Globally, thousands of businesses start up each year; with many of them doomed to fail. However, few jurisdictions offer young entrepreneurs the business success support and resources that the Maryland international incubator offers. Success isn’t about an incubator taking over a business idea and running with it. On the contrary, success comes only when visionaries own their ideas, and learn how to bring them to fruition.
According to the U.S. Census Bureau statistics (1980 to 2020), startups (younger firms) have created more jobs over the years than the more established (older) businesses. With an average of 4.4-million[i] new businesses established each year in the USA, that bodes well for newbie entrepreneurs, talented individuals looking for work, and for the economy.
Following the US are India (13,905)[ii], the UK (6,396) and Canada (3,446) as the next three startup centers of the world. In 2020 alone, young businesses created 3,114,111 new jobs in the US, while Indian startups have produced 600,000 jobs nationwide to-date. That’s the good news. Unfortunately, there’s a downside to starting up a new business too: Unless you go about it the right way, you’ve got a 90% chance of failing. But only 10% of new businesses fail due to operational, technical or legal challenges:
- 34% of businesses fail due to poor product demand research
- 22% face marketing challenges
- Team challenges (18%) and financing (16%) are other major reasons for startup failure
By implementing a unique philosophy that promotes the survival and growth of startups, the Maryland international incubator has played a critical role in helping entrepreneurs successfully take their dream from vision to fruition.
What Incubators Must Avoid
While meaning well, some business incubators go about nurturing new business ventures the wrong way. Teams of experienced business leaders often welcome young business visionaries, and try to understand their visions and aspirations. Once they know what the business is about, they’re quick to lead from the front, and pilot the venture, with the visionary as a passenger.
And there’s where they sow the seeds of future failure!
If startup success is to ensue, it is the budding entrepreneur who must lead and shepherd the venture, and not the experts within the incubator system. However, it’s important for incubators to train, guide, and encourage those newbie business leaders throughout their journey to startup success.
Incubating Done Right
At the Maryland Incubator, things are different. The team there will teach, nurture and support aspiring entrepreneurs, allowing them to build independent, strong, and successful paths for themselves. That’s the only way forward! The Incubator has a bank of trained, experienced, and dedicated experts who help and guide startup entrepreneurs get to where they’re aiming to go.
The Maryland international incubator team, comprising of world-class entrepreneurs and acclaimed business partners, pools years of experience, across a broad segment of industries, to help startups succeed. They leverage their strong local and international business connections to ensure fledgling businesses can tap into those networks for financing, knowledge, and other resources that are unavailable anywhere else.