Few cars pass through Linden Street in Old Town, Fort Collins, and the area is tucked away from most of the major shopping and bar scenes. However, behind the glass façade of Galvanize, a business incubator in this area, bright minds are buzzing loudly with new ideas and innovations.
What is Galvanize?
A business incubator is defined as “an organization designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services…” The Fort Collins campus of Galvanize opened in August 2015 as one of seven national locations. According to their website, Galvanize’s mission is “making education and growth accessible to anyone — especially underrepresented groups in the tech industry.” Co-Founder Lawrence Mandes said a membership requires no application process, no long-term commitment, and no judgment call on whether the idea is viable.
The Good
Clearly this mindset opens the doors for more businesses to join, meaning startups will have the chance to flourish without criticism. As long as someone is willing to pay for the space provided, they have 24/7 access to it as well as amenities such as high-speed wireless internet and a kitchen area.
The environment Galvanize provides allows members to be surrounded by like-minded individuals with whom they can bounce ideas off of and learn from their successes and mistakes. It also gives businesses more credibility to have an association with such a successful company. Eighty percent of startups that complete an incubation phase stay in business for the long run, according to the NBIA. With so many benefits, why wouldn’t someone join Galvanize?
Considerations
As with anything, even the most amazing opportunities have downsides. The challenge of being an incubator member is that you are bound by the space they provide you. You will not be designing your own storefront or stocking shelves with merchandise.
Another potential drawback would be the lack of privacy. Glass walls close off every room, including those used for meetings. In such a small space, idea-bouncing could become unwanted eavesdropping. If someone is not interested in a community-driven atmosphere and likes to keep to him- or herself, Galvanize is probably not an ideal location. In addition, their lenient membership requirements could result in unstable startups joining the group and possibly taking away from the functionality of the environment.
The location itself may be a turn-off to some, as parking is hit-or-miss. Meeting with a client requires booking a meeting room in advance, or meeting in the lobby or surrounding Old Town cafes/restaurants. The desk spaces or suites are small and more fit for working than meeting prospective clients.
Summary
Working out of Galvanize is not for every startup, so it is important to take into account what you could gain from a membership. On the other hand, it is a wonderful opportunity to form a community with people with similar mindsets and goals. As long as you have a strong startup and are willing to work among others in similar fields, Galvanize could help propel your business in ways you won’t find in a home office or garage.
Also referenced:
http://www.forbes.com/sites/bhrigupankajprashar/2013/04/12/pros-and-cons-of-joining-an-incubator/
