West Nipissing Chamber of Commerce E-Newsletter
Business incubators and accelerators -  are they for you?
 

Looking for new markets or support for your business? Incubators and accelerators may improve your start-up or early-stage business' odds of success by providing financial, managerial and mentorship support. They may help you attract new customers or investors, scale up your operations or increase your revenue. 

What are business accelerators and incubators?

The National Research Council of Canada defines these two terms in the following manner:

  • Accelerator: Typically for-profit organizations owned and operated by venture capital investors, who intend to generate returns from equity-based investments in their client firms. Accelerators provide a range of services to early-stage firms, including financial support, business advice, office and development space and complementary services offered by partner organizations.
  • Incubator: Typically not-for-profit organizations that offer similar services to accelerators, but tend to provide longer tenure for participating firms and a broader suite of services in terms of physical space and mentorship. Incubators are often sponsored by universities, colleges and economic development corporations.

What are the benefits?

Accelerators and incubators can assist businesses in various ways. They may:

  • Help find ways to attract investment
  • Provide seed funding
  • Leverage networks of venture capitalists and angel investors
  • Offer resources, technology and test beds
  • Contribute in the development of business plans, models and strategies
  • Provide training and feedback from entrepreneurs and experts

In return for the services offered, the accelerators and incubators may charge fees or request a portion of your company's equity.

There are many incubators and accelerators to choose from, so it is important to do your research before applying to join a specific group. Criteria vary from organization to organization, so be sure to determine if your business qualifies. Also, be well prepared as it is a highly competitive process. Before applying you may also want to investigate matters such as:

  • Which one is best suited to your needs
  • What each one has to offer your business
  • The organization's reputation
  • The size and quality of its networks
  • The success rate of businesses which have participated in the program

Before taking the next step, you should first ask yourself a question - are you ready to take suggestions and recommendations from people outside of your business? If yes, then these organizations may be able to help you prepare your business for the future.

For more resources, read our blog entitled Hatching your start-up through business incubation or visit the Canadian Association of Business Incubation website.

Source: http://www.canadabusiness.ca/eng/blog/entry/4877/

Upcoming Meetings and Events

Leakage Analysis and 
Market Feasibility Study


 

The West Nipissing Chamber of Commerce has partnered with Laurentian University to complete a Leakage Analysis and Market Feasibility Study. The objectives of this research are to examine how local business owners and institutions, as well as local consumers, make purchase decisions. Students enrolled in the Honours Bachelor of Commerce program will be conducting interviews with local business owners for the purpose of this study and as part of their coursework at Laurentian University.

 

Key objectives of this study include:

 

1.    Determine areas of retail and business services leakage within the community;

2.    Determine if existing businesses located within West Nipissing are capturing the full retail sales potential of those who shop and live there;

3.    Identify specific industry sub-sectors that are most likely to succeed within the West Nipissing local market;

4.    Identify feasible niche markets for West Nipissing;

 

The West Nipissing Chamber of Commerce encourages you to participate in the Leakage Analysis and Market Feasibility Study, if contacted. As an incentive for completing interviews with the students and providing your input, the Chamber will be giving away 5 gift cards, valued at $100 each. Chosen by random draw, the gift cards are for the following businesses:

 

Canadian Tire

Stereo Plus

Tribune

Le Loup 97.1 FM - La voix du nord

Foodland

 

The importance and benefits of this study will be to identify potentially profitable retail sector activities. It may also reveal some of the current barriers that existing businesses have been facing when looking at possibilities of diversification and expansion. Once the study is complete, the findings will be shared with the community at large, local business owners, as well as local high schools promoting and informing them of entrepreneurial possibility in West Nipissing. 

Our partner, the Labour Market Group, is conducting an employer survey and would appreciate if all business owners could fill it out. Please click the poster below to access the survey. Thank you in advance.
West Nipissing Chamber of Commerce
200 Main Street, Unit B
Sturgeon Falls, ON
P2B 1P2
Tel: 705-753-5672 Fax: 705-580-5672
info@westnipissingchamber.ca
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