The rate of failing businesses all over the world comes with varying issues and concerns; from hostile economic environment, unemployment and unavailability of affordable business support.
A major reason too for this business failures is not only that there’s no attention and support for early stage start-ups, there’s also the absence of proper business education, link and access to network, and the high cost of acquiring professional business support services in a long run.
The Groth Innovation Centre – a limited liability company in Port Harcourt is here to join forces with already established business incubators and support initiatives to help drive economic growth especially within the Niger Delta landscape by helping businesses (including startups) tackle their peculiar challenges at every stage of their growth through a range of affordable professional business services, support, capacity development initiatives, community and programs tailored to meet the local needs of our businesses.
According to Owen Shedrack, the founder and Executive Director of The Groth Innovation Centre (also called Groth HQ), “Groth’s focus is to increase the successful development of emerging businesses in target industry sectors. These new businesses will in turn create new jobs, increase tax generation, and create wealth, which ultimately causes a chain reaction of community benefits through the multiplier effect.”
Thus, the mission statement for The Groth Innovation Centre is: “To facilitate and catalyze innovation, entrepreneurial development, and business success that fosters sustainable economic growth in Nigeria by providing business support, network and steer partnership for accelerated growth.” He said.
He also added, “They are a lot of incubators outside Nigeria, a host of them outside our region, with very few in our region, so we are existing to join forces with the few we have here especially as our common goal is to help businesses thrive with a focus on our region.”
The impact of business incubators all over the world cannot be over emphasized. “It’s lonely at the top” is a common expression among business leaders, but rings especially true in the life of an emerging entrepreneur. Not only do startup business owners act as sole risk-takers and shareholders, but they also simultaneously assume the roles of CEO, managers, accountants, marketers, custodians, and everything in between. This can be an exhilarating, yet intimidating and lonely, experience.
According to the Small Business Administration, only about half of all businesses survive five years or longer. For this reason, the public and private sectors have increasingly recognized the importance of supporting startup businesses in these critical early years of growth. One of such business support mechanism that has gained popularity as an economic development tool is business incubation.
1) advance the region’s goal of increasing middle-wage jobs through economic growth;
2) help advance the Federal Government’s objective of promoting small business growth and workforce development across Nigeria, and,
3) help companies get established and rooted in the region—so that after graduation—they become permanent contributors to the overall vitality, diversity, and growth of the nation’s economy.
Groth HQ is working with a host of experts and collaborators to prepare tailor-made programmes and curriculums that would fit into our system and better help our entrepreneurs position for the business stage.
Amongst other things Groth offers services in the area of business incubation, technology research and development, marketing and PR management, training and talent development, market research and development, technology commercialization, business development, etc.