There are companies out there that specialise in giving entrepreneurs the guidance they need in the early stages of their business ventures.
While there are many different stats thrown about on the failure rate of start-ups (globally as well as in South Africa), they all show that the majority of new businesses won’t make it past their first year. As disheartening as that might sound, there are organisations out there to boost your chances of making your entrepreneurial venture a success: these are called business incubators.
The purpose of a business incubator is to offer start-up companies the support and resources they need to become sustainable operations. This usually includes a work space; networking opportunities; education, mentorship and training; strategic, technical, legal, financial management or even recruitment support.
What’s in it for them? They are essentially investing in your business and in return take an equity stake, which, when a company grows and becomes profitable, results in dividends for them. They might also charge rent or choose to sell their shares should the start-up be acquired.
Finding the right fit
If you feel your business is at the stage where it could use a jumpstart, make sure you seek out a business incubator that meets your company’s unique needs. Before you jump in, do some research on the following:
What’s available to you?<...