do you need to make your venture successful? Business plan development, legal and accounting advice, marketing, Internet access, or specialized manufacturing facilities? Is access to a particular market critical? Then consider finding a program that specializes in that market. Special focus incubators for example, are programs that work with companies within a particular niche, such as gourmet foods, biotechnology, the arts and software. Be sure the program offers what you need or can connect you to service providers who can meet those needs.
  3. Educational sessions and workshops focused on relevant topics entrepreneurs need to grow successful companies. These courses utilize curated content and materials developed by experienced entrepreneurs, investors and recognized thought leaders.
  4. Shared Space & Equipment which helps keep costs low.
  5. Hallway conversations that foster connections and creativity.
  6. Assigned Mentor who work with you to develop an initial program plan, identify what expertise and resources will bring the most benefit to your company, and coordinate contacts with other mentors, advisors and resources.

Four Reasons to tap into a Startup Community Center

Instead of sitting in a coffee house all alone trying to develop your idea into a business, startup community centers are a perfect place to land.  They tend to offer work spaces that you can use but more importantly, they offer:

  1. High-Quality Education Services offered through classes, seminars, one-on-ones and events.
  2. Networking with fellow entrepreneurs, investors, government agencies, public/private institutions, third-party service providers, the media and mentors. On your own, this would take years to figure out the best resources and advisors for your startup.
  3. Business library so you can continue on your own path of personal and professional development.
  4. Resource referrals. Starting or growing an existing company requires specific resources along the way.  If you don’t know who you don’t know, then you are either operating in a vacuum or settling for those who are perhaps offering less than excellent services.
By | 2017-08-14T15:59:23+00:00 August 24th, 2015|Uncategorized|Comments Off on Business Incubation

About the Author:

Cheri S. Hill “Wealth Protection Diva”, has been a successful entrepreneur/business owner and premier business strategist for the past 22 years as President & CEO of Sage International Inc. She is a national speaker, best selling author of Incorporate & Get Rich!, and motivational teacher of financial education, business development and wealth protection strategies.