The simple answer — absolutely!
But before we go into the many reasons why, let's begin with understanding what a start up incubator actually is. A start incubator is a support programme designed specifically for early-stage start up businesses. Ultimately, the incubator aims to nurture start ups by supporting them through early product development and customer acquisition.
Did you know that the average survival rate for a start up is just 10%? This means that a whopping 90% of all start ups fail before they grow. This statistic alone shows just how important early support is.
What Is The Tramshed Tech Start up Academy?
Tramshed Tech is a start up ecosystem, home to 50+ companies ranging from pre-revenue start-ups to scaling businesses with 600+ registered members from the digital, creative and tech communities.
One of the many business support schemes we run here at Tramshed is the Start Up Academy. The twelve-week programme covers all aspects of building a successful business from idea generation and planning to finance, product development and team building. Find out more about the Tramshed Tech Start Up Academy here.
3 Reasons Why Start Up Incubators Are Worth It:
- Access to funding
- Networking opportunities
Access to a number of experienced mentors means there are great opportunities for learning during an incubator program. Many start up incubators offer workshops and panel discussions, which are both incredibly helpful in supporting early businesses development.
There is immense scope for learning at the Tramshed Startup Academy. The academy is provided with peer-to-peer sessions, progress support and a large range of OnDemand video and written content. Tramshed Tech also has an extensive list of partners including Barclays Eagle Labs, Geovation and FinTech Wales, all of whom will be engaged in the Academy for referrals, mentoring and advice.
As well as the incredible mentoring opportunities, the Academy will deliver virtual events and workshops. Tramshed Tech has made significant investment in its ability to deliver events and workshops virtually during the last 18-months. Delivering these virtually also means that start ups from around the world can join the academy.
2. Access To Funding
Funding is the second largest reason why start ups fail as they simply run out of cash. Making sure your business has sufficient funding is therefore crucial in determining not only the growth of your business, but the life of it.
The advice and network of a start up incubator makes it much easier for businesses to secure funding, and some incubators directly invest in start ups.
All businesses involved in the Tramshed Tech start up academy will have the opportunity to pitch to a panel of investors whereby one lucky business will receive a prize of £10,000 in equity-free cash, rewarded directly from ‘Google For Start Ups’. As well as the cash, the winner will receive mentoring support from Google for Start ups to help with future business growth.
3. Networking Opportunities
If you want to build a strong network among other entrepreneurs in your industry, incubators often provide you with the perfect method of doing so.
In the world of start ups (especially tech start ups) your network is your currency. A strong management team within the incubator will open up a wealth of networks that an early business will benefit from immensely. You can explore this network by attending events, asking for introductions, being paired with mentors and getting familiar with other incubator members.
It’s fair to say that all start ups could benefit from extra support - not to mention potential funding! When deciding whether joining a start up incubator is for you, bear in mind that the five-year survival rate of incubator start ups has been estimated at being between 75-78%. If we’re talking stats, our Tramshed Tech start up academy has seen huge success, with the programme boasting a 92.5% satisfaction rate.
Joining a start-up incubation program is therefore totally worth it, however you must make sure you are willing to dedicate yourself and your business to an incubation program in order to reap the benefits.
If you’re interested in our very own Tramshed Tech Start Up Academy, register your interest here.
Written by Kate Jones, for Tramshed Tech.