Hatching your start-up through business incubation
Sometimes a little bit of help goes a long way when you are beginning your entrepreneurial voyage. You may have a great business plan, but need a little help with finding a location or financing your start-up costs.
Business incubators are a great way for entrepreneurs to get the support they need through proven mentoring and management expertise. With a success rate of 87%, as stated by Marie Lussier, President of Canadian Association of Business Incubation, business incubation is certainly a tried and true method that works!
Business incubator programs usually select businesses that are at the beginning of their life cycle. The chosen business start-ups are given ongoing managerial and financial support for two or three years, until they can survive on their own.
Many business incubators are located in rural communities, as they benefit the community with jobs, growth and increased revenue. Many businesses then decide to stay and help with the growth in a rural setting, after their incubation period has ended.
For more resources on business incubation, contact the Canadian Association of Business Incubation. For start-up information, access our Starting a business and Business planning sections to help you plan a successful start for your business.