Having founded a number of companies over the years, I completely relate to the challenge every fledgling entrepreneur faces - to go at it alone or be a part of a larger group.
Many have done it all on their own and made it big too. For others, being part of a larger team helped them get their idea off the design table faster and better.
If you are deliberating on whether you should reach an incubator to help bridge the gap between your idea and execution faster, here are four reasons to help make up your mind quickly:
1. Enables you to focus on core business matters
2. Incubators offer tangible assistance in areas of business registration, work space, legal guidance among others. Having your business infrastructure in place quickly enables you to focus on core business matters such as product development instead of non-core day-to-day administrative functions.
3. Incubators are particularly good in assisting companies in their infancy. Some newer age incubators also guide businesses through business expansion and go to market support, something that only accelerators did in the past.
4. Your business may offer something very compelling to the target market but your key prospects shy away from working with your few-months-old startup. Being a part of an incubator system can change all that. Customers are reassured and will give you and your idea a shot.
5. Everyone knows how important it is to validate the product with a target prospect extensively before launching it on a global scale. But those who have attempted it will tell you it is both difficult and time consuming. Incubators, on the other hand, facilitate this very easily on account of their extensive connections within the investor and sponsor customer networks. True, learning from mistakes is a valuable experience, but imagine being part of a support system that allowed you to learn from the mistakes of others before you made them yourself!
6. Mentors are entrepreneurs themselves who got somewhere thanks to their personal experiences on the street and not because of some fancy degree or connections. They are not floored by your slick presentations and will not only challenge but help define your vision,strategy and road map.
In the end, whether you go at it on your own or choose to seek incubation support will depend entirely on your needs and future direction.