How Project Incubation Ecosystems Work
Perhaps the hardest part about running a business is getting it started in the first place. The first couple of months (or years) for a new organization are tough to get through. It can take a long time before you start turning a profit, getting brand recognition, or building strong business ties. Without the right connections, many new projects cease to function as they do not have the resources to continue.
This is a press release provided by Torus.Solutions
To combat this issue, many companies turn to project incubation groups. These are organizations which help small businesses grow by providing financial support, technical resources, and proper business connections. One of the most connected and impressive project incubation ecosystems in the blockchain industry is blockhive. Its ecosystem contains non-profits, partnerships, supporters, and a collection of their own projects. Being a member of blockhive gives small businesses the opportunity to make powerful connections with all members of the ecosystem, helping them to become self-sustaining.
Project incubation ecosystems, such as blockhive, work by connecting new and upcoming businesses with other new and upcoming businesses, as well as more established partners. This allows everybody to help each other out in the same way other collectives do. As blockhive focuses explicitly on blockchain businesses, people can bond over mutual interests and goals. Established companies such as PayBe also help out by giving small organizations the opportunity to join forces and collaborate with them.
Blockhive offer financial tools for their ecosystem, such as their ILP (Initial Loan Procurement) platform. This is an innovative alternative to ICOs as it turns investors into creditors. A video on ILPs can be found here. This is appealing to new companies as it lets them gain funding without having to face the legal or technical problems that ICOs face. It is also helpful as it lets them work with blockhive and its partners to build a financial situation that people would want to get involved with.
At the heart of blockhive’s ILP is the ability to collaborate with peers who small businesses may have never met before. For instance, companies who choose to run an ILP get to work with other services such as Tokenote, Eesty, and e-Best Ventures.
Businesses who are part of a project incubation ecosystem are given a head-start, allowing them to reach their goals must faster and more efficiently. These ecosystems are especially helpful in the blockchain industry as most companies are extremely new, meaning that only a handful of them have managed to develop strong ties to services outside of the community. The fact that cryptocurrency is still shunned by some financial institutions also means that they struggle to gain the best connections on their own.
Without project incubators, many innovative businesses would fail. Incubation projects, such as blockhive, give startups the very best chances of success.
Image via Blockhive
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