Business incubators are programs designed to accelerate the success of an individual who is starting a new company through an array of business support resources and services. It allows for the development of the individual or team to grow and use their skills in a nurturing and supportive environment where their is constant feedback. In most cases there is a team of experts, mentors or masterminds that are helping the new incubator business through sharing their experiences, network of contacts and leadership. Incubators vary in the way they deliver their services, in their organizational structure, and in the types of clients they serve. Successful completion of a business incubation program increases the likelihood that a start-up company will stay in business for the long term: Historically, 87% of incubator graduates stay in business.
Incubators differ from research and technology parks in their dedication to start-up and early-stage companies. Research and technology parks, on the other hand, tend to be large-scale projects that house everything from corporate, government or university labs to very small companies. Most research and technology parks do not offer business assistance services, which are the hallmark of a business incubation program. However, many research and technology parks house incubation programs.
Incubators also differ from the U.S. Small Business Administration’s Small Business Development Centers (and similar business support programs) in that they serve only selected clients. SBDCs are required by law to offer general business assistance to any company that contacts them for help. In addition, SBDCs do not target start-up and early-stage companies; they work with any small business at any stage of development. Many business incubation programs partner with their local SBDC to create a “one-stop shop” for entrepreneurial support.
According to Linda Knopp, 2006 State of the Business Incubation Industry, in 2005 alone, North American incubation programs assisted more than 27,000 companies that provided employment for more than 100,000 workers and generated annual revenues of $17 billion.
Cash Flow Potentials is bringing incubators into the home based personal franchise business sector. Our ideas of business incubators are organizations that support the entrepreneurial process through the home, using personal franchises as a low cost of entry for the beginner, helping to increase survival rates for the individual. They have been used in high tech and universities for years! We bring entrepreneurs and people interested in a home based business together into this home-based incubators model where they are offered a focused menu of assistive resources, services and a team of supporting individuals.
Resources and services include such elements as:
How to use your home’s physical space for offices, meeting space and inventory.
Management coaching
Correct entity structure
How to evaluate an opportunity
Help in preparing an effective business plan
Administrative services support
Technical support in setting up a business from home
Business networking
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We are seeing a rapid increase in incubation activity! This can be attributed to a number of factors. Business incubation has been identified as a means of meeting a variety of economic and socio-economic policy needs, which may include:
Employment and wealth creation;
Transfer of technology;
Promoting innovation and a new concepts
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The strategies we use in the Personal Franchise sector that we have used in high technology start ups are:
Don’t do it alone – The Power of Three
Super Asseting Your Home
Promoting your business through new concepts
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Join the Entrepreneurship revolution, the practice of starting new organizations or revitalizing mature organizations, particularly new businesses, generally in response to identified opportunities. Entrepreneurship is often a difficult undertaking, as a vast majority of new businesses fail unless you surround yourself with people who have done what you have chosen to do. Cash Flow Potentials has made that easy by showing you the process step by step.
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