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Choosing the right business incubator
With the opening of Station F – the world’s largest incubator – last year, there has been quite a bit of talk about French incubators. But how should you choose your incubator, and how can they choose you?
What’s an incubator?
An incubator is a structure meant to accompany project leaders and company creators. Its point is to offer training for entrepreneurs, and have professionals and experts help them through the process of creating a company.
It can also help the reputation of the companies who are chosen by incubators, especially when they’re renowned.
What types of incubators are there?
There are three types of incubators:
- Public incubators, which are accessible to all types of companies.
- School incubators, which only accompany those who study or have studied in the school they’re attached to.
- Corporate incubators, which generally choose start-ups with a similar activity or field to them.
How do you choose your incubator?
There are three main criteria you must take into account when selecting your incubator.
- The nature of your project: it might be worth considering going for a corporate incubator in the same field as yours. That way, they’ll have a better understanding of your needs, and will be able to accompany you better.
- The admission criteria: most incubators have admission criteria. Some of them will only endorse a certain activity, for example. However, nearly all of them will judge the advancement of your project, and how feasible and profitable it is.
- How you want to be accompanied: all incubators vary in terms of how long they accompany you for, how much investment you’ll get, what needs they’ll fulfill, what training they’ll give…
How do incubators choose you?
As mentioned earlier, incubators will also operate a selection. Generally, they’ll have two main criteria: the nature of the project, and what its potential for development is.
As such, having a rock-solid business plan is important!