Business incubators have great potential in a highly competitive market. Service-based industries which require little to no space for inventory benefit greatly from business incubation in Canada; however, retail and manufacturing businesses can also benefit. The Creative economy has spurred the growth of a business sector which gains income not only from creating and innovating, but also from commercializing their concept.
Going from an idea to commercialization can be overwhelming, especially with the onslaught of patenting, trademarking, liability and other risks associated with investing into an idea. Recently I attended the Ontario Chamber of Commerce AGM in St. Catharines, and someone mentioned that a fundamental difference between Canadians and Americans is our business attitude and willingness to take investment risks. Canadian’s take pride in hockey and expect to go to the Olympics and win gold, whereas American’s view business success in a similar light: go for gold! This could explain Apple’s continued growth and innovation compared to RIM; when was the last time RIM produced something that is innovative?
Business incubators bring Canadian business-people that much closer to taking the risk necessary to innovate and commercialize their ideas into success. It facilitates an environment where similar types of businesses can feed off one another in reaching each other’s market potential. The cost of risk can be dramatically reduced by placing the weight of insurance, utilities, amenities, accessibility, etc. on the flat cost of rent.
Alongside seed financing, rural business incubators such as IDEAHUB in Port Hope provide an ideal environment to take that next step in realizing your business potential and facilitating a gateway for businesses to work together. No longer are we subject to our private quarters to run our business, we can share spaces with other entrepreneurs and make the philosophical shift from competition to partnership.