How to achieve incubator readiness?03.06.2021
A number of new, vibrant start-ups joined the Incubator in the latest round, among them could grow the next Estonian unicorn. Those interested can join the program at the end of the summer. Before that, however, a lot of preparation needs to be done and it is worth starting early. So here are some tips on how to get your company ready for the incubator.
A business idea is the basis of your company, from which everything starts to branch. The germs that effectively solve a certain problem grow rapidly. If you just have a cool idea of what a company can do, then look for your solution to the problem, not the other way around. It makes more sense to start with a problem and find a solution to it.
Once you’ve found a good business idea for yourself, it’s important to validate it. Tell potential customers and investors about your idea. As you interact with others, your idea grows stronger.
It is also important to keep in mind that your business is scalable. The number of hours you work cannot be proportional to the growth, the work done must bring growth many times over. Think about whether your idea is scalable and internationally necessary. It is worth dreaming big here, but still finding a definite focus for yourself. You may have a plan to occupy the market, but it is wiser to first solve the problem for a certain niche and then expand.
It often seems safe and logical to embark on a journey of budding with friends. After all, we generally know our friends well and know if they could be prepared to take on such a challenge. In this case, however, it is very important to keep in mind the skills and background of the team. A situation where the team is made up of people with similar skills, experience, and qualities must be avoided. Therefore, it may be wise to find teammates outside the circle of friends. Useful acquaintances are easy to find when you participate in various startup community events, bootcamps and hackathons. If you want to get to know them better, keep an eye on Tehnopol’s channels and subscribe to our newsletter, where we share information about exciting and important events.
Starting a start-up company puts people to the test, which is why the team members’ faith in the business idea is the most fundamental. If a team member does not believe in the idea and the ability to solve the problem, then the motivation to contribute to the company also decreases. This is especially important in the early days of a business when most of the work is air-based.
Creating a prototype may not be easy, so we are a good partner of Tehnopol to help teams reach their first working prototype. The winner of the Prototron competition will receive a shortcut to the Startup Incubator.
Why a Startup Incubator?
Of course, every start-up has a different approach to success. Some are interested in a short incubation program, some want to try their hand at entrepreneurship at all. Our incubator is characterized by a more comprehensive approach, where during the six-month incubation program, a practical training series is covered alongside a dedicated key mentor, covering topics from law to marketing. Participating in the incubator helps entrepreneurs to avoid penalties so that the company’s operations run more smoothly.