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Incubators and accelerators may assist in business formation

Oregon and all states have organization that nurture and support startup businesses to get them going and to survive. They are called business incubators and accelerators. A business law attorney who provides business formation services may coordinate efforts with these programs while also assisting the startup to get its legal filings and business structure requirements established.

These organizations may focus on high tech startups but not always. Some of the functions of accelerators and incubators are to prepare companies for growth. They provide resources, mentorship and a wide scope of practical help. The incubator operates earlier, in the beginning stages of the business. It offers office space, funding, skills training, organizing financial record-keeping and integrating with professional networks.

The accelerator takes over when the business is more structured and has started to function independently on its own. The accelerator can keep the business focused on achieving its mission and doing it in an organized way. It may help in networking and in getting the business acclimated on how to attract customers.

Accelerators may funnel inquiries and investment offers from established investors. A sometimes neglected benefit of these organizations is that, in bringing startups together in a common operating headquarters, they get to build a network and camaraderie with each other. Accelerators and incubators also often provide access to women-owned businesses and to those started by minorities.

Accelerators are often associated with nearby universities and will have academic experts interrelating with the new business enterprises. Sometimes, the startup's business model will not firmly manifest itself until it participates in the resource-rich accelerator environment. Importantly, the accelerator can steer the upstart company away from known pitfalls that spell the downfall of some new companies that are not forewarned. In Oregon and elsewhere, these helpful organizations can be vital to business formation of some new companies, and can facilitate the regular growth and refinement of a new flow of business models.

Source: geekwire.com, "Inside AlphaLab: Pittsburgh's tech accelerator aims to solve the city's startup challenge.", Taylor Soper, Feb. 15, 2018

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