Producing a competent business plan can be an extremely challenging endeavor, especially when it is lacking professional elements and consideration. The notion behind developing depth for your business proposal is to determine what the concept offers in terms of its contribution and to the business world and consumer markets. However, this is only the first step in developing depth.
Often, it becomes too overwhelming to be able to expertly tackle all of the facets of growing a successful business. It is also often the case that it can become financially overwhelming to infuse your business with the necessary capital to succeed. Fortunately, there exist two platforms that can assist in the initial success of your start-up business. Accelerators and incubators can provide stable and professional advice as well consistent capital resources to ensure that your business concept and idea becomes successful and stays successful long into the future.
What Is An Accelerator?
An accelerator is a form of business concept that involves the exchange of equity in outside ideas and proposals in return for small portions of monetary resources and guidance. Typically, an accelerator will entail creating a few different programs that last several months and offer participants the opportunity to ‘graduate.' This can be incredibly helpful for those start-up businesses that are based on a great concept but lack the guidance and resources to refine the concept.
What Is An Incubator?
While accelerators are one option for adding depth to a business plan, incubators provide another solid opportunity to add depth to your proposal. Incubators bring in a team of managers from outside the business model to nurture and administer an idea that has been created within the original business model. Depending on the nature of your business concept, incubators can be equally useful.
Real World Examples
As was previously emphasized in this article, it can be incredibly difficult to get a business plan up and running after coming up with the initial idea or concept. However, with the advances in technology and business practice it is not as daunting as it once was to start your own business. Accelerators and incubators offer new business a great starting platform.
An example of a prominent accelerator is Y Combinator. This accelerator makes small investments on a semi-annual basis to a large number of small business start-ups. After being accepted into the accelerator program, new businesses would spend approximately 3 months in the care of the experts at Y Combinator and learn how to refine their business practices and approach. Eventually, the program culminates with the start-up business presenting their refined models to a large group of investors.
Conversely, in order to add depth to your business proposal you could also turn to the assistance of an incubator, rather than an accelerator. The incubator known as Idealab creates and operates technology-related businesses. In addition to capital, they will provide a litany of resources to start-up businesses in order to help them survive and prosper. This incubator will also provide counselling for refined business strategies and ensure that an effective marketing approach has been utilized.
