Startup Support

Startup Support

Description

Supporting new business creation and growth via a combined package

Major variations

Massive difference in risk profile of models where you are paid to deliver support versus models where you are betting on the success of the startups.

Potential impacts

  • Giving startups access to shared resources that lower their costs, alongside expert guidance and tailored support can greatly increase their chances of success 
  • Job creation, local production, and economic diversification can contribute to reducing brain drain and making communities more sustainable
  • Creation of innovative solutions to local challenges

Advantages

  • Supporting startups around the creation of new products is a core objective for many makerspaces 

Challenges

  • For this model to work it is necessary to build a pipeline of the right kind of startups that you can help, and of the mentors, industry experts, and investors who they will need to connect to.
  • Fewer investors are interested in hardware startups and in environments where there is a severe lack of startup funding it can be incredibly difficult to help startups to find appropriate funding to enable growth. 

Complementary models

Using your expertise to perform tasks that deliver a service for others ​

Business model canvas

Key partners

  • Local businesses and industry experts  and experienced mentors for specialized support.
  • Investors or venture capital firms to connect startups with funding opportunities.
  • Academic institutions or other organizations to foster innovation and skill development.

Key activities

  • Finding and attracting appropriate startups 
  • Building the skills of the entrepreneurs 
  • Connecting them with appropriate resources

Key resources

  • Deep expertise
  • Well-equipped makerspace 
  • Networks of mentors, industry experts, and investors

Value propositions

  • Expert mentorship and guidance from experienced professionals 
  • Access to a makerspace for prototyping and production
  • Networking opportunities and access to funding.
  • Community and collaboration with peers

Customer relationships

  • Personalized guidance even if following a standard curriculum.
  • Building a strong and supportive community to foster lasting relationships

Channels

  • Online platforms
  • Events, workshops, and networking sessions 
  • Referrals from past or current startups 

Customer segments

  • Entrepreneurs and newly formed startups developing their product
  • Young businesses growing their market and scaling up operations
  • Private sector, government entities, or NGOs that want to support the creation and growth of startups

Cost structure

  • Cost of staff time working to support the startups 
  • Equipment and facility maintenance costs.
  • Marketing and promotional costs including running networking events
  • Seed funding for startups if this is part of the model

Revenue streams

  • Service or membership fees: Charging startups directly for the services you offer
  • Running support programs funded by other organizations that want to support startups
  • Equity or profit-sharing agreements with startups in exchange for support
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