Startup companies are key to driving our economy. But an idea and a little capital is hardly enough to keep the small business dream going. After all according to the Harvard Business Review nearly 75% of all starts ups fail (yikes!)
There is a resurgence in entrepreneurism and a big reason for all the growth in “Startupville” has been the support and mentorship of Business Incubators. Incubators are a vital resource in helping budding entrepreneurs bring their ideas to market and give young companies the resources they need to grow successfully.
Our company, Hatchbuck was originally hatched in an incubator in Downtown St. Louis called T-Rex. It is a great environment where businesses and entrepreneurs receive the tools and resources they need to build something gigantic.
From a startup perspective, I would like to share my 4 Keys to Startup Success for Incubators
1. Don’t Forget the Purpose – Startup companies join an incubator for a myriad of reasons. It takes more than just a new idea and a little cash to make their dream reality. Business Incubators offer financial, human capital and physical resources needed to get their business off the ground and allow them to bring in the bacon. But it is easy to overlook a central purpose of the incubator. Mentorship. A startup can find everything an incubator offers outside of an incubator, but I can speak firsthand to the value that a Business Incubator can add when they have an attitude of mentorship.
2. Create a Great Culture – Be intentional about getting your member companies together. It’s hard enough as a startup but it is even harder when you are going at it alone. If you are an Incubator find ways to get your startups connected on an ongoing basis and as a startup be that thermostat that other companies need to set the temperature for the environment.
3. Centralize Resources – Know what all of your member companies need from a resource perspective and ask yourself what could we centralize and be more efficient at? What process could we create that could allow our startups to scale up more quickly. For example by centralizing your startups accounting, recruiting or hiring needs could you take valuable time off of the plate of your member companies and allow them to focus on driving their product, services and sales?
4. Leverage Outside Programs – There are a number of outside programs designed for startups to help them get up and running fast. With our new Hatchbuck Incubator Program, we kept our fellow start-ups in mind.
- Incubators receive our sales and marketing software for free to help them manage their contacts, startup companies , and market their services.
- Your Startup Companies receive Hatchbuck sales and marketing software at a 50% discount for the first year. A great way to supercharge sales and take time off your hands by automating your sales and marketing process.
Check out more about the new Hatchbuck Incubator Program (HIP)