There’s never been a better time to start a company, thanks largely to technological innovations that have made it easier to raise capital, find and manage new customers and streamline operations.
Some might say that entrepreneurship has entered a golden age in recent years. The Global Entrepreneurship Monitor’s 2015/16 Global Report estimates more than 100 million new businesses are launched each year. Furthermore, GEM puts the number of entrepreneurs worldwide at more than 400 million.
Those are encouraging figures, but there is a caveat — the success of a startup is far from guaranteed. Capital shortfall, having the wrong team in place, a lack of focus and unattractive unit economics are just some of the reasons startups fail. Overcoming those kinds of obstacles is no easy task. For some startups, however, participating in an incubator or accelerator can mean the difference between laying the foundation for a sustainable business and heading back to square one.