Pick The Right Incubator For Your Startup

Entrepreneurship has entered a golden era lately with startups thriving all over the world. The massive increase in startups also brought a massive increase in the number of incubators and accelerators in the startup ecosystem. The Global Report for 2015-2016 developed by the Global Entrepreneurship Monitor, estimates more than 100 million new business are being launched every year.

The dream goal of every entrepreneur is to put the possible version of their product or service in front of the consumers. While the startup might have the right idea they might be missing the correct resources and guidance to reach the end goal. This is where incubators and accelerators can help the startup. That being said, it is also very important to choose the right incubator program. We’ve compiled a list of tips to help you choose the best incubator program for your startup

1. Thorough Research
While there are many incubators out there ready to help your startup grow, each incubator varies from the others based on the services and resources they provide. A two fold research is therefore very necessary before deciding on a startup. First, find out what kinds of services and resources are necessary for the startup and what is lacking in its development. After finding out what the startups want, research whether the incubator with which you wish to join hands, provides the necessary resources and services. Joining an incubator for the sake of joining a startup incubator will get the startup nowhere.

2. Incubator output and track record
Make a list of companies that worked with the incubator and check to see how the incubator program helped the startup grow. Research the success stories and maintain a track record of the startups working with the incubator. If possible even speak with the alums and the entrepreneurs who have benefited with the incubator program. Collect as much first hand data as possible to make an informed decision.

3. Terms and Conditions applied
Don’t gloss over the terms and conditions applied by the incubator program. Check and double check the conditions you will have to work with, clarify the small points and read the finer print. Go through all possible scenarios that might affect the company in the long run and make sure you’re covered in the event of a crisis.

4. Mentorship and backup plan
Choosing an incubator is like choosing a graduate college. Apply to those incubators whose mentors have first hand experience in the startup world and therefore can guide you right. It is also very important to have a backup plan in place as even the incubators screening process is also detailed.

5. Government Schemes
With the steady increase in startups around the world, a lot of government organizations have also started multiple schemes to help these companies. Before looking for private incubators, find out if there are any government schemes readily available for you to access and use. Using a government incubator will also have other benefits along with good mentors.

If you’ve used the help of an incubator for your startup let us know the pros and cons of using incubators in the comments section below. You can also write us your success stories at info@startupstory.in