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MenuWhen and why should one apply to an incubator?
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Look at your peers and the people involved in the incubator. If networking with them enriches your venture and helps you out, then it's a good idea.
That's the way you decide on an incubator or a coworking space. An acceleration program, though, is a whole different monster.
I don't see what value you offer or will derive from an incubator. It sounds like you either need to decide what you want to do or talk to someone to help you. If you've got something simple that's making money, you probably just need to market it more and don't need anyone else involved. I'd be happy to talk to you about refining your approach and figuring out a plan.
Incubators differ from Accelerators in that they they are not focused on proven businesses looking for next stage of growth. However, it is important to shop around to ensure the incubator meets your needs as a new startup. You can get tunnel vision if you are still in the formulation stages of your idea and not consider wider opportunity. Incubators can also help you pivot as you get the mentorship and access to the local network available to you to bounce your idea, business case and investment planning off experts.
Once you have the idea decided, bounce it off some of your network first and get a wireframe plan together on how you think you should proceed. You will then have a better idea of the type of incubator you need based on the vertical, geographic location and group of mentors available.
If you choose to build the product ahead of time then you should also consider accelerators which help you move to the next stage of growth.
1. A great idea can be started with just S$10000 in hand.
2. If your idea is worth a value today, don't wait for it to be successful. Most idea's fail because the timing is wrong. I suggest you should try to pitch the idea even when you are busy with the freelancing jobs in hand.
3. Incubators help get the idea validated between its peers. It also helps you feel comfortable to share the problems and find solutions together. Remember, incubator is like a great team of founders working together.
4. A good incubator would expect you to come with a team, now the best team size can be 2 people. I believe you can find someone who shares your vision and is able to join you to be part of a incubator.
I recommend going into an incubator or accelerator when you have a team and an idea, or company already started.
My company went through the Capital Factory accelerator in Austin, and having access to the network of investors, mentors, peers, and resources was absolutely worth it.
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Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
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I have this social media idea,but no coding skills. How do I get someone to do the coding (cant afford to pay them) and not give away half of my idea?
Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.DB
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