SO Support Cost – £50 per hour. Total Hours 15. Total subsidised cost £500
High Street Equivalent –
Company Formation £300
Loan application with supporting projections £1000
Venue Hire £250
Office Space £300 per month
Total High Street Cost c £2500
Positive Social Impact
Personal – 2 intelligent young men have been encouraged to learn, further their work ethic and reach for success. They have in turn, included other like-minded students within these opportunities.
Opportunity gives a sense of purpose and reinforces aspirations for the future.
Financial– Access to affordable workspace, resources, support and training gives this, and many other businesses the chance to succeed. The increased potential for financial success available to an entrepreneur is extensive.
Community– Encouraging young people to work hard, welcome support and follow their ambitions can provide the community and society as a whole with new innovations, positivity and opportunities.
Offering people that have moved to the area to study with an opportunity that encourages them to stay, invest in the local community and further increase the local economy benefits everyone.
Promoting the sense of belonging that comes from being part of a community group and having peer support can reduce loneliness and anxiety. It helps people to find a new sense of purpose, enjoying activities they might not otherwise have tried before.
The NBIA contends that entrepreneurs who get their start at an incubator have a higher success rate, on average, than their brethren who go it alone. Some statistics show that Incubated businesses have an 87% survival rate, and 84% go on to do business in their local regions.
Without SO Support
Without support, mentoring and guidance these individuals may never have strived to push forward with their business idea. If they had not received the hands on practical assistance of a team of experienced business professionals they would be much less likely to achieve the same potential success in life.