Incubator-bred businesses more likely to thrive, stay in community
Business incubators support entrepreneurial ventures during the critical startup phase when they are at their highest risk for failure. According to Bloomberg, an astonishing 80 percent of new startups fail within their first 18 months. Incubators and accelerators increase the chance of success exponentially. The National Business Incubation Association reports 87 percent of companies developed through incubators are still in business five years after finishing the program.
Greenville has embraced the incubator model for launching new business, and with good reason. Startups are great for their communities because they create jobs and spur economic development, and incubators are proven to increase the number of successful startups. 84 percent of incubator-fostered companies stay in their communities, which promotes long-term job growth and increases return to investors. Greenville is fortunate in that it has many great spaces where young entrepreneurs can nurture their fledgling business ideas.
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