Around the world, tech companies are exceeding expectations.This means it’s an excellent time for those with the know-how to strike out on their own.
However, to successfully navigate the hurdles that come when launching a startup, entrepreneurs would be wise to enlist some help. The fact is that despite the immense potential in startups now, the chance of failure is much greater than that of success.
Happily, startup owners can avail themselves of the help provided by tech business-building programs. These programs, known as business incubators and accelerators, assist entrepreneurs with the training that they would need to turn their startup into a growing enterprise. A study done by the National Business Incubation Association found that there was an 87% success rate in businesses that participated in a startup program. This isn’t surprising, when you consider the level of support they offer.
However, all startup programs are not the same. Incubators and accelerators vary in quality, so entrepreneurs need to do their research before applying to a program. Not surprisingly, it’s been proven that the better the startup program, the more successful their graduates are when it’s time to attract investors and customers.
So what should startups be looking for in a startup program?
1. A strong network
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One of the benefits of a top-notch startup program is the potential for networking opportunities. Companies that have graduated from the programs should make themselves available to assist with providing connections in fields that would benefit those currently in the program. They should also offer the benefit of their experience to help fledgling businesses overcome the issues that will inevitably occur.
Better startup programs place an emphasis on providing solid mentorship, which results in graduates that are more successful. Alumni mentors help startups have a clear understanding of what they need to do to accomplish their end goal–that of having a thriving business. They advise them on what would be the best way for them to grow given the market conditions, their competition, and their own limitations, providing help with both the business and technical side of things.
Mentors also help startups learn how to create a team that works well together, and how to pivot when necessary for the good of the business.
3. Tech and training
Top startup programs provide help in the fundamental areas of technology and product testing. They connect the business with professionals whose expertise they can tap into to ensure they have the best technology they need to succeed. They have industry experts to ensure the startup’s products are at a standard that would give them an edge over the competition. This is no small matter, as one of the many reasons startups fail is poor product.
4. Enhanced communication skills
Having benefited from the expertise and practical help made available during the program, a startup’s team will emerge with the ability to present its case well to potential investors. This is vital to being able to continue securing the funding necessary to survive the different growth stages along the way.
To sum up, a top startup program will provide comprehensive support for new businesses, connecting them with program alumni, experienced industry professionals, and technical experts. The startup will then have a solid foundation from which to grow and thrive.