We partner with governments, corporations, foundations, investors, and other stakeholders to create, launch, and grow best-in-class and cutting-edge economic development solutions for more innovative, resilient, and sustainable local economies. The region’s only biotechnology incubator offers shared resources, turnkey wet lab space and sponsored professional services to promising, high-potential entrepreneurs and start-ups. In an era where roughly543,000 new businesses get started each month,many of these entrepreneurs would agree that they need all the help they can get.
Members are also able to schedule one-on-one financial and business counseling sessions with HBK staff. The Hub, which can accommodate startups (and 50+ people), offers tenants professional mentorship and a host of collaborative and supportive services—embracing entrepreneurship in science and engineering as well as in non-science based companies. I’ve watched first-time entrepreneurs raise millions of dollars at substantial valuations because the mentors at the incubators were able to create a frenzy around a new fledging concept for a company.
Similarly, a restaurant entrepreneur could learn about the difficulties of overseas expansion from retired hospitality-industry executives. The companies that are part of an incubator can share the same facilities and share on overhead expenses, such as utilities, office equipment rentals, and receptionist services. Start-ups can also take advantage of lower lease rates if the incubator is located in low-rent industrial parks. Incubators may also help start-ups with their financing needs by referring them to angel investors and venture capitalists, and helping them with presentations. Start-ups may have better luck securing financing if they have the stamp of approval of incubator programs.
Graduation is determined cooperatively based on mastery of core business functions; for most companies, it will take place within four to six years. One of the most immediate impacts that business incubators can have on startup companies has to do with the physical space that they provide, and all of the services that are contained within. Most business incubators offer office supplies and other resources to companies— essentially everything they need to get their organization up and running in an efficient way. These resources are often shared—but they are also available in a far more cost-effective way than if the startup in question was operating entirely on their own. Because of this factor alone, it is estimated that a business incubator can help reduce the overall costs of both launching and operating a startup by between 40 and 50% in some situations. A business incubator is a company that supports startups and start-ups in their development by offering services such as management training or office space.
Everybody knows entrepreneurs need money to expand and grow their businesses, and although many early-stage startup companies raise their initial funds through the 3 F’s , there will come a time when a more substantial round of investment is necessary. Membership in a business incubator not only can connect entrepreneurs to venture capitalist and/or angel investment groups, but it can make the business a more attractive investment opportunity to such groups. If it is your first time in the business world, it will be difficult for you to find a strong network.
Building your network will gain you contacts, referrals, opportunities, and exposure in your own industry as well. Incubators give enough space and accommodate multiple companies and startups that are looking for business growth. In addition to production space, HBK Incubates business incubator also offers a suite of business development resources to position its member entrepreneurs for growth and sustainability. HBK Incubates offers ongoing workshops, panels, and exchanges that provide content on various small business topics like access to capital and marketing.
However, Cogo Labs brings the power of big data to entrepreneurs who might not otherwise have access to it.