Page 49 - Nine Yards Magazine 2021/2022 - Old Mutual Corporate

growing the home stretch
HOW AN INCUBATOR WORKS
An incubator programme helps startups and SMEs in the early development stage by offering business advice (information about legal, tax and regulatory frameworks), resources (low-cost or free office space), contacts (experienced mentors), or even capital. It often includes access to a supportive physical environment, and there is seldom a time limit.
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HOW AN ACCELERATOR WORKS
Accelerators support well-established businesses that meet a minimum set of turnover or longevity requirements to grow through a structured programme, which is typically three to six months long.
They are usually groupwork-based, structured programmes that facilitate peer learning among startups at similar stages, or within similar industries. They could be virtual or physical programmes and
could even offer seed funding.
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ILLUSTRATIONS: GALLO IMAGES/GETTY IMAGES. PHOTO: SUPPLIED
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