Not every entrepreneur or start-up founder is a Mark Zuckerberg or Steve Jobs. Starting your own venture can be daunting if you have little to no experience. The start-up journey is one fraught with endless challenges and potential setbacks.
There are 150 million start-ups in the world today with 50 million new start-ups launching every year. However, 90% of startups fail. It is common knowledge that start-ups are extremely risky, the question then is how can start-up founders move forward faster and smarter and increase the odds of business success.
While the answer is not always simple and depends on your implementation stage, expertise, and what is available, incubators and accelerators can offer the most value to new entrepreneurs and start-ups in the early idea stage. For new start-up founders, most well-rounded incubators can provide support through mentoring, networking, space, IT, administrative support, and technical expertise. Any piece of advice you get from someone who has been there before is likely to be invaluable.
Here are some reasons why start-ups should consider partnering with an incubator:
- Networking Opportunities – Networking is essential if you have never started a company before, incubators can provide you with the perfect methods and resources to build a strong and effective network among other leaders and entrepreneurs in your industry.
- Access to Professional Resources – Your partnership with an incubator can provide you with an abundance of resources from education to software and business tools. While these services can vary from incubator to incubator, most will cover the basic necessities to do with administration support and business fundamentals.
- Low Cost Access to Expensive & Sophisticated Equipment – For those with limited funds, an incubator can provide the essential equipment needed for growth depending on the industry. For example, if you work within MedTech, incubators may be able to provide you with the equipment to help in research and product development.
- Exposure to Industry Leaders & Mentorship – Many incubators will provide start-ups with access to mentors who are industry experts and leaders, which is a key business opportunity and asset to have as these mentors can provide insights and help you refine your goals and future roadmap.
- Access to Funding – Many incubators are able to provide start-ups access to funding opportunities. Through the investor relations and numerous partners that incubators have, start-ups can be provided with support through the funding process.
- Accelerate the growth of your start-up – The resources, funding, networking, and mentorship opportunities provided by an incubator can help you take your business to the next level while pre-empting and easily avoiding significant risks.
While being an entrepreneur has its challenges, luckily, there are many opportunities out there for start-ups to improve their chances of success through incubators and accelerators.
For those looking for an incubator to support the growth of their business, contact us for more information on our Virtual Incubator Program or join the waiting list now.