Harvard Case - The Stockton Enterprise Arcade: Incubate or Graduate?
"The Stockton Enterprise Arcade: Incubate or Graduate?" Harvard business case study is written by Jill Tidmarsh. It deals with the challenges in the field of Entrepreneurship. The case study is 13 page(s) long and it was first published on : Sep 29, 2017
At Fern Fort University, we recommend that Stockton Enterprise Arcade (SEA) adopt a hybrid approach, combining elements of both incubation and graduation programs. This strategy will allow SEA to maximize its impact on the local entrepreneurial ecosystem while ensuring the long-term sustainability of the organization.
2. Background
The Stockton Enterprise Arcade (SEA) is a non-profit organization dedicated to supporting entrepreneurs in Stockton, California. SEA offers a variety of services to startups, including office space, mentorship, and access to capital. The case study focuses on the organization?s decision regarding whether to continue operating as an incubator or transition to a graduation program.
The main protagonists of the case study are:
- Gary Jackson: Executive Director of SEA, tasked with making a strategic decision about the future of the organization.
- Board of Directors: Responsible for overseeing the strategic direction and financial health of SEA.
- Startups: The primary beneficiaries of SEA?s services, seeking support and resources to grow their businesses.
3. Analysis of the Case Study
The case study presents a complex situation with both opportunities and challenges for SEA. To analyze the situation, we can utilize the following frameworks:
- SWOT Analysis:
- Strengths: Strong community support, experienced mentors, established network, diverse range of services.
- Weaknesses: Limited resources, dependence on grants and donations, potential for conflict between startups and SEA?s goals.
- Opportunities: Growing entrepreneurial ecosystem in Stockton, potential for partnerships with local businesses and universities, access to new funding sources.
- Threats: Competition from other incubators and accelerators, economic downturn, lack of investor interest in Stockton startups.
- Porter?s Five Forces:
- Threat of new entrants: High, due to the low barriers to entry in the incubator/accelerator space.
- Bargaining power of buyers: Low, as startups are dependent on SEA?s services.
- Bargaining power of suppliers: Low, as SEA has access to a variety of resources and services.
- Threat of substitute products: High, as startups can access similar services through other organizations or online platforms.
- Competitive rivalry: Moderate, as there are other incubators and accelerators operating in the Stockton area.
- Financial Analysis:
- Revenue streams: Grants, donations, membership fees, potential equity stakes in startups.
- Cost structure: Operating expenses, staff salaries, rent, utilities, program costs.
- Profitability: SEA is a non-profit organization, so profitability is not the primary goal. However, financial sustainability is crucial for long-term success.
4. Recommendations
SEA should adopt a hybrid approach that combines elements of both incubation and graduation programs:
1. Incubator Phase:
- Focus: Provide early-stage startups with access to resources, mentorship, and networking opportunities.
- Duration: 6-12 months.
- Services: Office space, mentorship, workshops, access to investors, legal and accounting support.
- Exit Strategy: Graduating startups to a dedicated graduation program or supporting them in securing independent funding.
2. Graduation Program:
- Focus: Support more mature startups with scaling their businesses and preparing for growth.
- Duration: 12-24 months.
- Services: Access to investors, strategic partnerships, market research, business development support, and guidance on scaling operations.
- Exit Strategy: Assisting startups in securing funding, going public (IPO), or being acquired by larger companies.
3. Diversification of Revenue Streams:
- Increase grant funding: Explore new grant opportunities and partnerships with government agencies and foundations.
- Develop membership programs: Offer tiered membership packages to startups, providing access to specific services and benefits.
- Invest in startups: Consider taking equity stakes in promising startups, providing a potential source of revenue and a return on investment.
- Partner with local businesses: Collaborate with businesses in the Stockton area to offer services and resources to their employees and customers.
4. Strategic Partnerships:
- University collaborations: Partner with University of the Pacific and other local universities to provide internships, mentoring opportunities, and access to research resources.
- Corporate partnerships: Collaborate with businesses to offer mentorship, networking opportunities, and access to their resources.
- Government partnerships: Work with local government agencies to access funding, resources, and support for entrepreneurs.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The hybrid approach aligns with SEA?s mission to support entrepreneurship in Stockton. It leverages SEA?s existing strengths, such as its network of mentors and resources, while providing a more structured path for startups to grow and succeed.
- External customers and internal clients: The hybrid approach addresses the needs of both early-stage and more mature startups, providing a tailored experience for each stage of development. It also ensures that SEA remains relevant and attractive to investors, partners, and the broader community.
- Competitors: The hybrid approach allows SEA to differentiate itself from other incubators and accelerators in the Stockton area, offering a more comprehensive and tailored support system.
- Attractiveness - quantitative measures: The hybrid approach is expected to increase SEA?s revenue streams, improve its financial sustainability, and enhance its impact on the local entrepreneurial ecosystem.
6. Conclusion
By adopting a hybrid approach, SEA can create a more robust and sustainable model that supports the growth of startups in Stockton. This approach will allow SEA to attract and retain high-quality startups, increase its impact on the local economy, and ensure its long-term success.
7. Discussion
Alternatives not selected:
- Pure incubation model: This model would focus solely on providing resources and support to early-stage startups, potentially limiting the impact on more mature companies.
- Pure graduation program: This model would focus solely on supporting mature startups, potentially neglecting the needs of early-stage companies.
Risks and key assumptions:
- Financial sustainability: The success of the hybrid approach depends on SEA?s ability to secure funding and diversify its revenue streams.
- Competition: The presence of other incubators and accelerators in the Stockton area could pose a challenge to SEA?s growth.
- Startup success: The success of the hybrid approach depends on the ability of SEA to attract and support high-quality startups.
8. Next Steps
- Develop a detailed business plan: This plan should outline the specific services offered in each phase of the hybrid program, the target audience, the revenue model, and the key performance indicators (KPIs) for success.
- Secure funding: SEA should seek out grants, donations, and other funding sources to support the implementation of the hybrid approach.
- Establish partnerships: SEA should build strategic partnerships with universities, businesses, and government agencies to expand its reach and resources.
- Market the program: SEA should develop a comprehensive marketing strategy to attract startups and investors to the hybrid program.
- Monitor and evaluate: SEA should regularly monitor the progress of the hybrid program and make adjustments as needed to ensure its effectiveness and sustainability.
By taking these steps, SEA can successfully implement the hybrid approach and become a leading force in the Stockton entrepreneurial ecosystem.
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Case Description
In February 2016, the owner of a wool and yarn products retail business in the Enterprise Arcade, a not-for-profit retail business incubator in Stockton-on-Tees, United Kingdom, needed to meet with the manager of the arcade. Based in a central and prominent position in a struggling Northeast England town, the Enterprise Arcade was opened by the local council as a part of a large renovation project. It was intended to regenerate the area and support enterprise and employment by providing small, indoor, market-sized retail spaces for self-employed retail start-ups to test their markets. After 14 months with the incubator, the owner of the wool and yarn business was expected to be ready to move out, but her business models were still unproven, and she wanted to stay longer. The manager had to balance the overall success of the Enterprise Arcade with the turnover and successful graduations of the businesses therein. How should the business owner organize her priorities and prepare to negotiate with the manager? What should the manager advise her to do?
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