AAURAK Center for Entrepreneurship (ACE) housed in RAKBANK Business School, is dedicated to enabling students and entrepreneurs achieve their dreams.
Creating an entrepreneurial venture is exciting as well as challenging. It involves taking risks and navigating unfamiliar and sometimes hostile territories. Innovation center for entrepreneurship helps students and entrepreneurs to break the ACE by reducing or eliminating stress and risks associated with new venture creation and gives them the confidence to build startup ventures.
Most of the startup ventures fail due to poor ideas, weak feasibility and insufficient viability. Business plans that are created for that purpose, but are unable to provide an objective evaluation of the business proposal. The entrepreneur.com reports that most of the business plan are poorly written, vague, and unrealistic. As a result, execution of business plans without an effective evaluation process increases business risk and chances of failure. Key questions that beg answers are:
WHAT ARE KEY OPERATIONAL DECISIONS RELATED TO MY NEW VENTURE?
HOW TO GARNER SUPPORT AND RESOURCES FOR MY PROPOSED BUSINESS?
Where to find funds and what is appropriate financing structure for my venture?
How to compete and protect my business?
ACE Acceleration Service
ACE enables students and entrepreneurs to achieve their dreams by creating an acceleration path to the market. Through the use of Design Thinking and Lean Start-up Methodology entrepreneurs are guided in operationalizing their business plans. Entrepreneurs are assisted in planning, networking, licensing, funding, promotion, intellectual property, and launch.
ACE will guide you to execute key operational activities before, during and after the launch of the venture.
ACE will assist you to network with key stakeholders, related to your business domain.
ACE WILL HELP TO FIND FUNDING SOURCES AND SUGGEST APPROPRIATE FINANCING STRUCTURE.
ACE WILL ASSIST YOU IN YOUR APPLICATION FOR PROTECTION OF INTELLECTUAL PROPERTY.
Starting a new venture is only half the battle won, to keep it running and grow the business is another challenge and many consider it a bigger challenge than starting a business. According to the Small Business Administration (SBA), 51 per cent of the startup ventures do not survive beyond 4 years. In the absence of a fertile ground, startup companies struggle to grow and survive. A report from National Business Incubation Association in the United States of America, states that startups that went through incubation services have survival rate of 87% while the survival rate of firms without an incubator support dropped to 47 percent.
HOW DO I FOCUS ON GROWING THE BUSINESS? HOW DO I USE MY TIME MORE PRODUCTIVELY AND REDUCE COSTS.
HOW CAN I HAVE ACCESS TO A CONSULTANT OR AN EXPERT FOR REAL TIME DECISIONS?
What strategies can I use to scale my business?
How can I find cost effective resources particularly human resource?
ACE Incubation Service
ACE Incubator service allows entrepreneurs and startups to experiments, take further risks and make mistakes. Using the Fast Failure Methodology, ACE incubator allows entrepreneurs to be free from mundane tasks and become more productive using creative energies for the growth of the company.