A research study commissioned by O2 (Telefónica UK) demonstrates that startups that get involved in formal support programs have higher survival rates. As a startup or SME entrepreneur, if you’re still skeptical about the opportunities with IACs (incubators, accelerators & co-working spaces) perhaps it’s time to reconsider your position. In terms of business funding, here are two simple reasons why.
As far as funding goes, it probably won’t happen for your business if you haven’t properly configured your business model. Working out of an IAC environment you’ll be stimulated, encouraged, and virtually pushed to get out of the building and get your facts right. You may not realize that if you’re confined to your war room for reasons of protecting your precious idea, you can easily be trying to communicate with the rest of the world from a bubble. You’re basing your decisions on assumptions, you’re failing to network and find strategic alliances, and ultimately your business may end up on the wrong side of your killer product. Dead.
Your counterparts operating with IACs are quickly becoming startup veterans. They fail and learn, they stay abreast of the competition and adapt, they get press coverage and build connections. By putting themselves in the thick of the action, they stay close to finding the funding they need to take their business to the next level.
For a majority of entrepreneurs, business finance is unchartered territory. The professional financial guidance you’ll get from IACs is a large part of the reason why they were established in the first place. Think about it this way: IACs base their success on the number of sustainable startups/SMEs that they nurture. By joining one, you place yourself in an environment where you’ll have experienced supporters fighting to get funding for your business. This will allow you more time to focus on the parts of the business you’re passionate about.
As a matter of fact, we could go on exploring even more reasons why it’s a good idea to get your business involved with IACs. These are just two pertinent reasons for businesses that are reaching a stage where they need to start considering finance. Keep a lookout for our article on IACs located in the London area. If you still feel skeptical, let’s take the debate social. Tweet to @bizfundingshow about what your reservations with IACs are and we’ll tweet back with our thoughts. You could also send us a mail via email@example.com or send us a message on Facebook or LinkedIn. We look forward to hearing your thoughts and we hope more of you get involved with IACs on the trail leading up to Business Funding Show ’16.