Incubation Helps Entrepreneurs Hatch Successful Biz Plans
Brandywine East Community News:
Fragile and new, they often need incubation to hatch properly and grow.
And though Delaware is known for its poultry, we’re not talking eggs this time, we’re talking business.
And today, the First State is leading the way. Delaware was recently ranked first in the nation for business incubation by the Beacon Hill Institute, a think tank based at Suffolk University in Boston.
Business incubation involves providing entrepreneurs with the funding and resources they need to nurture their startups through the failure-ridden early stages of business, said Ken Anderson, director of entrepreneurial and small business development at the Delaware Economic Development Office (DEDO).
A new business is a lot like a baby, Anderson said, and it takes time and plenty of tender, loving care to prepare it for success in the open market. Many startups fail because their owners did not raise enough capital or did not know where to turn for help, he said.
But Delaware works hard to ensure the success of its entrepreneurs, Anderson said.
DEDO operates a virtual incubator Web site called the Emerging Technology Center where fledgling technology companies can seek advice or free services from firms that have partnered with the state, he said.
Delaware also has special funding available to entrepreneurs, Anderson said, like $100,000 grants from the Emerging Technology Seed Fund, which can go a long way toward starting a business in the right direction.
But funding and advice are only two of the components necessary to start a business – entrepreneurs also need ideas. Read more.
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