Designing and running a business incubator is no easy task. Yet, startups from Singapore to Nigeria to Boston are being actively recruited with promises of funding, advice, free working space, and great networking opportunities. Although the service model varies greatly based on geographical location, company stage, industry focus, and even compensation model, incubators have gradually become ubiquitous in a new reality where both private and public stakeholders see startups as a panacea for job creation, economic empowerment, and profits.
Although there is no formulaic approach to running a successful program, and the ability to adapt on short notice is key, we do see some very strong success factors that we believe position an incubator for the greatest impact:
- Choose a Governing Philosophy
- Provide Ample Opportunities for Feedback
- Plan Social Interactions and Fun
- Talk Less, Do More
- Assign Each Startup a Personal Coach
- Offer Flexible Working Spaces
- Find Great Partners
This upcoming week is Election Day and I thought it was only right to do something focused on winning and...