By Mitchell Fine Mitch Fine is a Financial Planning Associate with Morgan Stanley Smith Barney, specializing in sustainable investing. His practice includes advising clients with the development of their overall financial strategy, investment asset allocation, retirement and income strategies, and estate and charitable planning. He is a Certified Life Coach and has years of experience [...]
As the year progressed, we realized we needed to refine our vocabulary regarding Adbongo’s purpose. We realized that neither “marketing & advertising agency” nor “business development firm” accurately describe what we do. After contemplation and team brainstorming, we decided “cause business incubator” is the best way to communicate who we are to the world. As far as we know, we are the world’s first cause business incubator. Essentially, this label describes the fact that we seek to nurture and grow causes, both non-profit and for-profit.
As local, state and national government agencies examine ways to create jobs and turn around the struggling economy, business incubation programs are featuring prominently in the debate – as well they should. For 50 years, incubators like Adbongo have been helping entrepreneurs turn their ideas into viable businesses, promoting innovation and creating jobs by providing emerging companies with business support services and resources tailored to young firms to increase their chances of success.
As any entrepreneur can attest, starting a new business isn’t an easy task. Most business owners know every detail of their product or service, but many lack all of the skills they need to turn their ideas into successful firms. Business incubation programs are uniquely positioned to help entrepreneurs access resources through the incubator. Whereas entrepreneurs usually need to hire separate entities to write their business plans, provide legal advice, create marketing and advertising materials and develop their social media presence, the Adbongo incubator can perform all of these functions at a fraction of the cost clients would have to pay to secure these services from multiple providers.
Around the world, entrepreneurs are playing an increasingly important role in transforming economies. Rather than relying solely on efforts to attract existing businesses from other locations, many communities like Dallas are recognizing the need to help local residents build new businesses from the ground up through business incubators.
By focusing on developing a new generation of entrepreneurs – most of whom have ties to the local area – communities are helping to build companies that will create jobs and spark economic growth in the region for years to come. And because these programs provide targeted business assistance to young firms at their earliest stages of development – when they’re most vulnerable – business incubators help support new ventures that have a greater-than-average chance of success.