Planet Hatch Is A Helpful Partner For A Diverse Group Of N.B. Entrepreneurs
Planet Hatch, a local Fredericton entrepreneurship centre, has developed a reputation for being a helpful partner in the start-up community.
Since its inception in 2013, Planet Hatch has supported 319 new start-ups in 17 different sectors.
“Almost every entrepreneur that I know from the Fredericton area has worked with Planet Hatch,” says Hannah Watson, owner of Snak., a health-based snack food company, and recipient of a Planet Hach loan. “They’re a really great hub in Fredericton to find out what you need to know.”
Planet Hatch is an entrepreneurship centre that supports small business owners and entrepreneurs in all stages with funding, programming, mentorship opportunities, and access to their co-working space located in Knowledge Park.
Watson, whose company has surpassed its revenue goals for the past three quarters, says the support of Planet Hatch has been vital to the start-up’s growth.
In its recently released 2021 Start-Up Diversity Report, Planet Hatch showcases a youthful and diverse entrepreneurial environment in the Fredericton region.
In the past year, the centre has dispersed $385,000 in non-diluted funds to female founders, who make up more than 40 per cent of Planet Hatch clients.
The Start-Up Diversity Report is an annual publication that highlights individuals and firms comprising the Fredericton start-up ecosystem. It is compiled from survey results of 174 business owners supported by Planet Hatch from 2020 to 2021.
“Representation is important,” says Kelly Smith, Manager of Innovation and Entrepreneurial Services at Planet Hatch.
“It’s discouraging for people if you don’t see yourself represented in the market,” she says. “More diversity in the start-up ecosystem gives people the confidence and comfort to enter into the space and grow their businesses.”
In the last year, 65 per cent of Planet Hatch clients were first-time entrepreneurs and 61 per cent of clients were newcomers. Indigenous founders made up 10 per cent of clients and 37 per cent of all company founders were under the age of 39.
Planet Hatch has become an increasingly key player in the regional economy. The centre partners with other organizations to support local business development in all stages. Their partnership with the University of New Brunswick helps support the entrepreneurial ambitions of international students.
“International students play an important role within the start-up community, both by contributing to local firms through experiential learning and pursuing their own entrepreneurial ventures,” says Darcy Crowe, the Experiential Learning Coordinator at UNB’s Faculty of Management.
“Through our partnership with Planet Hatch, international students are able to leverage tailored programming that supports these goals and help to develop pathways to permanent residency in New Brunswick.”
Planet Hatch is also diverse in the sectors it serves. While start-ups are usually thought of as primarily tech businesses, the report showcases a broad-based sectoral representation.
In the past year, the percentage of start-ups in Food and Beverage has more than doubled to 16.5 per cent from its previous seven per cent. Other top sectors included Professional Services (16.5 per cent), Biotech (15.5 per cent), Clean Tech (10.3 per cent), Construction and Transportation (10.3 per cent), and Education (6.2 per cent).
While some business accelerators and incubators focus on a certain industry, such as tech or clean energy, Planet Hatch works with companies from a variety of sectors, offering business counselling and programs for companies at various stages of growth.
Watson says Snak. has continued to grow, in part, because the Fredericton-based entrepreneurship centre knows how to support someone starting a business for the first time.
“[They know] you’re learning how to do this for the first time. It makes something like that so much more significant and gives you so much more confidence,” she says.
Planet Hatch serves clients in three main phases of business development: ideation (38.14 per cent), validation (29.90 per cent), and growth (25.77 per cent).
Watson says Planet Hatch was very helpful in the launch, or ideation stage, of her business with programs that taught her the nuts and bolts of finances and building a business model.
“We help you with those backend skills – business models, business strategy, customer acquisition, and markets,” says Smith. “I’m never going to tell you what to do for product development. You are the expert in your industry.”
Smith says Planet Hatch will continue supporting businesses and entrepreneurs from all backgrounds, in all industries. “We have made progress in diversifying the start-up scene and we hope to see more diversity in the future.”
This story was sponsored by Ignite Fredericton.