By Noor Abdel-Raziq, RIC Centre Communications Intern
You have that great idea, that great business, that great team, and now you need to get into that great incubator. Incubators provide startups with valuable networks, workspace, advisors, funding resources, and much more. Startups, much like yours, benefit from what incubators have to offer. To help you get into an incubator, here are some steps you can follow:
1. Get in Touch
Visit the incubator’s website and social media pages to find out when events are happening, who works there, and who their alumni’s are. Now that you have that down and know who you want to talk to, attend some of their events and start networking. Become familiar with their environment and people. This will not only help you in your application, but will also give you a sense of whether or not this incubator is right for you.
2. Tell Your Business Story and Make It Compelling
When applying to an incubator, you need to know how to sell your business. Figure out a short, yet interesting way of describing what your business is and what value it brings. Think of this as the common interview question you’d get, “Tell me about yourself”, and replace “yourself” with “your business”. It’s all about your message and how you brand yourself and the business.
To help you master your story, here are 5 tips to digital storytelling. Looking to build your value proposition? Check out this great article on how create a compelling value proposition and subsequently, develop a business model for your startup.
3. Prove That Your Business is Worthy
What sets your business apart from the others? Show and prove the demand your business has. This can be done through research (primary and secondary), through previous sales or pre-orders, and through numbers that showcase consumer interest.
An important part of your business is your team. Present your team and highlight the skills and expertise that prove that they’re capable of executing and building the business. A strong team will add to your credibility and business worth.
4. Get Ready for The Interview or Pitch
Don’t be surprised when that call or email comes. Be prepared for it. Have your pitch ready, your documents, your numbers, your business model, your value proposition, and everything else in check. If you’re well prepared, you’ll avoid screwing up your call or interview due to missing information, scrambled thoughts, or nervousness.
It’s a complex and exciting thing to be an entrepreneur these days, but there are plenty of challenges that go along with this lifestyle. Check out RIC Centre’s Top 10 Tips for Beginner Startups.
5. Try Again. Be Persistent.
If you fail on your first attempt, apply again when applications open next. Learn from your previous attempt and do an even better job this time. Most importantly, don’t let rejections or failures bring you down and instead let it push you forward. Keep applying and perhaps the next available incubator space will be yours!
The question remains, are you ready to begin applying to incubators? If yes, then we have an opportunity for you. We are currently accepting applications for the next set of entrepreneurs who want to join our incubator. Check out our incubator benefits and learn how to apply by visiting our page. Time is ticking and you don’t want to miss our December 15th deadline. Get started now!