Businesses will fail to stay afloat in the current economic conditions if they aren’t aligned with a business incubator, which can provide invaluable expertise and support.
With interest rates being on hold for the last nine months, growing instability of domestic and international economic conditions, and debt levels in the US and Europe reverberating around the world, Innovation Centre CEO Colin Graham believes that it is now even more essential for businesses to obtain the correct advice and support.
The ABS reports that during 2007-8, more than 28 percent of new businesses registered did not survive.
“Getting the kind of expertise and support an incubator… can provide can effectively flip the statistics on business success rates.”
“Entrepreneurs are often experts in their own field but starting a new business is not an easy task at any time, so it is vital that they get the right advice and support to boost their chances of success.”
Predicting that domestic economic conditions will remain stagnant for the remainder of 2011 before beginning a slow recovery in 2012, Graham believes now is the perfect opportunity to start taking ideas from the drawing board to the market.
“Companies who are geared up and ready for an upswing in the economy can do better than those who launch once the recovery is underway.”
He asserts that best practice incubation support, which includes mentoring and advice, allows the business to access a network of professionals from areas such as finance, research and search providers.
“Business in many sectors in Australia has been subdued with many entrepreneurs taking a cautious approach to commercialising new ideas, but with the right advice and support there can be some very good opportunities for them.”