Since their emergence over 50 years ago, business incubation spaces have played a vital role in boosting innovation and business growth in the UK. Business incubators specialise in providing a supportive and experienced environment to help start-up and early-stage businesses grow their businesses in the UK and very often, expand into international markets.
The advantages of incubation in the UK
• The UK is the world leader for business incubation
• Businesses based in an incubation environment increase their survival rate by 50%
• Since 2011 there has been a 110% increase in start-up programmes operating
• Start-ups and entrepreneurs are likely to secure significant financial investment *
Helping boost growth and innovation
The Essex Technology and Innovation Centre (ETIC) at Ongar aims to support and promote entrepreneurship, particularly with companies who deploy elements of innovation in their business.
“We can put businesses in touch with the right experts to solve problems, or take advantage of business opportunities.”
Pam Winter, Centre Manager, ETIC
The team at ETIC can arrange mentoring with experienced business professionals or introduce useful commercial or academic contacts and many companies have built successful businesses on the foundation of their early years at the ETIC.
Inventions leading to high growth turnover
Maxxpal Technology Consultants, based at the incubation premises at ETIC has started the financial year with some positive news. Maxxpal started their business in 2010 as an independent website development and internet software company with a staff of one. The company have now expanded their business to five employees with a turnover of £250k.
Maxxpal have now diversified their interests and their latest invention is a smart wearable technology identity bracelet which can provide an entire medical history or next of kin contact details. The invention, Ban.gl, has been entered into the ‘2015 Virgin Business Pitch to Rich competition’.
ETIC is currently home to 22 tenants on site, 14 virtual tenants with a total of approximately 144 employees. This is part of a larger business incubation provision across the county which is helping a total of 82 companies and supporting 436 jobs.
ETIC at Ongar offers a choice of secure, managed office units with well-equipped conference and meeting rooms on site. For start-up businesses working from home, the Virtual Office service offers all the benefits of a prestigious address and associated services, at a reasonable cost.
“The Essex Technology and Innovation Centre is more than just a business space. What businesses value most is the opportunity to share ideas and learn from other people who have been through the same early-stage experiences.”
Pam Winter, Centre Manager, ETIC
Business incubation premises in Essex
Essex County Council operates 3 business incubation centres across the county. These centres offer a stimulating, supportive and managed working environment for individuals and small businesses taking either their first steps in business and/or premises. Businesses benefit from the help and support of the centre’s business manager, links to wider services and the centre’s community of businesses.
* on average raising more than £68,000 according to the latest Office for National Statistics Business Demography report
Source [IfM] [CDN News] [Small Business]