Posted by Jorge LeClair in
From my experience, entrepreneur clients are usually focused on acquiring funding in order to afford resources such as research and development, product testing, marketing expenses, etc. However, there is a way for start-up business to obtain such resources at zero or little cost through a Business Incubator.
A Business Incubator helps grow start-up businesses that demonstrate potential by supporting them with a dynamic program that involves mentoring from business leaders, marketing help, strategy coaching, introduction to valuable business contacts, funding and assistance with product development.
Business Incubators continue to prove their value to business start-ups and consequently are increasing in both demand and availability.
The goal of a Business Incubator is to help start-ups that show potential but that without assistance would struggle and possibly fail. Business Incubators are set up by business and industry associations that understand the community benefits (such as job growth and economic diversification) as well as the importance of producing young businesses that have a solid path to success. According to the Canadian Association of Business Incubators, “On the average 95% of an incubator’s clients graduate, and 87% of incubator graduates remain in business.”
Acceptance into a Business Incubator is competitive based on meeting eligibility requirements that normally involve a business plan that demonstrates commercial viability, an innovative product and an attitude that is open to coaching. While Business Incubators offer access to valuable resources, the burden is on the entrepreneurs to learn, succeed and invest their own resources as required.
Here is a comprehensive list of Canadian Business Incubators can be found at www.cabi.ca
Nice post. Did not know about business incubators.