Building a successful startup is extremely difficult. According to Investopedia, Globally, in 2019, the failure rate of startups was about 90%. In Indonesia, according to Menkominfo, the startup success rate is only 5%. Beyond that, according to the Bureau of Labor, 2 out of 10 businesses fail within their first year. The challenges of building a startup are never-ending. Some of the main reasons for startup failure are lack of demand, marketing problems, team problems, and funding problems. Forbes has stated that the key to building a startup is to not do it alone. This is where the startup support ecosystem comes in. A startup support ecosystem is a program that helps newly established startups to grow their business by helping them solve the challenges that they face. Startup support ecosystem can come in the form of a startup incubator or accelerator. Are you interested in building a startup? Here are some of the benefits of a startup Support Ecosystem for new startups.
The first obvious benefit of using startup support ecosystem services is the exposure to mentorship from industry leaders. You can get advice from experienced mentors who know how to run the business. As a new startup, you can gain a lot of guidance from these mentors in making decisions for your business.
One of the key success factors for startups is funding. Most startup support ecosystems have a lot of partners and can help you connect with investors. By joining the startup support ecosystem, you can gain funding from angel investors or even venture capital.
Networking is crucial in accelerating the growth of your startup. Building networking can give you access to information or partnership opportunities. If you are a new startup, finding partners can be difficult. By joining the startup support ecosystem, you can get access to networking with various companies within their network.
New startups often lack the capacity to access sophisticated facilities. Thus, joining the startup support ecosystem can be beneficial. Startup support ecosystems commonly offer low costs to various facilities that can help your newly established startup. These facilities can come in the form of equipment, office space, software, and many more. With cheaper access to these facilities, your startup can save more costs.
Team building is one of the key reasons why startups fail. It is difficult to choose the right people for the right positions and build a harmonious yet productive team. Startup support ecosystem can help you troubleshoot the organizational problems within your startup. Beyond that, you can get a lot of insights to develop your team.
Another reason why startups fail is the wrong marketing strategies and the inability to target the right demography for their products and services. By joining a startup support ecosystem, you can get a lot of insights to build the correct marketing strategies from the industry leaders.
Building a startup is difficult, but expanding your business is another big challenge. A lot of startups fail to expand their business and eventually lose to other competitors. Startup support ecosystems provide a great amount of access to funding, mentoring, and networking that is essential for scaling up your startup. Joining startup support ecosystems can help you avoid common pitfalls in expanding your business and avoid major losses.
Startup incubators are a great platform to accelerate your startup. But our services are different from an ordinary startup incubator. Gear Up is a startup brainstorming partner in Indonesia that provides one-on-one and catered support for the chosen startups in our network. How are we different from other startup incubators?
Are you interested in building a startup? Apply here to begin your startup journey.