🔍 How to Decide Between Incubation or DIY...

4 Questions to Ask Before Choosing an Incubator Program.

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OK, you’ve got your killer idea. And it’s the one; huge potential impact and worth doing properly. Now how do you dot all the i’s and cross all the t’s to build it into the Unicorn you know it’s meant to be – taking into consideration how much support South Africans generally give to new businesses…

Inevitably, the question arises: Should you apply at an incubator to build this right?

4 Questions to ask yourself re prospective Incubator programmes

1. What resources are you actually gaining? Can you get an actual list, like who the mentors are, and what businesses they built? Who is in the network, what industry are they in?
   
   Is there seed capital involved, how much? Are they giving you office space? Are they supplying you with equipment? Does the incubator have access to a massive community/user market that you can tap into and get your first 1’000 clients? Etc.
   
   Getting really rands-and-cents about the actual value of what you’re buying into should facilitate your decision. (And, yes, it’s your business, so you absolutely can “be like that” – in fact, it's probably a good sign.)
   
2. How many successful startups have they created? You know, a list of alumni. You want to see a good few of the last few years’ top startups on there. Guys that clearly came out of the woodwork and are now killing it – if that’s what the Incubator delivers, then that’s where you want to be. And not deliver as in raising money or winning pitch events, building successful businesses.
   
3. Is it a fixed-schedule programme? Because if it’s a fixed schedule of classes to attend, then how on earth can you be sure that day’s topic is what you and your business need right then, at that exact time? These programs tend to waste a lot of time on the right stuff at the wrong time. Find an incubator that has a pragmatic program.
   
4. Is this what your business needs right now? Again, incubators supply network, mentorship, guidance, structure and accountability. And, though every business needs those things, the question is what does your startup need right now? If yes, then it’s time to grow.
   

Psst… we’re doing a podcast with Savant Accelerator founder Nick Allen in a week’s time over at How Would You Build It. If you have any questions for him, hit reply and we’ll make sure to ask him…

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