Keywords: incubation, startups

During early growth stages, companies often need quick advice to move forward. Currently, there is a gap for quick professional advice. Through Biz Clinic, the early stage companies will get free walk-in access to experts in the areas of IP, legal, business, marketing, accounting, finance, taxation, export, compliance and certifications.

In this knowledge-based economical era, the shelf-life of technology products has reduced significantly. Speed to market is therefore key to success. Growing companies face a plethora of impediments during their growth. If their impediments are not removed quickly, these companies either lose momentum or fail to survive. Further, it is identified that because of the plethora of impediments, growing companies often dont know what they dont know. The Biz Clinic will help these companies identify their needs and challenges proactively. The Biz Clinic concept is designed with an intent to provide impetus to growth-stage companies by helping them overcome their impediments in real time and also help them make timely and informed decisions.

The Business Clinic concept is new. There are other programs in the City, e.g., TEC Source Advisory Panel which is held twice a month. Only one company can attend at a time and the panel is offered by invitation only. It takes at least one week to set up the panel for an invited company. Recently, a bank has launched Support Desk, however, the service is available once a week and companies are required to travel to the bank""s venue for advice.

The Biz Clinic is designed to help companies quickly find answers to their questions. The impact of Biz Clinic will be the faster growth and increased survival rate of technology companies. The TEC Source Advisory Panel described in the previous section has a proven impact on the growth and survival of companies. The Biz Clinic being open from Monday to Friday and with the walk-in feature for companies in our incubator will address the gap in the availability of quick professional advice. The learning curve of companies will be shortened and their speed to market will be increased.

Technology-based resident companies of Edmonton Research Park will be the main users. Currently, there are 53 SMEs in the park who will benefit from the Biz Clinic. Once the program is refined and scaled, it may be offered to non-resident technology-based companies from Edmonton region.