While it is a big step and an achievement for a founder to create a business and jump into the deep waters of entrepreneurship, it is a small first step for the venture itself.
In the first time after foundation, its ‘childhood’, a business will learn and manage to stand on its own feet. Besides a concentration on product development, the core business idea, it is the time when a network starts to grow and first groundbreaking decisions have to be made. Now guidance and advice may be appreciated, for example by offering office space, business skills and access to professional and financial networks. This is typically called the incubation stage.
Incubation may last for varying durations and include various forms of mentorship and support. It can take from several months to years to get on the feet.
However, while learning to stand is a great entrepreneurial achievement, the walk through the following growth stage, the firm’s ‘adolescence’, is often far more challenging and risky for the business. As in the real life of a young person this is the time when the business gains its place in the community and when it lays groundwork for its successful assertion in the future. Incubation comes to an end and the firm has become due for accelerated growth. Now the firm is technically ready to spread its wings.
Transition to acceleration is one of the most critical milestones in the business life cycle of a firm. One major challenge facing the most companies is that sooner or later they may get tangled in day-to-day operations and miss to incorporate long-term goals and strategies. The company may lose track of what it originally was founded for, its identity.
More than at any point of time before, it is wise now to seek advice and support from a business accelerator.
The accelerator’s emphasis is on growth and rapid development while providing proven management techniques, sound values and, thereby, stronger arms and legs for the firm. Mostly renown entrepreneurs themselves, they can add value to the firm’s proposition with first-hand professional experience, the firm’s standing in the business community and a broad network of contacts in the markets. Not uncommon they are prepared to put their own money into the firm, thereby taking a share of the risk and profit.
Accelerators are committed to the company and the people. They’re playing on their side and as a part of the team. They’re not venture capitalists. While incubators help to stand up and make first steps and venture capitalists simply want to see nothing less than the gold medal, accelerators teach businesses how to run the short and long track.
We at Enxium help entrepreneurs to stand up, walk and run, from ‘childhood’, the seed phase, through ‘adolescence’, the growth phase, to ‘adulthood’, i.e. Series A and beyond. We are experienced incubators, accelerators, mentors and partners, with a management approach that resembles good management consulting practice but designed for the needs of startup ventures and founders.
Interested, you want to learn more? Then please check our acceleration services and programs. Don’t hesitate to send a message and your questions, we are hands-on people.