Startup Collaborator
A startup collaborator is a company that helps new and startup companies by providing financial expertise and consulting. Startup collaborators are the third and final phase of the startup growth trajectory, offering personal advice for already established and/or growing businesses in need of proper financial management and advice. The role of a startup collaborator is be a reliable partner in the decision making process due to a reputable level expertise, experience, and knowledge of the market. The objective of a startup collaborator is to structure a companies financial strategy in order to create a sustainable revenue-model stream and financial momentum. Services vary on the provider but may include, bookkeeping, accounting, virtual CFO service, consulting, tax-plan development, budget and cash-flow development, and overall financial analysis. Startup collaborators have qualified experience in a range of financial-related sectors, including banks, investment funds, insurance companies and real estate.
Overview[edit]
Startup collaborators differ from startup accelerators in the respect that collaborators partner with already established startups. The services of such a collaborator do not include initial investments, networking connections, or basic business launching education. Accelerators are the first step in the life cycle of young businesses; these initiatives provide the education, mentorship seminars, and opportunity for financial backing (investors/ venture capitalists). [1] Startup accelerators are highly competitive and often have a duration between 3-6 months.[2] This is a very expedited process that helps gets young innovative companies in position to launch and grow. [3] Collaborators are not responsible for the preparation of startup entities for pitch events and competitions. Companies that are startup collaborators provide education in financial areas requiring an analytical strategy and monetary management. There is no application process to partner with a startup collaborator unlike an accelerator; these companies are privately owned entities that seek payment for their specialized services.
Startup collaborators are the following step after the business incubator stage, but provide differing services. A business incubator is a company that helps startups through their development once they have launched and/or received an initial investment. The four categories that characterize the different types of business incubators are business innovation centers, university affiliated business incubators, privately owned independent incubators, and private corporate incubators. [4] The common theme among these different types of incubators is the ability to deliver their clients an environment filled with the necessary resources to further develop their startups. By providing services including management training, intellectual property management, and technology commercialization, incubators provide the environment for the potential startup to grow and develop. These companies help companies in the embryonic stages of market emergence. Startup collaborators help these companies after they have successfully reach the next level of maintaining positive momentum. Startup collaborators offer an intimate business partnership that will provide financial security for companies that don’t have the financial expertise or experience.
History[edit]
The concept of a startup collaborator is new, and has been spearheaded by a small consulting organization known as Solutions For, Inc. Established in 2017, this term startup collaborator has been re-defined are re-applied to the life cycle of startups. CEO of Solutions For, Inc., Michael Lemke set out to associate this term with the services he was driven to provide. He viewed the niche as the third and final step following startup accelerators and business incubators, where services could be offered to financially advise and educate developed startups with unidentified issues in their financial planning post-incubation. [5]
See also[edit]
Market Niche[edit]
Businesses that identify as a startup collaborator are generally small in the consulting sector in comparison to the large consulting that own a substantial portion of the market. Examples include the four largest accounting and advisory firms: EY, Deloitte, KPMG, PwC (also known as the Big Four).[6] Collaborators offer a diverse range of services but generally cater to smaller entities other than these industry giants.
Services[edit]
- Financial monitoring
- Virtual CFO services
- Tax structure and plan development
- Budget plan development and management
- Periodic check-ins and financial dialogue
- Operational plan development
- Consulting
- Intimate and personal partnership
- Financial advisory
- Company structure advisory
- Team development
- Point of sales and cash management systems
- Inventory control
- Travel and Off-site management
- Tailored HR packages
References[edit]
- 1.^ Başçı, and Alkan. "Entrepreneurship Education at Universities: Suggestion for a Model Using Financial Support." Procedia - Social and Behavioral Sciences 195 (2015): 856-61. Web...
- 2.^ Christiansen, Jed. “Seed Accelerator Definition What Does This Site Mean by It?” Seed-DB, www.seed-db.com/about/view?page=definition.
- 3.^ Clarysse, Bart, and Ayna Yusubova. “Success Factors of Business Accelerators.” Technology Business Incubation Mechanisms and Sustainable Regional Development, Proceedings. 2014. Print.
- 4.^ Cohen, Susan and Hochberg, Yael V., Accelerating Startups: The Seed Accelerator Phenomenon (March 30, 2014). Available at SSRN: https://ssrn.com/abstract=2418000 or https://dx.doi.org/10.2139/ssrn.2418000
- 5.^ “Consulting with Our Founders.” Solutions For, Inc., 2017, oursolutionteam.com/consulting/.
- 6.^ Galindo, Bryant. “3 Essentials for Building Collaborative High-Performing Co-Founder Teams.” LinkedIn, 21 Feb. 2018, www.linkedin.com/pulse/3-essentials-building-collaborative-high-performing-bryant.
- 7.^ Grimaldi, Rosa, and Alessandro Grandi. "Business incubators and new venture creation: an assessment of incubating models." Technovation 25.2 (2005): 111-121.
- 8.^ Hathaway, Ian. “What Startup Accelerators Really Do.” Harvard Business Review, 25 Oct. 2017, hbr.org/2016/03/what-startup-accelerators-really-do.
- 9.^ Johnson, Eric N., D. Jordan Lowe, and Philip MJ Reckers. "Alternative work arrangements and perceived career success: Current evidence from the big four firms in the US." Accounting, Organizations and Society 33.1 (2008): 48-72.
- 10.^ Kim, Jin-Hyuk, and Liad Wagman. "Portfolio size and information disclosure: An analysis of startup accelerators." Journal of Corporate Finance 29 (2014): 520-534.
- 11.^ Kohler, Thomas. "Corporate accelerators: Building bridges between corporations and startups." Business Horizons 59.3 (2016): 347-357.
- 12.^ Lalkaka, Rustam. "Technology business incubators to help build an innovation-based economy." Journal of Change Management 3.2 (2002): 167-176.
- 13.^ Ries, Eric. The lean startup: How today's entrepreneurs use continuous innovation to create radically successful businesses. Crown Books, 2011.
External links[edit]
Additional edit - Thanks![edit]
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