Compound the naturally high fatality rate of startups in general along with hopefully the soon- to -pass COVID-19 economic morass, the coming year’s landscape will likely result in the elimination of upwards of 50-60% of the currently existing startups and early-stage companies.
That being said why should a prospective client hire a paid, private consultant rather than join an incubator, accelerator, studio, or any other present virtual organization?
First, the overall quality of these organizations are generally mixed giving various levels of results and outcomes to the startup or early-stage company. There is no national accrediting agency and what associations in existence are self-serving since these groups pay for these organizations’ memberships. Those organizations that are in the top tier are expensive and/or are difficult to join without a previous personally established relationship.
Second, cohorts can exceed upwards of twelve or more companies. With that many admitted each quarter or year, etc. individual attention to class members is nearly impossible to achieve. And individualized attention goes wanting in many instances.
Third, the costs to join are usually expensive from a cash or equity outlay perspective. Add to that the inattention typically paid to the class members come as a shortfall to the class members, who were expecting higher quality, level, and intensity of service.
Compare the above to a privately paid consultant:
First, the client over a series of meetings ( now zoom) gets to know the consultant and his/her capabilities in depth.
Second, individualized attention is always a priority and is a given on a twenty-four seven basis, seven days a week basis, not during the traditional working hours of some larger support organization.
Third, the professional fees are reasonable and tailored to the abilities of the client to pay. Unlike the other early-stage and startup support groups neither the professional services provided nor the consultant fees are a one-size-fits-all case.