According to the Bureau of Labor Statistics, about 20 percent of new businesses manage to keep the lights on past one year of operation. That was the case two decades ago and remains the case today.
However, of those companies that make it past the one-year mark, roughly 50 percent have to pull the plug after five years, according to the BLS.
This, one might argue, is why incubator/accelerator spaces like the Innevation Center University of Nevada-Reno and Adams Hub in Carson City are especially important for the growth of economic leaders in Northern Nevada and beyond.
But first: What is an incubator?
“… It creates a community or ecosystem for people that are starting businesses or may own a small business that’s starting to grow,” said Miya MacKenzie, chief professional officer of Adams Hub, located in downtown Carson City. “It’s providing the services for startups and small businesses that they need.”
At Adams Hub, the services are a wide swath of options, from the ordinary needs — coffee, office space, conference rooms, more coffee — to the advanced access — administrative interns, admission to events and mentor support.
Read the rest of the article at nnbw.com.