Business incubator directors explain best practices
Hi, I just found an interview with some top innovation experts. It is a kind of list of best practices on what works in business incubators.
- Startups need believable and achievable strategies to attract funding, validate markets, acquire reference customers, build their technical and business teams and keep their infrastructure costs low.
- Compelling customer solution first of all
- Not necessarily the best technology
- Drive and intuition of the team is crucial
- They may be young, inexperienced scientists but still you can sense whether they are bringing value to the table
- Objective factors
- Subjective factors
- Three-step selection process: screen out, screen in, validate
- Government support or private money? Why?
- Lean period of prototype and product development?
- Impressed by detailed planning, consideration of alternatives and options, and an ability to consult with and listen to the other stakeholders
- Extremely market-oriented from the start
- Signs a company or project will succeed or is doomed