Business incubators are programs designed to support the successful development of entrepreneurial companies through an array of business support resources and services. So how do you get into one?
Have a strong team.
- Make sure your team has plenty of passion and life experience. These are actually more important than education when it comes to building a driven, goal-crushing team that investors will be interested in.
Expand your network.
- When at all possible, form a connection with an individual within the incubator program for a personal recommendation. Contacts are the foundation of any business, so the more you have, the better off you will be.
Focus on traction over a business plan.
- If you have already gained traction with your product, then your business plan becomes more validated in the eyes of investors. A period of 3-6 months of rapid development is ideal to gain preliminary product traction. This way, when it comes time for the demo day in front of investors, you have something to show for yourself above and beyond an idea on paper.
Choosing the right team members, networking as much as possible, and having a product with traction are all sure-fire ways of improving your odds of getting accepted into an incubator program.
Dinesh Moorjani, founder and CEO of Hatch Labs, gives insider tips on breaking into an incubator.