Help With Start Up Business – Government support for startups has become the need of the hour, the pandemic blew up entrepreneurs and the startup ecosystem.
Their peak faced a cash crunch and venture capital dried up. Cash is the biggest concern for startups. Venture capitalists began pulling out their investments. Moreover, startups witnessed a slow fundraising process, accompanied by investor indifference.
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Moreover, the labor force around the world was not untouched by the spillover. Startups started laying off workers and cutting wages. StartupGenome’s research says that three out of four employees have quit their employer.
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While 39% of them laid off 20% or more of their staff, two-thirds admitted to cutting 60% or more of their full-time jobs. In the United States, the business world had the sharpest development in the business world, where 20.5 million people have lost their jobs.
Since then, to deal with this and minimize the spillover effect of the pandemic on startups, the governments of many countries have taken steps to save the startup ecosystem of the country.
Below we have listed some of the government’s initiatives to support start-ups in the current cash crunch.
Government support for start-ups primarily includes the SBIR program, which offers funding to small and high-tech companies for research, design, innovation, development and parallel testing of new technological ideas.
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When federal agencies’ external R&D budgets exceed $100 million, they are required to allocate funds to both SBIR and STTR. To qualify, entities should operate a for-profit business with fewer than 500 employees.
The program aims to finance collaborative research and development projects between small businesses and research institutes. These organizations could be federal research and development centers, universities, non-profit research organizations, etc.
SBIR & STTR have the same eligibility criteria with a similar three-phase program. It includes concept development (Phase I), prototype development (Phase II) and commercialization (Phase III).
STEP assists small companies that are exporting goods and helps to overcome obstacles that may arise when exporting goods. In addition, it offers grants to cover the costs associated with entering and expanding into international markets.
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In addition, entities eligible for STEP financial assistance receive participation in foreign trade, opportunities to design international market products, support for website globalization, and e-commerce. Along with that, startups can even get qualified to participate in trade shows, exhibitions and training workshops.
EDA is an arm of the US Department of Commerce. The board was founded in 1965 and works to offer technical assistance and grants to start-ups that are in economic and financial trouble.
In addition, it focuses on creating new employment opportunities, maintaining existing jobs and stimulating business and economic growth. In addition, it prioritized leveraging equity, building economic resilience, workforce development, technology-based and environmentally sustainable development, with efforts to increase FDI and exports.
KKR’s Small Business Buildings is an initiative under KKR’s larger Covid relief fund. Furthermore, its key focus is on companies that are in the process of turning their business around to increase response to the pandemic and belong to historically underserved groups or provide important community services.
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Furthermore, it aims to provide support to individuals, communities and companies that are overestimated due to the covid effects. The program offers grants of $10,000 to small businesses for COVID-19 recovery in partnership with Hello Alice.
The Amber Grant Foundation aims to empower business women and help them realize their business dreams. Founded in 1998, the foundation offers $10,000 each month in Amber Grant money. In addition, it has started offering $25,000 grants each year-end to women with promising business plans.
Under government support for start-ups, it established NASE in 1981, a not-for-profit, membership-based sponsorship facility. Its purpose is to support founders and entrepreneurs of small and micro businesses. However, the unit must be a member for 90 days to be eligible for the grant.
Furthermore, its membership offers benefits such as access to business guides, legal and tax information, discount programs and life insurance benefits. Can, through grantors, serve their businesses financial needs for marketing, advertising, staffing, facility expansion, etc.
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The Emergency Relief Fund (RRF) is awarded under the American Rescue Plan Act of the SBA. The project offers to finance catering and food businesses that lost their income due to the pandemic.
At the same time, the plan aims to provide funding equivalent to pandemic losses of up to $10 billion per company. Eligible entities include restaurants, food stands, food carts, food carts, caterers, bars, lounges, pubs, snack and non-alcoholic beverage bars, bakeries, brewpubs, tasting rooms, pubs, etc.
Stacy’s Rise Project supports women-owned businesses. And help female entrepreneurs grow their businesses by opening doors to diverse facilities such as funding, mentoring and social networking.
The 2021 edition of Stacy’s Rise Project is sponsored by Stacy’s Pita Chips, with powerhouse Hello Alice. In addition, it has an award grant of $10,000 for women with small businesses and mentoring opportunities for female business owners.
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To support start-ups, the government created Small Business Development Centers (SBDCs) in partnership with the US Small Business Administration (SBA), with its presence throughout the United States and territories. The center offers free marketing, financing and business-related assistance, so as to be competitive in the current market.
Residents of the United States can connect with the nearest SBD centers to find opportunities for financing, business assistance and mentoring. Members can also take advantage of free business consulting, low-cost business training services, technology development, manufacturing support and much more.
SVOG includes about $16 billion in grants. The purpose of this program is to serve small businesses affected by economic conditions. It is amended by the US Disaster Relief Act administered by the SBA Office of Disaster Assistance.
Eligible parties can take advantage of grants of up to 45% of total income. A grantee can use a maximum of $10 million as a single grant. In addition, the program also reserves $2 billion for eligible applications with approximately 50 full-time employees.
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Don’t miss this opportunity to learn the secrets of successful entrepreneurship. Buy this book now and start your journey towards success!By definition, a business or startup incubator is a company, university or other organization that provides capital to nurture young businesses, helping them survive and grow during the initial period when they are most vulnerable. The goal of most business incubators today is to strengthen the local economy and commercialize new technologies.
The best incubators offer multiple support mechanisms, such as seed funding, mentoring, networking, space, IT and management resources, and technical leadership.
Some prominent incubators include YCombinator, led by Paul Graham in Silicon Valley, and TechStars, located in Boston, Boulder, New York City, and Seattle. TechStars has several mentors on staff, led by founder and CEO David Cohen. Both provide investors with excellent networking and local technical leadership.
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Incubators are usually best suited for entry-level applications. Accelerators want to work with more developed companies; they try to promote their business. Research and technology parks could host small businesses, but could also host large projects; moreover, they usually do not offer business support services.
The International Business Incubation Association (InBIA), has a membership directory to help startups find InBIA member incubators and accelerators. You can search by geographic area or look up incubators by name if you know of any. They have over 1,200 members in 62 countries leading entrepreneurship support organizations. Another resource to help you find the right incubator for your startup is your local small business office; you can find an SBA regional office here.
Be sure to consider what your team members want from an incubator before choosing one, and interview them carefully. Incubator environments are an exciting opportunity if your startup has a large enough team to continue developing your idea while taking advantage of all the networking, teaching and workshops. Some incubators can be high-pressure environments that want to push your startup to its fullest potential, and others are more hands-off. Some incubator programs will require your team to relocate for the duration of the program, which typically ranges from three to four
