Tag: mentoring

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Do You Need Space? – We Have It!

When it comes to starting a new business, it takes more than just a good idea – look for help to get you through the bumps. The Emerging Enterprise Center (EEC), a 501(c)3 nonprofit, co-located with the New Castle County Chamber of Commerce provides reduced cost office space, but that’s not the only thing it offers. It also offers educational programs for business owners and regular check-ups to assess progress and set goals for success.

According to the SBA, 66% of businesses will survive their first two years, and only 50% of companies will survive their first five years.

A start-up business needs a lot of support in those early stages, and it is not just financial support. The EEC is one of several “incubators” for startup businesses in Delaware. However, the EEC is a bit different than most in the country. It’s not unusual for a Chamber to offer support to business incubator programs, but it is less common for a Chamber to embed its own home-grown program inside the existing chamber. The proximity to a knowledgeable Chamber staff, and over 900 member businesses, and over 150 Chamber events per year provides EEC’s startups with ample access to invaluable resources and real examples of successful business owners.

The EEC’s incubator program provides a combination of affordable space and support resources, along with one-on-one business and entrepreneurial mentoring, education, networking, and other amenities that are vital to the success of new companies.

EEC’s business growth workshops and seminars are designed to help build the critical business skills necessary for any business to grow and flourish. These interactive workshops incorporate a decision-making tool kit that helps start-up and growing companies to gain focus, set agendas, make decisions, and take appropriate action. Each workshop is complemented by a series of talks and seminars from industry and subject matter experts.

EEC has a network of strategic partners, business relationships, and contacts who serve as valuable resources to incubator members. EEC provides daily access to members of the NCCCC who mentor, teach seminars, and provide access to the banking and other vital industries.

The EEC accepts everything from main street mom and pop to new tech companies. Companies are expected to graduate from the program in two to three years and move on to a more traditional lease office space. For those that don’t need office space, like a retailer, online seller, or distributor, but want to take advantage of all of the other features of the EEC’s Incubation Program, including connection to resources, advice and mentoring, access to business education and networking events, and especially the business skills development, the EEC has a virtual and coworking program. Companies and contractors, can pay monthly and sometimes daily fees, share meeting rooms and certain services, such as wi-fi and a kitchen.

Since the EEC’s opening in 2008, it has generated $69 million in revenue, created more than 231 jobs while they were in the program. For more information on the Emerging Enterprise Center, check it out on www.EECincubator.com, or contact us at [email protected] or 302-737-4343.

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An Incubator that Works For You and With You: The Emerging Enterprise Center

What is the Emerging Enterprise Center? It is a small business incubator that is co-located in the New Castle County Chamber of Commerce (NCC Chamber of Commerce).

The Emerging Enterprise Center (EEC) began as an initiative that came out of the NCC Chamber of Commerce Economic Development Council (EDC). In 2008, the EDC saw a need for a place to help startup businesses from failing in the first 5 years and a vision that would nurture a strong and vibrant entrepreneurial ecosystem as well as build jobs and revenue for New Castle County and Delaware.

At the time, the EEC was the first and only incubator in the state and while it is a separate entity from the New Castle County Chamber of Commerce, the two entities work hand and hand with each other to partner with resources, events, and making connections for its members. The EEC continues to expand its programs by leveraging the NCC Chamber of Commerce resources, facilities, and initiatives.

The EEC is not just about cost-effective space for young businesses; it is more about one-on-one mentoring and the connections that we can facilitate for growing businesses. The EEC attracts everything from the traditional main street businesses to fintech startups, with programs that range from pure co-working space with business amenities to more comprehensive programs, with one-on-one mentoring. Each business moves at its own pace with guidance that helps them focus on the needs and skills that will help them take their business to the next level.

According to the U.S. Small Business Administration, about two-thirds of businesses survive at least 2 years and about half of that survive at least 5 years**.  In addition, most entrepreneurs will attest that starting a business can be very lonely.  The EEC works to help decrease those numbers by offering specialized services and mentoring. Does it work? Historically, International Business Innovation Association member incubators have reported that 87%* of all graduate firms are still in business.

The EEC is unlike most incubators in the country right now. It is quite normal for a chamber to offer support to business incubators, but it is very unusual for a chamber to embed its own home-grown program inside the existing chamber of commerce.  Research shows that there are fewer than 10 programs like this among the International Business Innovation Association*. The EEC has found that by being co-located with the NCC Chamber of Commerce, its clients work in close proximity to practical business people doing business everyday and have the capability to network with them to help understand that building relationships is so important. This affiliation is one of the many reasons that makes the EEC unique from other incubators in the area.

The EEC has one full-time certified mentor that works directly with each business to help develop business skills and hold each business accountable to the tasks they need to do to keep their business growing.

Young businesses can enter the coworking plus, business accelerator or resident program. Businesses that are older but still need some help can take advantage of the coworking or coworking plus programs.

Since its inception, the EEC has worked with 42 companies, while they were in the incubator, these 42 companies have generated $62 million in revenue and created over 200 jobs in the county.

For more information about the EEC programs, please call the NCC Chamber of Commerce at 302-737-4343.

Sources:

*https://impactindex.inbia.org/ecdata/

** https://www.sba.gov/sites/default/files/Business-Survival.pdf

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10 Reasons Why Every Entrepreneur and Small Business Owner Needs to be at the 1st Annual Delaware Entrepreneurial Summit

Written by Erica Crell, Program Support Coordinator, Emerging Enterprise Center

 

If you’re an entrepreneur or small business owner in the tri-state area, you should attend the 1st Annual Delaware Entrepreneurial Summit presented by the Emerging Enterprise Center and Small Business Development Center on July 12.

This full day event is packed with quality content, information and resources for those looking to build, connect, and grow as entrepreneurs and business owners.

Whether you are thinking of starting a business, a start-up, or an established small business that is looking to grow, the Entrepreneurial Summit has got you covered. But if that’s not enough, here are 10 more reasons why you should be there:

  1. Workshops and Panel Discussions – Whether you’re looking to articulate your value proposition, understand cash flow, or get funding, the Summit has you covered with workshops in two tracks. The technical/science track is geared specifically for those start-ups or small businesses that are in high tech fields while the alternative track is geared towards the more traditional entrepreneur.
  2. Networking – Network with over 100 entrepreneurs, small business owners, resources and professionals in the tri-state area about developing your business.
  3. Mentorship – What better place to find a business mentor to help grow your business than at the Entrepreneurial Summit. The Summit is being presented by the Emerging Enterprise Center and the Small Business Development Center and a number of additional business mentoring and advisory organizations will be available for you to talk to, including SCORE Delaware, the SBA and many more….
  4. Sources of Funding Panel Discussion – If you want to learn the ins and outs of raising capital, you’ll want to hear it from our panel of experts.
  5. Awards Luncheon – The New Castle County Chamber of Commerce and the Emerging Enterprise Center are always looking to recognize those achievers and at this event we look forward to announcing the Entrepreneur of the Year, the Entrepreneurial Advocate of the Year and the winner of the NCC Innovates Entrepreneurial Sponsorship Award.
  6. Keynote Speaker – Come and hear from Chuck Nunan, owner of Harvest Ridge Winery, and learn about his route to entrepreneurial success.
  7. Entrepreneurial Showcase – Check out over 15 up-and-coming entrepreneurs and innovators that that the Emerging Enterprise Center and the Small Business Development Center have identified as up and coming entrepreneurs in Delaware. Find out about what they’re doing to get their businesses off the ground and be inspired!
  8. Delaware Resources Tabletop Expo – Meet and have one-on-one conversations with Delaware resources that are available to entrepreneurs to help them start and grow their businesses.
  9. Happy Hour – Join your fellow entrepreneurs for a happy hour to engage in personal conversations and build future relationships.
  10. You can’t beat the price! All of the above for under $100.

Register today.