10 Benefits of Using a Business Incubator for Start-up Companies: Brought to you by the Innovation Cluster
In 2010, Canada had over 100 operating business incubators. In these incubators 900 client firms raised revenues in excess of $93 million while creating full and part-time employment for over 13,000 people.
The Innovation Cluster provides start-up companies with the tools, executive mentorship and operational support to be successful. The Cube, operated by the Innovation Cluster, is Peterborough & the Kawarthas first and only full service incubator and accelerator.
- OFFICE SPACE
The Innovation Cluster provides start-up companies with open concept office space with all of the necessary office supplies to get your business up and running. Having office space to be able to run your business is extremely important in the success of any business.
- CHEAPER
Business Incubators can help reduce the costs of launching and operating a startup by 40-50%. The Innovation Cluster provides start-up companies with open concept office space and internet access for little to no charge; renting office space can be one of the largest expenses for any business.
- MORE FUNDING/INVESTMENT OPPORTUNITIES
The Innovation Cluster offers clients access to more funding opportunities from many different outlets. Our staff is educated and equipped to help find funding opportunities and help clients apply for them. Additionally, the Innovation Cluster allows businesses to meet potential private investors from within the Peterborough community via our partners at the Peterborough Region Angel Network.
Fun fact: an estimated 40% of investment-seeking member companies source investment through a direct incubator program connections.
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- ABLE TO FOCUS ON CORE-BUSINESS
Having this business infrastructure in place and available and providing business services and experts allows for the startup to focus on what matters most – the core business product. Start-ups can then focus their time and energy on creating, evolving and testing their products.
- ACCESS TO “MOVER AND SHAKER” NETWORKING
Having access to “mover and shaker” networks—being able to tap into a strong network of business partners and investors allows for start-up businesses to network and network productively. The Innovation Cluster is very involved within the Peterborough community and beyond! Just check out our Knowledge Partners.
- PR and Marketing HELP
Being a part of a group of companies helps gain traction and step into the spotlight—the Innovation Cluster and FastStart have a strong following. Start-up companies are able to reap the benefits of being promoted by the organization, not to mention expert PR and marketing advice for their brands.
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- BEING WITH OTHER tech start-up BUSINESSES
The Innovation Cluster’s incubator and accelerator, known as The Cube, is home to many start-ups. Being part of a support system where you can learn from each others mistakes and triumphs allows you to better succeed and creates bonds and friendships that are ever-lasting.
- SUPPORT FROM MENTORS WITH STREET CRED
Our mentors have been successful entrepreneurs therefore you can learn and hear first hand about their personal experience and learn the do’s and don’ts. Knowledge Partners help with business basics including; marketing, accounting, presentation skills, legal guidance, insurance, finance, human resources and the list goes on.
- ACCESS TO WORKSHOPS and BUSINESS TRAINING
Through the Innovation Cluster’s resources and staff you are able to get hands-on training and knowledge from some of the best minds in the Peterborough area.
- BUSINESSES WHO USE INCUBATORS ARE MORE LIKELY TO SUCCEED
The five year survival rate for incubator clients has been reported from 75% to as high as 87%. So in conclusion…come to us…we’re the best in the business!
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Above are just 10 benefits of using Business Incubators. If you would like more information on Business Incubators or how you can be involved with the Innovation Cluster, check out how you can become a client!
