FEEDBACK ON MY FIRST EXPERIENCE IN AN INCUBATOR
The reason I haven’t been writing lately is pretty obvious. I’ve been busy. Busy attending classes, doing the homework and progressing on the project for which I started an incubation program almost two months ago.
Actually I’m only at the pre-incubation phase. It consists on a set of courses about all the concepts that are necessary for an entrepreneur to grasp, plus hours of practical case studies and application to your own project. Your ideas and hypotheses are challenged by peers and by coaches and mentors who have been there and done that. Make sure you check your ego at the door before you start such a program, your project, as you built it before, has a good chance of being completely shaken.
So, what’s my two senses about incubation and why am I writing this? First of all, I have heard a lot of Wantrepreneurs doubting what an incubator could bring on to their project. Given the fact that entrepreneurship has become an industry and accompanying entrepreneurs is a real business, they have a hard time distinguishing charlatans from those who make you pay to actually bring something valuable to the project. Also, for those lucky or savvy enough to already have the human network, the financial reaources and the methodology and strategy they need to bring their idea to life, this seems like a waste of time.
I had my doubts as well before I started. Because I had been brainstorming on the idea for months and I was able to more or less explain it to people in a way that would interest them. I had two mentors with great accomplishments and different spectrum who I could turn to for advice or strategy, or even possibly to find the right contact. I had some savings to invest… and I had time. What I didn’t have was methodology. I didn’t have the list of steps to go through and more importantly, their dependencies. I was doing everything at the same time without really gaging what a change here would impact there. My time was not really well spent. And being alone on the project, I had lots of lapses in motivation and engagement, working from home with all the distractions that it supposes. I had a general idea of what to do, but I didn’t have the details of what each task consists in.
As my project itself has to do with accompanying wannabe entrepreneurs, I also had to build a consistent network of creators that I could have conversations with on a daily basis and that I could observe to understand their needs and find how to address them. I chose to attend an incubator for all these reasons (plus obviously the fact that you can profit from their extended ecosystem, their partnerships with big companies, schools, research labs and financers).
Not to say that it’s absolutely necessary to go that route, but it was my solution. And I don’t regret it so far. And trust me, there could be room for backing out of this after a mid term jury that lets you know that you haven’t fully understood your market and expressed an undeniably strong value proposition for your project. This was said to me last week.
The bottom line is, either you want to hear such comments on your conpany early and from several people whose expertise you can trust. Then you can prepare a better product or find the right market fit or business model before you actually make the jump. Or, you are part of those who jump and figure out how to fly while airborne. Certain people can really develop themselves, learn on the fly and adapt to the situation without studying the theory of the matter in place. I find this fascinating but I am not one of them. At least I did not want to be for this project.
I chose the first proposition and so far I am really happy about it.
I wrote this article to share my first impressions about the process of incubation and what it brings to a first-time entrepreneur. Why did I choose to go that route and what it has got me so far. I believe the decision between being accompanied or not in the process of building your company is a very important one. In France, studies show that entrepreneurs that are part of an incubator or state program that follows their project, have a 50% better chance at success than the others.
Feel free to comment if you want to add or discuss anything on this topic. I also have bibliographic references that I can share. Clap if you appreciated the reading.
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