3 Lessons Learned from Batch 3 Incubation and Acceleration
When we started the competition in 2013, we ended with 690 applications, then in 2014 we had 630…but in 2015, it was a staggering 1,028! We were quite surprised with the number. Despite a longer application form, we got more than what we expected. With this number of applications, we had to dedicate more time to the selection process. After a four-stage selection process, by June 5, 2015, we had a new batch of startups who took their idea to the challenge.
Halina’t Bumasa: a learning app for toddlers that fosters love for learning and Filipino culture.
FrontLearners: a ready-to-use cost effective e-school-in-a-box with interactive K-12 lessons that can be used even without internet.
Heat Stress Analyzer: an IOT sensor and app that helps farmers maximize their yield through advanced monitoring and analytics of crop condition.
Zinergi: an on-line matchmaker of brands and events for event sponsorship that allows easier and optimized partnerships through advanced analytics.
Vinteo: a video analytic company specializing in automated, accurate and cost effective video and image analysis.
CROO: a wearable safety button that informs your loved ones about your location during an emergency.
Just Go: transforms public utility tricycles into hybrids through an economical conversion kit.
Stream Energy: helps buildings produce hydroelectricity from their own tap water system in order to save on energy costs.
FAME: makes air and sea travel safer through an affordable and easily deployable general aviation and maritime transponder and gateway.
Flexstrap: a universal pipe fitting that connects water service applications through its flexible design.
All these 10 teams survived the rigorous four and a half months of our program (18 weeks of life in a pressure cooker). We held a successful Demo Day on October 24, 2015 which was attended by various sectors of the tech ecosystem. It’s been 3 months since Demo Day and we are glad to see them learning how to survive without us and have been tirelessly hustling after Demo Day.
As I look back, my list of lessons learned from supporting technopreneurs through their journey keeps on growing. Here are a few lessons learned from Cohort 3, Batch 2015:
Lesson1: Make sure you know your business partner
The effective teams were those who knew each other for quite some time. They were the ones who have worked together on other projects equally as nerve wracking as the IdeaSpace Acceleration program. They know how each one’s weakness is complemented by the other’s strength. Some people are good at being at the frontline, they can talk to the customer, they can get insights, but many times it is a challenge for them to build the product. It is usually the quiet ones who can execute on the latter. It is not only important to have complementary roles, but complementary personalities too. It helps that a team takes a personality test and compares results. A lot of times, it helps them understand the way each one thinks and accept the way their partners think and conduct themselves. Doing a startup together is like going into marriage. You have to accept each other if you want peace. There will always be conflict in the journey, so the earlier you know how to deal with each other, the more you can achieve as a team. I will write a longer article on this one of these days, complete with anecdotes — when the time is right.
Lesson 2: Know your why’s
It is very important to ask ourselves why we do what we do. One of our teams was encouraged by their company to enter into the competition. Then upon making it to the top 10, they started to doubt why they were doing this. Why exchange a comfortable job as an employee for the chaotic, uncomfortable world of entrepreneurship? If teams who joined our competition, knew from the start WHY they wanted to do this, they would have achieved more during the acceleration period. It’s a short 4.5 months and it’s a pressure cooker environment. If a team is bothered by their whys, they’d have a heavy load that should not have been part of their acceleration back pack. The team I’m talking about recovered and realized a lot of things — after 2 weeks. They lost 2 weeks of the precious 18 weeks! They could have done more.
I’ve also observed that the teams who had the best insights on product, customer and business were those who asked a lot of questions. They were not afraid to ask their customers why-why questions. They were also not afraid to ask THEMSELVES questions about themselves. They had no fear to delve into the sensitive matters.
Lesson 3: It helps to stay under the radar
I’ve seen so many teams (IdeaSpace and non-IdeaSpace teams) go out in public through traditional media, digital media, social media, startup events, etc. — prematurely. Teams who come out in public without a working prototype, are highly likely making promises that they may not be able to keep. At the very least I would advise teams to stay under the radar until the team has a minimum viable product that they are confident about. To quote one of our startups, Joshua dela Llana, “Can you ship a product and let it stay in the customers hands for a week without any incident?” I prefer that teams stay under the radar until they have paying customers. That’s just my opinion. At IdeaSpace we can only suggest when to go or not to go out in public.
