Business Incubator Nurtures Start-Ups
It"s an alarming reality in the business world – 50% of all small businesses fail within the first year and 95% fail within five years. In an effort to improve these statistics and encourage entrepreneurship, the Enactus team at Anderson University in Indiana collaborated with the city on a business incubator project designed to help emerging companies in their community become independently viable. Through the Enactus team, Anderson Business Incubator clients have access to interns in accounting, finance, marketing and management, as well as resources to help obtain grants and start-up capital. In addition to providing business consulting, this facility also provides a great venue for networking and allows fledgling companies to share the cost of common business resources and office space. Since its inception this project has proven successful at encouraging and nurturing the entrepreneurial spirit in Anderson and has become key to fostering economic growth in the area. The ABI is at full capacity and is helping businesses ranging from a limousine service and screen printing to public relations consulting. (One client has even grown business from eight employees to more than 40 employees.) The ABI is now a business advice and assistance hub in the downtown area and is helping make true the statistic that 87% of businesses that graduate from an incubator program stay in business.