Globally, the tech startup ecosystem comprises of around 1.35 million companies – all of which try desperately to survive and thrive in a highly competitive environment, But, unlike fledgling businesses in some other industries, such as retail, education, or food delivery, tech startups in Columbia, Maryland – like those in other jurisdictions – face a unique challenge as they evolve: Constant, continuous, fast-paced change! But startup incubators, such as the Maryland Innovation Center (MIC), are helping local tech startups build the competencies required to successfully move from concept to commercialization.
The Changing Face of Tech – Keeping Up is Hard to Do
Extensive research by the Massachusetts Institute of Technology (MIT), on the pace at which technology evolves, spanning 1,757 domains, determined a wide spectrum of annual change. Typically, technology changes around 25% each year. However, researchers also found some domains change as little as 2% a year, while others evolved more than 216% annually.
Clearly, if they wish to keep up with their national and global peers, Maryland startups in fast-paced technology domains have their work cut out for them. The competitive edge for tech startups is their ability to quickly pivot and embrace newer technologies and innovations. But how does a fledgling business “learn the entrepreneurial ropes”, while constantly – and quickly – reinventing and pivoting?
The answer: Tap into the vast resources offered by Maryland’s tech startup eco system!
Getting a Flying Start (up!)
So, how can innovation and incubation hubs help startups become selfsustained, competitive, and profitable business ventures? By giving them a flying start on their startup entrepreneurial journey! Everything that a fledgling business needs, to learn the ropes of surviving and thriving in the corporate world, are available within the MIC incubator ecosystem:
- For tech startups in Columbia, Maryland, they’ll find office space to rent and share within MIC owned, operated and maintained properties. No renovations necessary. From meeting rooms and conference venues, to reception areas and presentation facilities – it’s all there under one roof
- Fledgling business will have access to world-class Entrepreneurs in Residence, and a vast array of technology and business leadership expertise, to help guide them through the business transformation process – from a startup to a fully commercialized venture. There’ll be no need to search for and source that expertise from multiple locations
- Tap into MIC’s network of financiers, investors and funding sources, without having to look for venture capital on your own
- Gain access to leading edge training and staff development opportunities. Taking advantage of these opportunities helps new businesses develop inhouse capabilities that’ll serve them well as they compete against other peers and established ventures
Today’s business environment is a highly competitive one, and statistics show us that technology changes rapidly, and it’s hard to keep pace with those evolutions. With more fledgling ventures failing than succeeding, Maryland startups can do with every competitive advantage over some of the more established ventures.
Working with a technology business incubator ecosystem provides you with that competitive advantage. It not only expedites the vision to commercialization journey; it also gives startups the tools and confidence to survive and thrive on their own.