The SBEC will now provide Hybrid Incubator/Accelerator(HIA) Cohort based services to entrepreneurs on a virtual basis.
OUR SBEC VALUE PROPOSITION FOR OUR COHORTS:
Our goal is to provide our SBEC Cohort clients mentorship and coaching that will help them GROW their businesses beyond the levels that the existing management could have achieved on their own. Our mission is to help them grow and succeed or “fail them fast.” (Aulet 2014)
Our primary strategy is to provide more structure to our mentoring of entrepreneurs. This strategy has four important aspects:
- Improve Mentor relationships with our clients through the execution of a Lead Mentor program that included monthly meetings and reporting by mentors to increase accountability.
- Build revenue through mentoring in a more consistent manner.
- Enhance financial performance by overhauling delivery of mentoring services by moving from brick and mortar to a more virtual basis.
- With rolling Cohort classes, we plan to serve and develop up to 20 Incubator and 10 Accelerator clients per year or “fail them fast.” (Aulet 2014)
As a Hybrid Incubator/Accelerator (HIA) our focus will be two-fold:
INCUBATOR = SMALL-MEDIUM ENTERPRISE(SME) is a 12-Month Program
We will target Small and Medium-size Enterprises (or SME) type businesses, who want to GROW their business from 5 to 20% two years, In business, nothing can be guaranteed, however this program will provide the foundation and structure required for improved operating efficiency for growth, controlled growth.
ACCELERATOR = INNOVATION DRIVEN ENTERPRISE (IDE) is a 6-Month Program (more intensive)
We will target Innovation Driven Enterprises (or IDE) type businesses, who want to GROW their business from 15 to 30% or more over the next two years, In business, nothing can be guaranteed, however this program will provide the foundation and structure required for improved operating efficiency growth, controlled growth.
Our target markets based on demographic types include the following:
- Millennial and Generation Z Entrepreneurs
- Women Entrepreneurs
- First-Generation Entrepreneurs
- Start-ups with Proof of Concept, &
- Korean Business Development Center (KBDC) Incubator Clients
The Cohort portion of our new HIA model will place our Incubators in a group and our Accelerator as a separate group that will network and form their own support community as they will meet monthly to share best practices, discuss accomplishments and goals and participate in education based workshops.