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Top 10 Reasons to Benchmark Your Business Incubator or Accelerator

What is benchmarking?

Benchmarking is a comprehensive process that is used by the top performing business incubators and accelerators in the world. The data that UBI Global collects is invaluable to both new programs just getting started and to well-established, institutional programs that want to remain abreast of the latest paths to success. Benchmarking means comparing one’s processes and performance metrics to those of peers– and also to the best performers among them. Benchmarking, in the simplest definition, is a comparison and a way to improve performance.

For The World Benchmark study 2017-2018, there were 259 business incubators and accelerators from around the world who participated. The programs were assessed on 21 key performance indicators and benchmarked in three categories: Value for Ecosystem, Value for Client Startups, and Value for Program.

Why benchmark your incubator or accelerator?

The World Benchmark Study 2019-2020 relies on you, our member incubators and accelerators, in order to be successful. By submitting your detailed information, you claim your spot in the greater innovation landscape and also give voice to your experiences wherever you may be based. (Data collection begins March 5th, but you can read about all important dates here.) Not yet a member of UBI Global’s interactive learning community? As a business incubator or accelerator, there is still time to apply- or even renew your membership!

Top 10 Reasons to Benchmark Your Business Incubator or Accelerator

Below are 10 benefits to benchmarking in The World Benchmark Study 2019-2020:

  1. Gain Knowledge of Peers
    Having knowledge of peer business incubators and accelerators will help you learn how to adapt and change, something essential to success in the innovation community. The study allows you to dive into the top performing programs and analyze key behaviors so you can emulate them yourself.
  2. Set the Right Correct Pace
    Growth issues are best addressed in the early stages. The World Benchmark Study 2019-2020 provides insights that demonstrate how to develop the right products or services at the right time. You will also learn how others are leveraging their programs and their support network to become integral parts of their local innovation community.
  3. Adopt a Culture of Continuous Improvement
    The World Benchmark Study will guide your business incubator or accelerator in creating an action plan with specific goals on how to improve all areas of your program. By following your action plan, your program’s productivity rate can improve as much as 40%. Setting expectations based on the benchmark, of your own program as well as others like you, creates an incentive to drive productivity and improvement to exceed the averages.
  4. Strengthen the Community
    Regardless of the size or maturity of the business incubator or accelerator, the same benchmark standards apply to all who participate in the studies. This allows each program to take an objective view of their internal processes. A strong bond is indeed created knowing that individual business incubation and acceleration endeavors are part of a greater community. We are all in this together!
  5. Holistic and Accurate Information
    The World Benchmark Study 2019-2020 is both quantitative and qualitative, which ensures accuracy in gaining knowledge of the entire picture of your program. You’ll be able to share and later read not just statistics and metrics but stories and explanations.
  6. Identify Strengths and Weaknesses
    Gain insight into your incubator’s or accelerator’s strengths and weaknesses, sometimes even before they happen. Without measuring against a benchmark, your program could be making decisions without knowledge and information.
  7. High Quality, Experience Assessment
    This is our fifth edition of The World Benchmark Study, which is known worldwide for insightful, valuable information for programs, corporations and startups alike. Like any activity that is worth doing, benchmarking takes time and effort, but our members realize the high-value data contained in the finished product helps their program but also the entire innovation community around the world. The World Benchmark Study will become a touchstone for an entire year of action planning, goal setting and success.
  8. Dig Deep into Profitability
    Rather than glossing over the important, tough challenges like raising funds and attracting sponsors, The World Benchmark Study 2019-2020 digs deep. Results and analysis provide detailed “action plan”-worthy items to improve upon, with examples how others have succeeded.
  9. Attract Funding and Support
    By providing your benchmark data to potential supporters, your program gains credibility and validation as a force in the innovation community. Being part of The World Benchmark Study 2019-2020 shows attention to detail and a commitment to innovation and startup success.
  10. Maintain Relationships
    Your program’s benchmark matters to your current sponsors, mentors and client partners. It reinforces their confidence in the processes and methods you are using to incubate or accelerate startups because you are measuring and comparing with others like you- as well as, “the best of the best”.

Are YOU Ready to Benchmark?

Top 10 Reasons to Benchmark Your Business Incubator or Accelerator

Of course you are! We’ve listed just ten of the many reasons why benchmarking is important to the success of your business incubator or accelerator. As a key player in the innovation landscape, if you have never benchmarked your program, you are missing out!

But there’s a first for everything, and taking part means you gain an understanding of where (and how) your program can improve. You also come to know what makes a top program so effective and what it is that holds the greater innovation community together.

It is vitally important to remember that the benchmarked programs have a higher rate of successful startups, which is definitely not a coincidence!

59% of startups in benchmarked business incubators and accelerators survived for an average of 5 years- which is 15% longer than those startups that are not part of a program. – World Benchmark Study, 2017-2018

Activate Your Innovation by participating in The

World Benchmark Study 2019-2020.

 

New Whitepaper: The 2019 Innovation Landscape - Free to Download

A New Start for a New Year

Let the 2019 innovation begin! Startups, incubation programs and corporations around the world are joining the renaissance of innovation that is expanding across multiple industries. As all this unfolds, UBI Global will be monitoring, learning, benchmarking and passing valuable knowledge on to you. As a comprehensive showcase for the 2019 Innovation Landscape, we are kicking off our Insights Series with a white paper that maps out the year in entrepreneurship– worldwide. The report focuses on all the actors: the startups, business incubators, and the corporations and discusses what’s on their radars. Learn the answers to:

The report also focuses on the types of technologies shaping our world and the industry sectors they are impacting (and in all cases, improving.) From a discussion of innovations’ effects on politics, economic development, and our daily lives, gain perspective to questions such as:

Free to Download: The 2019 Innovation Landscape – Sectors and startups set to disrupt the market

The Top Ten & The Magnificent Seven

In The 2019 Innovation Landscape whitepaper, you will learn about the ten top technologies and business sectors poised for explosive growth:

  1. Internet of Things (IoT)
  2. Big Data 
  3. Artificial Intelligence (AI)
  4. Digital Health
  5. Gamification
  6. Medicine
  7. Travel
  8. Education
  9. Agriculture
  10. Retail

Discover the seven basic needs areas that are driving innovation, too. From how our governments work to how we manage immigration issues, discussion includes a focus on trends and solutions in:

  1. Politics
  2. Environment
  3. Immigration and Border Security
  4. Socioeconomics and Urban Development
  5. Health
  6. Security
  7. Our Homes

The Big Picture: Practicality, Pressure, and Possibility

The 2019 Innovation Landscape whitepaper will tie the innovation trends into the market drivers to form a clear picture of the year ahead. The whitepaper is for all those interested in the innovation taking place worldwide. We also discuss the role of the startups, the programs that guide them to success, and the corporations that take them to the next level. Learn how corporations are working with competitors to bring solutions to the market. Understand the blurring lines between “intrapreneurship” and startups that are part of incubation programs.

In today’s fast-paced innovation landscape, there is an unprecedented set of pressures on executives to drive shareholder value through enhanced assets and improved productivity.

Our member business incubation programs give us an inside view of the innovation landscape, which is the foundation our outlook for the coming year found in this white paper. Read about today’s market trends and get a glimpse into our future in a fascinating, practical way.

Of Buzzwords and Best Practices

As Albert Einstein said, “We cannot solve our problems with the same level of thinking that created them.” While an old quote, it applies to today’s technology as well. The white paper will lead you through the buzzwords in today’s innovation landscape such as SDN, 5G and more, and give you a better understanding on how, and if, these disruptions will be as scalable as the hype.

The 2019 Innovation Landscape looks at best practices and how benchmarking has given program-incubated startups an advantaged as compared to others like them. Today, innovation is not just about launching a new product. It is about finding a reason for the product like solving a need or creating a benefit. The landscape in 2019 is about bringing society’s needs to the entrepreneurs with new, innovative ideas. The new year is also about business incubation programs giving them the foundation they need in order to launch and scale up.

Insight Based on Our Global Community of Innovators

UBI Global has assembled an interactive learning community of business incubators and accelerators numbering over 700— and in 70 countries and counting. Along with our original research, we uncover business opportunities within our community of members that includes not only the business incubation programs but also the corporations and governments seeing fresh ideas to solve problems or create opportunities.

Part of the global network of innovators, UBI Global is enabling the innovation community to thrive and grow through impactful collaborations.

Activate Your Innovation with the free download:

The 2019 Innovation Landscape – Sectors and startups set to disrupt the market