29 May Incubators As The New Success Creators for Millennials
This is the age of entrepreneurship with many Millennials trying to make it big in the internet and social media controlled world. However, most are not aware of corporate operations. They excel at performing their core business activity, but find it difficult to create a business structure and focus on building a grounded foundation due to many distractions; SnapChat (NYSE:SNAP), Instagram, Facebook (NASDAQ:FB), and even Tinder.
They need some help to understand corporate configurations such as legal, building business credit, customer service, telesales, client retention practices, and many more to run an effective establishment. Business Incubators cater to this need, and provide places for entrepreneurs to perfect their businesses with increased chances of success. An Incubator can be best defined as a program and co-working environment which supports a new business by providing assistance in the form of technical, legal, mentorship, and growth advisory.
Incubators as Community Builders
There are several advantages of using Incubators that ensure their status as business success creators. Incubators are different from corporate offices, and work more like team consulting-based environment than the old fashioned company hierarchy. Co-working spaces with different companies in one shared location is the innovate concept of forming merger partnerships.
Most incubators such as Canopy Boulder, HEA Foundation of Companies, StarterSpace, and Downtown Works offer services to multiple new companies, which allow them all to work with each other and find mutually beneficial positions and partnerships. Incubators allow new business entrepreneurs to feel that they are growing and learning without worrying about making decisions on their own, and progressing with fewer mistakes unlike many challenges that single proprietors experienced when starting and operating a new business. These environments are also great for quickly creating business networking and carrying out marketing activities. Most creative specialists such as web developers, content creators, digital media experts, SEO managers, web coders, are huge advocates of Incubator co-working spaces.
“Most creative specialists such as web developers, content creators, digital media experts, SEO managers, web coders, are huge advocates of Incubator co-working spaces.”
Growth hackers specially are people or organizations which are responsible for experimenting with the different avenues of viral marketing. They look at different concepts, products and services to find which set will work the best for a particular business. Once they find a successful set, they provide an implementation strategy for quickly growing the customer base for entrepreneurial businesses. They can be often termed as the hybrid merger of marketers and product branders.
Growth hackers insist that Incubators are a great way to set up new businesses, as their prime motive is to achieve more by spending less and working with other marketing specialists in a community driven environment. They are always looking to answer the key marketing question of identifying the customers for a business venture.
Millennials Love Incubators
Millennials are already popular for working in small groups and teams, especially during their college and university days. When they launch a business in this way, their chances of success increase due to their familiarity with this working method. Corporate companies on the other hand keep competing with each other, and take steps against each other which is a popular term identified as the “Dog-eat-dog world.”
Millennials only want growth through learning and knowledge. They believe that they grow with increased learning through community effort, which means that Incubators are perfect for them. In fact, investors love to indulge their money in companies that have multiple owners. These owners understand that the presence of multiple individuals allows for better decision making. Different individuals bring different perspectives and help in finding solutions. Teamwork makes the dream work in Incubators.
LOCAL INCUBATOR SEEKERS: Looking for an Incubator to co-work, network, and brainstorm with like-minded entrepreneurs?
Currently, the HEA Foundation of Companies Incubator has 4 resident companies. It provides a nurturing climate and an entrepreneurial environment that successfully attracts, grows and graduates early-stage companies with innovative ideas and scalable business models. Call (619) 308-6599 to get more details on their community curator.
About the Author: Carlo Desierto is a serial entrepreneur with over a decade of experience in business startups. He has founded, built intrinsic value, and sold several companies in which he sits as an adviser for the Board of Directors. Carlo has interviewed over 200+ entrepreneurs and published mini-biographies for new digital media channels relating to entrepreneurship, health, self-help, futurology, and the green industry.