Incubation centres are on hand to help start-up firms, writes Caroline Madden

The harsh reality of the business world is that many enterprises never make it past the start-up phase. Fortunately in Ireland, a wide range of supports is available to entrepreneurs to help them turn their vision into a reality and create a financially viable, self-sustaining venture.

These range from financial assistance and training, to mentoring and networking opportunities.

Perhaps one of the lesser- known, but most effective, types of support comes in the form of the many business incubation centres popping up around the State.

Essentially, an incubator centre nurtures the growth of entrepreneurial companies during their most vulnerable start-up period.

Infrastructure such as affordable rental space and shared business services and equipment are provided. Intangible support such as guidance on managing and growing a company are also an integral part of the service.

The concept of an incubation centre has been around since the 1960s, but really came into vogue during the dotcom boom. In recent times the Government drive to encourage high-potential "knowledge-based" companies has led to the creation of a significant number of incubation centres.

Many of these are based in institutes of technology to strengthen the link between industry and academia.

One such on-campus incubation centre is the Synergy Centre which opened its doors at the Institute of Technology, Tallaght, almost a year ago.

What exactly happens at the Synergy Centre?

"First and foremost, we provide office space for start-up businesses," explains manager Nicola Mountford.

Mountford works very closely with all of the entrepreneurs based there and helps them to get in touch with the right support bodies to enable them to grow their business.

The centre also runs an Enterprise Platform programme, a one-year full-time course which helps entrepreneurs to really get their business off the ground.

"In the first few months, we spend a lot of time working on their business plan and really getting it absolutely perfect," says Nicola.

"In the last nine months they start to implement the business plan, get their first customer, their first sale."

One issue vital to technology- based companies is the protection of their idea, so entrepreneurs in the centre receive advice on the best way to do this. People assume that a patent works magic, Nicola says, but rushing to take out a patent before you are actually ready to do business isn't always wise.

The cost of maintaining a patent every year can be extremely high and the legal costs of defending it if someone breaks it can be phenomenal.

As well as receiving business advice and support, entrepreneurs also benefit hugely from the networking opportunities and even the camaraderie that exist in incubation centres.

"If you're in an incubation centre, there are a lot of other entrepreneurs around you who are going through the same problems and issues."

Tom Corcoran, manager of the Centre for Entrepreneurship, which runs an incubation centre at Waterford Institute of Technology, agrees that while entrepreneurs may initially be attracted to the centre because of low costs, the reason they stay is for the business support, mentoring and the opportunity to network with other companies.

As is the case at the Synergy Centre, entrepreneurs also benefit from the centre's connection with an institute of technology.

It is early days yet for the Centre for Entrepreneurship but, according to Corcoran, 85 per cent of companies that have gone through the Enterprise Platform programme, which has been running since the late 1990s, are still in business, which bodes well for the future.