NCC Archives - Welcome to the Emerging Enterprise Center

February 22, 2019February 22, 2019

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

February 15, 2019February 15, 2019

Did you know that our Growth Training Workshops/Seminars are open to the public?

Did you know that the Emerging Enterprise Center (EEC) hosts a series of business growth workshops that are open to the public and discounted to NCC Chamber of Commerce members?

The 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 baby businesses from failing in the first 5 years. The EEC’s vision and mission is to develop business skills for early staged businesses so that they can grow and generate jobs with a sustainable and scalable business model. The EEC is a 501(c)3, separate entity from the New Castle County Chamber of Commerce. However, 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. One of the initiatives the EEC does is to create business growth workshops and seminars that are designed to focus on critical skills needed to develop value propositions, product and business marketing, and sales. Each workshop has a networking portion and hands on experiences so that each type of business can walk away with skills that they can apply to their business right away.

The beauty of these workshops, like in running your business, is that there is no set beginning, and no end. Based on the situation or opportunity, you jump right in and work towards a solution. And, nothing happens in a vacuum. Everything you do, every decision you make is connected to something else in the business. It’s all about consistency: consistency in your brand, in your message, in your execution. The key is the process you take. Each topic offers a strategic and hands-on context that allows business owners and their appropriate employees a chance to learn from business professionals, on how to work smarter, not harder, to grow the business.

There are two types of Business Growth Workshops/Seminars. Our interactive Growth Wheel Workshops use a variety of worksheets and tools that focus on making decisions and taking action. The Growth Wheel® is a toolbox built by entrepreneurs for entrepreneurs and is available to Growth Wheel Certified Business Advisors and Educators. It was designed around the observation that all businesses, regardless of industry, size or life stage, have four common and consistent challenges: they must create and maintain an attractive Business Concept, build a strong Organization behind it, develop lasting Client Relations, and do so while maintaining profitable Operations. The Growth Wheel’s systematic approach helps entrepreneurs build their businesses through an action-oriented process that stays true to the way most entrepreneurs think and work.

Each Growth Wheel workshop is complemented by our “Learn with the Experts” Seminars led by industry and subject matter experts. Our Learn with the Experts Seminars are designed to bring together Growth Wheel® learning with real world practice. The EEC hosts experts that illustrate how lessons, strategies, decisions, and tactics discussed during Growth Wheel workshops are or can be applied in the entrepreneurial, business and corporate world. These experts range in backgrounds and expertise, including business, academic and professional.

Both workshop types are not accredited business education workshops. These workshops are business growth training workshops for business owners, managers, and all employees of small and mid-size businesses. Anyone can attend these workshops, however EEC and Chamber members receive discounted rates.

You can find information on these workshops on the NCC Chamber of Commerce calendar or on the EEC website under Business Growth Workshops.

February 19, 2016

Office Space Available for Start-ups and Early Stage Businesses at the Emerging Enterprise Center!!

The Emerging Enterprise Center has open office space for new start-ups and early stage businesses looking for a jump start on their way to a successful business! The Emerging Enterprise Center, located at the New Castle County Chamber of Commerce is a business incubator that provides Support, Access to resources and Advice help develop and nurture entrepreneurs.

Qualified participants receive affordable office space and business services, access to to all of the training and networking resources of the New Castle County Chamber of Commerce, plus on-site professional advice, mentoring and a network of professional advisors. The EEC has a variety of office sizes in both individual offices ranging from 80 square feet to 342 square feet, and 2 to 5 room office suites that range from 224 square feet to 807 square feet. As part of the incubator program, leases are for 6 month increments for flexibility, and include secure access 24/7, receptionist, and the EEC Services Room which includes copier, postage meter, individual secure mailboxes, coffee service, microwave, and refrigerator. The program also includes free access to conference rooms, business educational and networking events along with mentoring from experienced business people.

Founded in 2008, the EEC provides a comprehensive program that is designed to nurture entrepreneurs as the focus on Growing their business, Developing business skills and Refining their business model so they can Graduate with a business model that is scalable and sustainable!

In recent years, small businesses were the largest job generator in the U.S., as they have been historically. They will become even more important as large business continues with automation and efficiency improvement efforts. Small business provides financial opportunity and a chance to develop wealth. Creative, motivated individuals can use their talents and expertise to the fullest providing satisfying careers, job opportunities, and the backbone of the market economy.

What Types of Businesses are candidates for the Emerging Enterprise Center?

There are several qualifications that the EEC Admission Committee looks at in determining who to admit to the program. Recognizing the role small businesses play in the economy, the highest consideration is given to businesses with the potential to produce jobs and significant revenues in four to six years, and have the intent to remain in New Castle County upon graduation! The other primary qualifications include:

Be a new or an early stage business (less than 3 years), with a business license
Have a written business plan
Be privately held
Have adequate working capital to enter into a six-month lease
Be a current member, or become a member to the New Castle County Chamber of Commerce.

How does the Emerging Enterprise Center actually help a new business?

The Emerging Enterprise Center at the New Castle County Chamber of Commerce offers assistance to early stage, start-up businesses in New Castle County and the greater Wilmington region. The goal of the EEC is to offer a comprehensive program of assistance so that early stage firms can develop the skills necessary to graduate and grow into thriving businesses. Our EEC companies are exposed to a Balanced Scorecard, designed to help them focus on activities in four key areas: Customers, Education/Personal Growth, Financials and Internal Processes. The incubator program helps nurture the entrepreneurial spirit while promoting economic development in New Castle County by providing affordable office space and business support services, training, mentoring and a network of professional advisors.

For more information on the EEC, please contact us at 302-737-4343 or [email protected].

February 19, 2016

Entrepreneurs! A Mentor can help you fast track your learning curve

Starting a business can be a daunting task! Ask any successful entrepreneur and they’ll tell you that they may have had a great idea, great enthusiasm and some great customers, but soon the reality hits…. There is more to running a business. It helps to have a support network, to help keep you focused on the things that will make your business successful.

The Emerging Enterprise Center at the New Castle County Chamber of Commerce offers assistance to early stage, start-up businesses in New Castle County and the greater Wilmington region. The incubator program helps nurture the entrepreneurial spirit while promoting economic development in New Castle County by providing affordable office space and business support services, as well as, training, mentoring and a network of professional advisors.

A key component of nurturing the entrepreneurial spirit is through the Mentor Program at the EEC. It is designed to provide participating companies in the EEC Small Business Incubator Program with job-specific guidance to fast track their learning curve. The Mentors help the EEC Company Teams by keeping them focused on the important priorities, clearly articulating their business vision, challenging their benchmarks/milestones, developing and executing on action plans, and assisting them, where appropriate, with developing a network of contacts. Mentors are drawn from diverse business fields, and are experienced, well-qualified professionals, who can relate to the challenges facing early-stage companies. The Mentors have networks in the region and have volunteered to share their knowledge and expertise with Company Teams at the EEC.