Entrepreneurs in Colorado who are interested in ways to expand their business may consider using business incubators or business accelerators. These two options can help entrepreneurs overcome the challenges associated with finding the money their business may need, but it is important that entrepreneurs know which one is appropriate for their situation.
Business incubators can be likened to the incubators that are used to house and protect eggs before they hatch. They are most helpful for entrepreneurs who are armed with little more than a novel business idea. Incubators are able to provide valuable resources, such as connections to prospective business partners or space where entrepreneurs have the freedom to work on their ideas. The typical incubator-entrepreneur relationship may last up to five years or until the startup is able to stand on its own and be launched.
New businesses are able to use accelerators to continue to boost their business and remain competitive while flourishing. During a period of three to six months, accelerators can enhance the growth rate of a business and address any areas of complication with regard to the strategies, administration or operations of a business. The individuals who act as business accelerate typically have significant industry experience.
Entrepreneurs attempting to obtain assistance from incubators should be prepared for a difficult application process. The programs for accelerators are also very competitive as the accelerators will make financial investments to receive equity in a burgeoning startup that has potential.
An attorney who practices business and commercial law may be able to assist entrepreneurs by addressing the legal concerns with growing a business. The attorney may work to protect a client’s rights and interests during contract disputes and other types of business litigation. Assistance might be provided with obtaining the correct form of licensing, forming the appropriate entities and navigating complicated business mergers or acquisitions.