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Beating the Odds

Posted: July 15, 2012 by Rodney D'Souza in Ecosystem, Innovation, People, Planning, Startup

IS NOT just having a unique, one-of-a-kind idea. While inventing the idea is necessary to start a new venture, execution of that great idea distinguishes successful from unsuccessful startups. To execute well, entrepreneurs need to take advantage of every resource in their environment such as the industry connections, mentorship, access to capital and market intelligence. If you are new to the startup world, or even if you are a veteran, Business Incubation has proven to be a great model that helps entrepreneurs better navigate their environments, and dramatically increase their survival rate and success.

The Small Business Administration (SBA) data indicates that 40% is the success rate for startup businesses – meaning that of 10 businesses started today, six will disappear over the next 5 years. In contrast, the National Business Incubation Association (NBIA) reports a success rate of over 85% for incubated businesses. Business incubation provides entrepreneurs with an array of targeted resources and services critical to young, growing companies. Incubators come in many flavors – both for profit and nonprofit, target a range of early stage companies, and focus on a single industry (such as BioLogic a life science incubator in Covington Kentucky) or a variety of industries (such as the Hamilton County Business Center).