Amanda Madden, TIC incubator manager, said the new network would offer information sharing and possible workshops for fledgling entrepreneurs under its programme.

"We at the TIC believe that this venture will be extremely beneficial to the incubated businesses that will be seeking to improve their internal systems and processes, as well as their ability to efficiently deliver goods and services," said Madden at the launch of the service on April 19.

Technology-based business

The idea, she said, is to develop a pool of expertise using persons of various backgrounds in management, and running small and medium-size businesses, including those that are technology based.

The pool of business advisory network (BAN) members would act as mentors and/or advisers to the new businesses.  The advisers would be matched to the emerging businesses by the TIC, to ensure the right conditions for a synergistic relationship.

Given their resource constraints, expert advice and professional consultation are not readily accessible to startups.

The network is meant to fill that gap, according to Madden, but also allow the TIC to diversify its offerings in terms of the businesses it can assist.

Strategic advice

Deborah Chin, proprietor of Red Pepper Mall, one of the businesses emanating from the TIC, endorsed the network, saying strategic advice was crucial in the developmental stages of a company.

"When one is starting a business, you seem to think you know everything there is to know simply because it is your field," said Chin.

"If you are no with the right persons, further down the line, it could be detrimental to the company."

TIC reports an 87 per cent success rate for its incubated businesses, and expects that BAN will improve that outcome.

Dialogue and conferencing

With the alliance between the TIC and network advisers, and through dialogue and conferencing, small businesses are to be matched with products and services that are more appropriate to their particular niche.

The process, as outlined at the launch, would start with a needs assessment by the TIC, the results of which would be conveyed to the client and the provider/adviser.

The two would then meet and from there start to formulate a relationship.

The TIC would monitor the situation between the client and provider with regular feedback.

The areas of expertise to be covered by BAN are general business consultancy, marketing, strategic planning, production development, management and operations, legal, financial, technology and business advocacy.

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