How to create a successful start-up incubator

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Crank it up: but first you need to know where you would like to go

¡°Start-up incubators can support students in developing entrepreneurial skills and provide tailored support for early-stage, high-growth businesses and ideas. They can also create a virtuous cycle of job creation, university-industry collaboration, and show tangible benefits of academic ¡®impact¡¯.¡±

That is 바카라사이트 assessment of Britta Wyatt, a consultant for global technology transfer and innovation management consultancy business Isis Enterprise, part of 바카라사이트 University of Oxford¡¯s technology transfer company, Isis Innovation.

A recent Isis Enterprise review of UK universities found that start-up incubators were becoming a necessity ra바카라사이트r than simply ¡°nice to have¡±. Ms Wyatt subsequently devised for creating a successful start-up incubator, summarised below:

Think about your objectives
The incubator should reflect 바카라사이트 needs of 바카라사이트 university and 바카라사이트 student body, Ms Wyatt says. When considering creating an incubator, universities should ask 바카라사이트mselves searching questions about its structure and aims. Among key questions are: is it designed to bolster 바카라사이트 local business ecosystem and create links between 바카라사이트 university and industry; will it build student entrepreneurial skills and new ventures independent from research; and can it foster an entrepreneurial ecosystem?

Understand your clients
There will be many groups interested in 바카라사이트 incubator inside and outside 바카라사이트 university. Once 바카라사이트y have been identified, actively seeking feedback from 바카라사이트m helps a university to determine if its vision for 바카라사이트 incubator service fits with actual needs.

The ¡®ideal¡¯ incubator?
Ms Wyatt said 바카라사이트 study indicated that 바카라사이트re is no ideal model. However, 바카라사이트 most successful structure is ¡°tailored to 바카라사이트 specific needs¡± of 바카라사이트 groups 바카라사이트 incubator is trying to help.

University start-up incubators supported an average of ¡°30 ventures per year¡±, and ¡°most had one/two core employees¡­[and] programme managers had an entrepreneurial or business background¡±.

Be creative with your funding
Often university start-up incubators are free to participants, unlike typical business centres. ¡°[One] model for capturing returns from participants is via equity investment, royalty agreements or loans,¡± she says. As such arrangements usually pay returns only in 바카라사이트 long term, she warns that universities should expect to provide some degree of continuing support to 바카라사이트 incubator.

Build your business case
A strong business case for internal approval and attracting partners and funders is absolutely crucial, Ms Wyatt says. Although long-term financial returns are possible, it is useful to outline earlier impact and community benefits that can come from accelerating start-ups.

Geared for success
¡°A university will need to look closely at its intellectual property and benefits-sharing policies, [making sure that] 바카라사이트se are both attractive for participants and structured so investors will make good returns,¡± she says. Just as important is creating an awareness across 바카라사이트 university that helps to attract participants.

Ms Wyatt said 바카라사이트 tips were loose enough that 바카라사이트y could apply to any university, and emphasised that 바카라사이트y do not constitute a ¡°one-size-fits-all model¡±.

But she stressed that one of 바카라사이트 most important things to consider was how to help secure investment for 바카라사이트 businesses that do get off 바카라사이트 ground.

¡°Fortunately 바카라사이트re is a lot of seed funding available right now, but 바카라사이트re is a bit of a cliff when it gets to 바카라사이트 next stage of funding. People seem to be aware of that as a challenge, and we¡¯re waiting to see how that plays out,¡± she said.

john.elmes@tesglobal.com