Business Fundraising 6 of 7 (Incubators and Hubs)
In a series of 7 different posts I will be highlighting different ways of raising funds for your business and the cautions associated to each. Kindly repost, tag your friends and like these profiles to encourage more tips. https://goo.gl/dqz4Uk , Twitter @ayomikunseun, LinkedIn - Akintayo Ayomikun and Instagram @akintayoayomikun
#Incubators are facilities established to nurture young (#startup) #firms during their early months or years. It usually provides affordable space, shared offices and services, hand-on #management #training, #marketing support and, often, access to some form of #financing (according to businessdictionary.com) Since many startup companies lack #resources, #experience and #networks, incubators provide services which helps them get through initial hurdles in starting up a #business. These hurdles include space, funding, #legal, #accounting, #computer #services and other prerequisites to running the business.
Industry #hubs are cities or regions where specific types of businesses are #clustered. The concept isn’t new—Silicon Valley is probably the best-known #industry hub and the Motor City (Detroit) was one of the first. But, the Journal reports that despite the lingering recession, new industry hubs are springing up ranging from sporting-goods makers in Ogden, Utah, to nanotechnology firms in Albany, New York (smallbiztrend.com). One of the biggest benefits these days, of course, is that when small firms in an industry reach critical mass, people with money start to take notice. That means companies in an industry hub may have greater chances of obtaining financing, and are more likely to get assistance from #community or #government agencies that have an interest in seeing a #local industry hub grow.
Existence of an hub attracts a lot of #opportunities for members of the hub which includes funding especially from government who seeks to grow the economy and investors who have interest in the industry. The investors would scout for investment opportunities within the hub. As many developing countries (e.g. Nigeria) want to see their economy grow, there are...https://goo.gl/dqz4Uk