Benefits of Startup Incubators

Startup Incubators pic
Startup Incubators
Image: fastcompany.com

A graduate of the Owen School of Management at Vanderbilt University, Scott Sohr serves as the president of STS Ventures, a startup incubator based in Nashville, Tennessee. In this capacity, Scott Sohr helps early stage startups develop their businesses and ultimately succeed in fields ranging from health care and homebuilding to technology and finance.

Startup incubators are collaborative programs that provide services such as seed funding, mentoring, training, and workspace. In exchange for these services, startup businesses typically provide some type of equity ownership for the owner of the incubator.

Startup companies benefit from the resources offered by incubators, which often include accounting assistance, legal guidance, and office space. With these essential functions handled by the incubator, entrepreneurs are free to focus on bringing their product to market. Mentorship opportunities at incubators enable entrepreneurs to learn from the experiences of others and develop a sound organizational strategy.

In terms of networking, incubators naturally connect motivated entrepreneurs who wish to make an impact in their respective markets. Indeed, entrepreneurs often end up working with people they meet in incubators later in their careers.

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Built Technologies Connects Banks and Home Builders

Built Technologies,
Image: getbuilt.com

Technology entrepreneur Scott Sohr operates as the president of STS Ventures, a startup incubator headquartered in Nashville, Tennessee. In his leadership role with the company, Scott Sohr has developed a number of successful companies in fintech and real estate, including Built Technologies.

Headquartered in Nashville, Built Technologies enables fast, efficient communication between homebuilders, building inspectors, and the lending bank. Once the application for a home construction loan has been submitted, Built begins assembling lenders, borrowers, and closing companies. Over the course of the project, inspectors can update draw sheets in real time, which are then sent to loan officers for authorization. In this way, the Built platform eliminates some of the most time-consuming procedures in the home construction process.

On average, lenders increase average returns by $2.00 to $2.50 per dollar spent on the Built platform. In addition to increasing administrative capacity twofold to threefold, lenders see an additional 3 to 5 bps of interest income on each loan.

To learn more about Built Technologies, visit getbuilt.com.