3 critical challenges your business incubator should solve

first_imgTo develop an idea into a business, incubation seems to be the new industry “normal.” There are thousands of incubators worldwide and each year that number is continuing to grow. There are private, public and corporate incubators, many with a distinct focus on local economies, global, communities, or a specific vertical.At this point, it sounds like variations of ice cream. Over 9,000 flavors, all around the world. If there’s incubation happening, it’s because there is a demand from companies, and because the companies that incubate probably accelerate beyond their competition.Incubators originated in New York during the late 1950s as co-working spaces offering affordable office space and shared resources to local entrepreneurs. As they evolved, incubators began providing mentor advice in the mid-1980s. By the mid-2000s we saw explosive growth when a new wave of incubators including 500 Startups, Techstars, Y Combinator all provided access to exclusive networks and investors.Combined with crowdfunding, incubation is now seen as the royal path towards venture capital investment. Going down this path will provide you with a cheaper and faster route to a successful round of financing.All is sound and clear. Or is it?Let’s take a step back and start with what it mean to “incubate.” To incubate means “to cause or aid the development of an idea.” Notice, that a company’s stage is not mentioned in the definition. More recently there has been a pushback on joining incubators due to a feeling to late-stage for them. But as entrepreneurs, we always need support and to be incubating what we do. Incubation plays a significant role in the developmental success of our companies.Now back to the why. Over 90% of startups will fail to make it past their first round of financing or being able to generate revenue. Only 10% have a chance to survive beyond and push forward on developing a company; a chance, not a guarantee. Today ninety percent is high, but we can see that number decline as more entrepreneurs take advantage of programs like incubators.But to do so as entrepreneurs, you need to be aware of the drawbacks with current structures of incubation programs.#1: PaceTraditional incubation programs today can be long and drawn out, lasting anywhere from 4-12+ months. During that time you’re left on your own with little action in between. This duration provides a disservice to the entrepreneurs involved by not helping them quickly validate their idea early enough so that decisions can be to more forward or pivot to another direction. Instead, this crawling pace encourages slow company growth and development leading towards a higher likelihood of failure.#2: AttentionMost incubation programs today work with a cohort size of 50-100+ startups. This is in part due to the nature of how they generate revenue (yes, they’re a business too) have to bet on a large number of startups to ensure they see a profitable return. Which means you become a number. Sadly, this is a structure built for fast winners, and everyone else falls between leaving you on your own, little personal support, or being given a helping hand.#3. NetworkThis is what most entrepreneurs fail to truly capitalize on while a part of an incubator program today. Good programs survive and thrive on their strong networks of mentors and investors who each have given their time and resources for support. But most programs fail to help entrepreneurs understand the network’s value and entrepreneurs fail to capitalize and to build meaningful relationships with those inside the network. This leads to a higher chance of failure because when trouble arises entrepreneurs look back for attention from their program or hesitate on a pivot and take instead are on the path of a slow death.Introducing the Alpha incubator programNow almost forty years after the first incubator launch, we enter the fourth wave of incubators with a new program that is truly supportive and begins to stack the deck back in favor of entrepreneurs. Welcome the ReadWrite Labs Alpha program.The Alpha program is built with the sole purpose of providing the initial support to entrepreneurs who are getting started, a little stuck on their next step or looking to enter the San Francisco / Silicon Valley ecosystem. Alpha’s focus is on Internet of Things (IoT) startups and provides office space in downtown San Francisco along with access to an exclusive global network of mentors, investors and corporate partners. The program is three months in duration for $2,000 USD and has been designed with data from working with over 100 top global IoT startups. No matter your stage, if you’re looking for support or growing your network strategically–and you want to be at the center of the action–join Alpha today. Kyle Ellicott How Myia Health’s Partnership with Mercy Virtua… Tags:#featured#incubation#Internet of Things#IoT#ReadWrite#startups#top Follow the Puckcenter_img Why IoT Apps are Eating Device Interfaces Related Posts Internet of Things Makes it Easier to Steal You…last_img read more

Petra Kvitova feels a winner, despite Australian Open pain

first_imgRegardless of the result, what Kvitova calls her “second career” post-attack is back on track.She put together an 11-match winning streak on the way to the final, including a title in Brisbane, and did not drop a set on her way to the decider at Melbourne Park.Her run to the final will lift her to number two in the world rankings, behind only Osaka, equalling the career high position she reached after winning her first Wimbledon title in 2011.Such a comeback appeared unthinkable after the December 2016 attack.Australian media this week published gruesome photographs of her injured hand, with the flesh sliced open and the tip of the index finger almost cut off.She said she did not know if she would ever hold a racquet again.“It’s not 100 percent and never will be. It’s just how it is,” she said.“I’m just trying to take maximum from the minimum. I feel great. I’m playing great tennis. I don’t think that I could really imagine at the time being this kind of player again.” The Czech said she had her chances against Osaka and the 2hr 27min final hinged on a few key moments.She was unable to convert five break points in the first set but forced a tie-break, only for Osaka to run away with it.Kvitova then summoned her renowned fighting spirit to survive three championship points as she trailed 3-5 in the second, forcing a decider.“I was thinking that if I turn it around, probably (momentum) it’s on my side. In the end, it wasn’t,” she said after Osaka rallied to take a decisive break in the third set.“I don’t think I played really badly, but I just maybe could have gone a little bit more aggressive one or two rallies.”ADVERTISEMENT Doctors had given her only a 10 percent chance of returning to the sport and Kvitova said reaching the final of the season-opening Grand Slam was an achievement in itself.“It’s hurting a lot today, I wanted to win and have the trophy,” the 28-year-old said after the 7-6 (7/2), 5-7, 6-4 defeat.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSUrgent reply from Philippine ‍football chiefSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool stars“But I think I already won two years ago. So for me, it’s crazy. I can hardly believe that I just played in a Grand Slam final again.“I’ve been through many, many things, not really great ones.” Don’t miss out on the latest news and information. Sports Related Videospowered by AdSparcRead Next Palace: Duterte to attend Asean Summit in Bangkok but with ‘spacing’ PLAY LIST 01:09Palace: Duterte to attend Asean Summit in Bangkok but with ‘spacing’04:11Robredo accepts Duterte’s drug czar post appointment04:11Robredo accepts Duterte’s drug czar post appointment02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Private companies step in to help SEA Games hosting Oil plant explodes in Pampanga town Petra Kvitova of the Czech Republic speaks at a press conference following her loss to Japan’s Naomi Osaka in the women’s singles final at the Australian Open tennis championships in Melbourne, Australia, Saturday, Jan. 26, 2019. (AP Photo/Mark Schiefelbein)Comeback queen Petra Kvitova said she was hurting but still felt like a winner after going down guns blazing against Japan’s Naomi Osaka Saturday in an epic clash for the Australian Open crown.The Czech two-time Wimbledon champion overcame incredible odds to even play tennis again after a knife attack damaged her racquet hand in late 2016.ADVERTISEMENT Possible clash vs Demetrious Johnson fuels Adriano Moraes’ fire Oil plant explodes in Pampanga town LATEST STORIES Grace Poe files bill to protect govt teachers from malicious accusations Lacson backs proposal to elect president and vice president in tandem MOST READ US judge bars Trump’s health insurance rule for immigrants ‘We are too hospitable,’ says Sotto amid SEA Games woes SEA Games hosting troubles anger Duterte View commentslast_img read more