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Hatching your start-up through business incubation

September 14, 2010 - Tags: Startup

Shutterstock 55715986Sometimes 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.

Comments

This sounds great! However I live in Toronto and want to start an internet based business that could benefit businesses in rural areas. Would I receive assistance from this program?

Philip

By Philip on September 14, 2010

Philip,

Depending on your business needs, a business incubator may be able to assist you in a variety of ways. For example, some incubators offer the use of office space and conference rooms, which could be helpful if you need to meet with clients from time to time. You can search for a business incubator on the Canadian Association of Business Incubation website. You may want to contact business incubators in both Toronto and the rural areas you are targeting to get more information about their services.

By Canada Business on September 22, 2010

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