Starting a new business is hard, and ensuring the fledgling venture survives and thrives is a challenge. According to recent data (March 2022) from the U.S. Bureau of Labor Statistics (BLS) , just 14.5% of new businesses survived in Maryland since establishment. Thankfully, startup businesses don’t have to “go it alone” – they can tap into the resources offered by Maryland’s business incubator programs.
Startup business leaders often face a dilemma when taking that first step to fulfilling the entrepreneurs’ vision: Do they go it alone, or should they reach out for help and support? The issue with taking the former route is that they may find they lack the innovation resources, support, and guidance needed for the long haul. The challenge with the latter strategy is: Where do they find the assets and resources needed to build their teams and set themselves up for success? We have the answers!
What you look for in an office space in Maryland is fundamentally no different than the criterion for office space anywhere else. As a leader of a startup venture, one of the first thoughts to cross your mind is likely to be: “Where should I locate my team? It’s true, we’ve all heard stories about how many of today’s giant corporations – Microsoft, Google, Amazon – all have their roots in basements and garages. But the point is – those garage and basement spaces were once their “office”. Clearly, regardless of the type of business you’re planning to launch, having a formal place where your team can meet in-person, at least occasionally, is critical.
Acquiring prime office space is often one of the most critical initial steps that startup enterprises take. With Maryland office space in high demand, fledgling ventures spend a lot of capital and energy searching for that ideal first “street address”. With all the challenges that lie ahead for new ventures, sharing office space in an incubator setting – at least initially – may be a better strategy.
Jill Joubert Reflects on 20 Years At the end of the month, the MIC team will be without a familiar face. Our Director of Client Services, Jill Joubert, is on…