Eagle Mountain City, about 35 miles south of Salt Lake City, Utah recently launched a Business Incubator Development Program (BIDP), offering local emerging companies an opportunity to lease office space for three years at no cost during the first year, then with minimally increased rent during the second and third years. Businesses will also be given free basic phone and internet service and shared resources including a reception area, conference room, copy and fax equipment, audio visual equipment, and a break room.
The consensus here at IG Strategy is that the real value for companies involved in projects like the BIDP program stems from the opportunity to collaborate and work with other incubating businesses. With access to other entrepreneurs and expert business professionals, emerging companies don’t have to navigate the early growth stage alone.
In order to successfully work through the start-up phase and achieve long-term success, incubating companies must build a strong foundation for future growth. It is important that they do their homework, finding appropriate and relevant statistics to make sure that their product is right for the market.
The moral of the story – whether they are involved with an incubation program like BIDP or not, emerging companies should take advantage of opportunities to collaborate with their peers and they should be willing to hang their hat on objective statistics rather than subjective inclinations.