Launching any business can be a daunting task, more so when you have to worry about the technical know-how required for your business processes. Often, locating funding and human resources for these areas of the business is the major hurdle you must overcome as faulty technical equipment and know-how can be the death-knell of any start-up.
What are IT Parks?
These are generally large areas that house office spaces that focus on technology with research and development at its forefront. Technology Parks are generally great locations for business start-ups because they have the necessary technological infrastructure already in place to facilitate small companies that want lower overheads and greater turnover.
How beneficial are IT Parks for start-ups?
At the starting point of any business, drawing from the wisdom and resources of more established companies can be invaluable. IT Parks offer exactly this benefit, as they allow for fledgling businesses to be exposed to bigger and more experienced companies that possess a wealth of knowledge on successful business practices.
Such parks act as incubators to new ventures, providing them the backdrop in which to get operations underway and create a sort of knowledge economy to support their endeavours.
Thus, access to quality infrastructure such as office spaces, machinery and equipment, parking facilities, etc., at lower costs within IT Parks is the commencement of this process. In fact, it is estimated that business incubators provided by IT Parks reduces costs of launching a new business by as much as 40-50%. As your business grows, support from other businesses within the Park in terms of improved facilities, access to mentoring and coaching opportunities, access to research opportunities and even the ability to gain necessary financing through the Park’s business networks will be benefits that go a long way in fast-tracking your business growth rather than waiting years to reap tangible rewards.
Centralizing resources and sharing investment opportunities is key in the operation of IT Parks. But you also cannot underestimate the security element of these Parks where everything you invest in is protected both physically and virtually.
Let’s face it. Office spaces in Sri Lanka in the best locations are not exactly cheap and while launching from a home space might be your best option, perceptions matter. Therefore, opting to work out of an IT Park can be a great alternative for the many advantages that can be derived, and before you know it, being strapped