The Business Incubation Group Inc. Launches in New York City, Providing Critical Start-Up Support to Entrepreneurs

Business Wire, June 14, 1999

NEW YORK--(BUSINESS WIRE)--June 14, 1999--

Offers Full Range of Services to Entrepreneurs, Including

Intellectual Capital, Business and Operational Resources, and

Access to a Network of Angel Investors

An exciting organization dedicated to helping entrepreneurs build successful businesses, opened its doors today.

Located in New York City's booming Tribeca district, The Business Incubation Group Inc. (B.I.G.) will assist new businesses navigate the start-up process and move through the various critical stages involved in the evolution of a company from concept to launch and beyond.

With B.I.G.'s guidance, the start-up businesses will avoid many of the pitfalls often encountered by entrepreneurs. A survey by the U.S. Small Business Administration cited inadequate front-end planning, insufficient capital for start-up and back-up and inexperienced management as the most frequent reasons why small businesses fail. B.I.G. founded and led by successful entrepreneur, Steven Massarsky, provides the business expertise to overcome these obstacles.

Mr. Massarsky believes in the statement, "entrepreneurs should not confuse a clear vision with a short distance." B.I.G. will provide strategic counsel, hands on guidance, infrastructure and operational support (including accounting, HR, IT, and administration,) marketing (including branding and communications) and research. "I've assembled a core team of seasoned professionals that have proven track records in their respective careers and represent a unique blend of talent and personalities," said Massarsky. "That, combined with B.I.G.'s network of contacts, consultants and potential investors, will contribute to the success of the companies we incubate."

In its Tribeca location, B.I.G. offers low-cost office space to the businesses it incubates, if required. Massarsky says he has "established a highly creative, free-flowing environment to work in that will foster excellence and success."

B.I.G. president and CEO Steven Massarsky has years of experience managing talent and has launched and run successful companies. "By turning my attention to entrepreneurs," says Massarsky, "I am essentially doing what I have always done, managing talent." In this case the talent are entrepreneurs with brilliant ideas, and with the help of B.I.G., the ideas will grow into vital enterprises.

The chief currency of B.I.G. is the flow of creative ideas. B.I.G.'s management team reviews business concepts and looks for the unique merits and potential for success of each idea and the enthusiasm and passion possessed by people behind the idea. B.I.G. does not limit itself to specific industries. However, the knowledge base the B.I.G. team possesses in a particular area and, as an extension of that, the added value they believe they can contribute to the business and its ultimate success, are also part of the evaluation process.

Another important feature of the Business Incubation Group is the network of "angels," or private investors/advisors; it has assembled to provide essential funding and thought leadership to the incubated companies. Companies in development by B.I.G. will have the opportunity to present their ideas to angels for potential funding. Individual angels then choose companies in which to invest. Incubated companies can also seek funding from outside sources.

More about Steve Massarsky:

His background includes working at a high-level on major political campaigns; managing the careers of such musicians as the Allman Brothers and Cyndi Lauper; and practicing entertainment industry law (clients: Leonard Cohen, Nintendo, Aerosmith, Cabbage Patch Kids). Mr. Massarsky also founded and grew Valiant Comics into the third largest comic company behind Marvel and DC. He later sold the company to Acclaim Entertainment. Massarsky holds an A.B. in political science from Brown University and a J.D. from Rutgers University School of Law. He is on the board of The Brown University Entrepreunership Program and a frequent guest lecturer to the university's young entrepreneurs. Massarsky is also a member of the California and New York Bar Associations and the Brown University Sports Foundation.

Business Incubation Industry:

Business incubation is a dynamic process of business enterprise development. Incubators nurture young firms, helping them to survive and grow during the start-up period when they are most vulnerable. According to a study conducted in October 1997 by the University of Michigan, the National Business Incubation Association, Ohio University and the Southern Technology Council under a grant from the U.S. Department of Commerce Economic Development Administration business incubation support programs for entrepreneurial firms have impressive, measurable impacts on the companies they serve.