02 Useful tips
We recommend that you explore your growth potential through collaboration, financing, training and internationalisation.
Grow through collaboration
Startups can have access to concrete opportunities through collaboration that, if handled properly, has huge potential and can create win-win situations for all stakeholders.
- European Startup Monitor. In 2019, the European Startup Network conducted an in-depth qualitative and quantitative study of the European startup landscape together with the European Commission. The results of the survey identify that the large majority of startups in Europe cooperate with relevant stakeholders. 41% of the surveyed startups indicate SMEs as the most important partner they cooperate with, followed by large corporations 29%. You can find more views and opinions on the needs and challenges faced by startups in Europe on European Startup Monitor 2021
- Networking through startup association. Startup associations offer interesting networking opportunities, whether you are an early-stage startup or a fast-growing scaleup. We recommend to have a look at their services - it can save you precious time while forging meaningful connections that will help you to boost your business. You can find the startup associations active in your country HERE.
Grow through financing
Are you looking for access to finance? There are many sources of financing available for entrepreneurs.
- Startup association. The process of looking for funding can be very challenging. If a startup association is available in your country, do not hesitate to take advantage of it. Startup associations can guide you through the different possibilities that exist to grow your business as well as offer some helpful insights on the topic by providing valuable information and resources.
- European Startup Network tools. At the European Startup Network, we have compiled a set of tools to help your startup assess your investor readiness, know more about the possible questions to expect from investors and why investors take certain decisions - basically see your business through the investor’s eyes! We also provide you with some tips and key steps to help define your investment criteria with the goal to find an investment that is right for you. https://europeanstartupnetwork.eu/tools/
Grow through training/ business advice (one time) and coaching/mentoring (long-term)
Growing a startup is not easy and you might use extra help to develop your business and entrepreneurial skills.
- Startup association. Value creation, business development, product development, finance, sales and marketing, talent management and retention, etc. are topics that deserve your attention. Startup associations can assist you in improving your knowledge and take your idea or business to the next level.
- Incubators and accelerators. There exist various forms of business support programmes, two of them being incubators and accelerators. Keep in mind that a good business support programme is created with yours, the startup’s needs in mind.
- Incubators are support structures that support startups in business creation and development. Business incubators provide various business support services for entrepreneurs, including business planning and management advice, training and workshops, coaching and mentoring, startup and business development financing, access to formal and informal business networks, and legal services.
- Accelerators have a purpose of speeding up the process of business creation and to prepare entrepreneurs to receive an influx of capital. The services offered are similar to those offered by business incubators, however, this intense support is usually provided over a limited period of time (3-6 months).
- Should you wish to learn more about incubators and accelerators, here is an additional reading: Policy Brief on Incubators and Accelerators that support inclusive entrepreneurship, EU Commission
Grow through internationalisation
While expanding your startup to international markets can generate new revenue opportunities, there are many obstacles that need to be overcome when it comes to internationalisation such as finding the right partners or legislative/ regulatory barriers. The International Trade Departments of your local, regional and/ or federal governments will be able to support your business with export and growth in global markets. You can be guided and challenged by experts from different international areas who can assist you during the internationalisation process by offering, for example, a personalised coaching programme.