Saturday, February 24, 2007

Incubators - are they worth it?

I’m a man of statistics. How many huge companies have come from incubators? Not many (or any that I can think of). Given that the statistics are zero, why would someone want to join an incubator (provided they were accepted)?

Perhaps it’s because the concept is so new that there aren’t really any statistics for it. The concept is quite awesome – you have access to top-level executives and VC’s and you’re given a small amount of funding, all for a 5% stake! I can’t see why it wouldn’t work.

With that said, I’ve filled out an application… I found most of the questions easy – you just have to be honest. If a question is hard, then it could be your business, NOT the question! My only problem was answering questions related to myself. I’m more of a business geek than a programmer; is that acceptable? My education is only high-school; I haven't had the opportunity to go to college (although, I look forward to it!).

Even if we get accepted, I’m not sure that we’ll be able to attend. Again, I’m not sure if not going will hurt our statistical chances of success, but it might. I think as long as you build a good service, make others aware, and build traction that we’ll be able to secure funding – it (almost) always works that way.

So, are incubators worth it? Definitely… but not being a part of one won’t hurt you.

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