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The Life of A Company in the UCF Business Incubator

 

Learn about the four distinct phases in the life of a company and find out which one you are currently in.

There are four distinct phases in the life of a company:

Discovery Phase:
What does the founder think he or she needs? What does the incubator manager think the founder needs? A SWOT analysis is typically the best tool to stimulate this discussion, and often it turns out to be a very interesting chat. For example, I have seen situations where the entrepreneur identified a weakness that I sincerely felt was a strength. Just because some things are difficult to accomplish doesn’t mean that the entrepreneur is weak in that area, it merely means that the challenge is not an easy one to accomplish.
Ultimately, the founder and site manager need to settle on a list and prioritize.

Connection Phase:
Using the priority list as a guideline, the site manager will engage the appropriate incubator partner to help the founder. Following up with the entrepreneur is necessary to evaluate the progress that has been made and feedback from the partner will also help with questions concerning “coachability”.

Focus Phase:
During this phase, constant evaluation is required to update and score the list of needs established in the Discovery Phase.

Assessment Phase:
This phase becomes critical to keeping the process moving forward.  Frequent discussion encourages change that assures that the process is being adjusted based on what is learned about the business model or state of the market.
Our experience has shown that close attention to the above phases assures a much higher rate of success on the part of the incubator companies.

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