Startup founders have a lot to worry about: Is there a need for the product or service in the market? Do we have the right team? How do we differentiate from the competition? The numbers are against them from day one – according to Forbes magazine only 10 percent of companies in the beginning stages succeed. And while some of the reasons seem obvious, other practical factors such as ‘bad location’, ‘don’t use network’ and ‘burnout’ may fly under the radar of startup CEOs.
Here are a few important things to consider when starting and growing your business:
Location, location, location is not just a catchy phrase for the residential market – it is an important consideration for an early-stage business. The results of a national research initiative by Radius, announced San Diego as the best place in the U.S. to launch a startup, citing its community involvement and access to resources.
Within San Diego, La Jolla UTC stands out for its support of the young companies and the needs of their employees. Close to downtown San Diego, Carlsbad, the East County, as well as the beach this location can’t be matched. With over $1 billion of investment activity in the area, including $700 million in renovations and improvements, it’s easy to see why so many emerging startups are making La Jolla UTC their new home.
While it might not be the top priority for a startup founder, physical space plays a major role in company development. Some of the questions founders might ask themselves are: Will this office space ‘grow’ in parallel to our company growth? Does the building management team understand our unique challenges? Are flexible lease options available to us? Working closely with startup customers, the Irvine Company have found these questions need to be answered before choosing a new space.
That is why Irvine Company has partnered with EvoNexus to create The Vine and offer flexible leasing options to fast-growing startups. Coming soon to La Jolla UTC, The Vine is more than just a shared work space, it is a networking opportunity and a support system. A unique entrepreneurial ecosystem, complete with networking events, it was created to foster the growth of local innovators.
Many companies tout that their employees are their biggest asset, but not all consider the best location for the employees’ ‘life and play’ balance. Irvine Company now offers amenities such as KINETIC, their state-of-the-art, fitness and wellness movement including on-site fitness centers. With Wi-Fi enabled outdoor space, wet-suit drying rooms and a full menu of on-site services, they’ve really thought of everything an employee might need.
Additionally, not many companies start in a location that has chosen for the right talent pool. With the younger generation of employees not willing to commit to long commutes, this can be a serious obstacle to continued growth. Fortunately, La Jolla UTC offers workplace communities where companies can be in the best position to attract top talent and employees can enjoy the best of work and the best of life.
Physical proximity to your potential partners, investors and employees is vital for entrepreneurs.
By putting yourself in the epicenter of service companies (legal, accounting, PR and marketing), investors and mature enterprises, you create higher odds of extending your network. Plan to attend the hyperlocal industry and social events to get on the radar, but also keep in mind that the right connection might be standing next to you in the line for a latte.
It is natural for startup founders to worry about the big steps and ideas, but they should not overlook the practical decisions that they make in the beginning stages of the company – these decisions may be just the edge a company needs to be in the 10 percent of startups that grows into a vibrant business.