Published on August 31st, 2020 | by Sunit Nandi0
4 Things You Should Know Before Joining a Startup Incubator
Starting, running, and growing a business isn’t a walk in the park. Often, entrepreneurs hit snags that ultimately derail their progress, at times, forcing them out of the competitive market. As such, you need to do what it takes to ensure that your idea doesn’t succumb to such forces, and among the most practical solutions is joining a startup incubator. Incubators support fledgling businesses and startups in various ways, providing a platform to accelerate their development. Joining a startup incubator is an incredible decision; however, you need to consider a few things to ensure you are on the right path. Here are a few pointers to help you make a sound decision.
Research the incubator
While startup incubators offer a range of benefits, not all are created equal. Before joining an incubator, therefore, you need to dig a little deeper to establish the services and resources offered to ensure that it is a package that matches your requirements, as well as the costs involved. For instance, you might be swayed by the capital a startup capital offers, only to realize that the program is a waste of time. It would help if you choose an incubator with enough and experienced mentors, in proximity to your location, and whose program offers a lot as you strive to navigate the business world.
While researching the startup incubator, talking to a few alumni would also be a great way to learn more about the experience. This will help you establish the incubator’s reputation and get an idea of what to expect from your engagements.
Prepare your team
Your team is an integral part of your business. Preparing the team as you join a startup incubator is essential, noting that the experience could redefine your business, setting you on a clear and more feasible course. With your team on board, you stand to gain a lot as they are more likely to actively participate, easing your quests to build a bigger and better business.
Develop a strong pitch
Startup incubators receive numerous applications. Therefore, your pitch is a key element that differentiates your application from the rest. While drafting the pitch, don’t focus on what you need but also a demonstration of how your business will succeed, as incubators want promising ventures. Incubators are businesses looking for a return from the equity stake they get from your business. As such, if your pitch is convincing and establishes that you are a doer, you can stand out and join the program.
Know what you are ready to give
Startup incubator programs aren’t free. You’ll have to incur a cost, typically a stake on your company’s equity. Before diving in, knowing what the incubator requires and ascertaining that it is in line with what you are willing to give is essential. Understanding the fine print goes a long way in ensuring that you enjoy a seamless experience without concerns such as last-minute shocks as you realize you are giving a lot more than you are ready and willing to offer.
Startup incubators offer an incredible opportunity for your business to take off, avoid certain mistakes, and fund your startup. However, due diligence is advised to ensure that you choose the right startup incubator as per your requirements, noting that they are not all the same.