In the dynamic world of business, innovation and entrepreneurship are key drivers of economic growth and societal advancement. For aspiring entrepreneurs, working with a reputable institution like Alliance Manchester Business School (AMBS) can be a game-changer. AMBS, with its six global hubs and a rich history of fostering enterprise, provides a fertile ground for startup success. One notable initiative that underscores the benefits of such collaboration is the business incubator operated by Snaryo Associate Partners at AMBS from 2001 to 2009.
The Early Challenges and Vision
Back in the early 2000s, entrepreneurship was still a relatively unfamiliar concept. Recognising an opportunity to nurture this nascent field, Senaryo Associate Partner Bubble Partnership, founded by AMBS MBA graduates, aimed to bridge the gap between startup ideas and viable businesses. By leveraging the expertise of large professional service providers, Bubble set out to create an environment where micro businesses could flourish.
AMBS was the perfect partner for this ambitious project. Together, they envisioned an enterprise creation incubator that could operate virtually, providing support to businesses regardless of their location or industry. This forward-thinking approach was instrumental in fostering a new wave of entrepreneurs.
Objectives of the AMBS Business Incubator
The AMBS Business Incubator was established with several key objectives:
- Enable Professional Support: Facilitate the involvement of professional service providers in the creation of new ventures.
- Generate Insights: Provide valuable insights into the development of micro startups.
- Networking Opportunities: Enhance networking opportunities for the business school and its students.
- Innovative Learning: Offer hands-on learning experiences for MBA students.
- Venture Creation: Support the development of new businesses with aspiring entrepreneurs.
The Process and Execution
Following their own MBA experiences at AMBS, the founders of Bubble Enterprises approached the business school with their innovative idea. Once approved, Bubble gathered commercial partners and sourced hundreds of business ideas, which were pitched to an independent panel. The most promising 40 concepts were admitted into the incubator.
These startups received comprehensive support packages, including services such as bank accounts, bookkeeping, and marketing. Over 300 MBA students participated in the process, evaluating startup ideas and gaining invaluable hands-on experience.
Bubble managed the incubator projects, taking an equity share in each startup. As these ventures began to generate revenue, Bubble made strategic equity exits, reinvesting the proceeds to support future enterprises.
Outcomes and Success Stories
The AMBS Business Incubator proved to be a resounding success, supporting the creation of dozens of enterprises from an initial pool of 750 concepts. Notable successes include recruitment consultancy Jepson Holt, the Lead Agency Group (formerly askaprice.com), Gentry Grooming, and UK Plumbing Supplies. These businesses, many of which continue to operate today, exemplify the potential of innovative incubation.
Over eight years, the incubator delivered significant educational insights and real-world experience to MBA students, shaping the business leaders of tomorrow. By the time the initiative concluded in 2009, the 41 businesses created had a combined value of over £2.15 million.
The Lasting Impact of Collaboration
The story of the AMBS Business Incubator highlights the profound impact that collaboration with a leading business school can have on entrepreneurial success. AMBS provided not only the necessary resources and expertise but also a supportive environment where innovation could thrive.
For businesses and entrepreneurs, partnering with a university business school like AMBS offers numerous benefits:
- Access to Expertise: Leverage the knowledge and experience of faculty and professional networks.
- Practical Support: Gain access to essential business services and resources.
- Educational Opportunities: Benefit from hands-on learning and mentorship.
- Networking: Connect with a diverse and influential network of peers, mentors, and investors.
- Sustainable Growth: Foster sustainable business practices and long-term growth strategies.
In conclusion, the collaboration between Bubble Enterprises and Alliance Manchester Business School serves as a testament to the transformative power of university-industry partnerships. By fostering entrepreneurship and innovation, such collaborations create a positive ripple effect, driving economic growth and shaping the future of business.