For every business idea, there is a moment of conception and a moment of birth but in between, there is a phase of incubation. Look at the example of a hen. Once it lays a clutch of eggs, instincts take over. It constantly fusses over them, adjusting them throughout the day and rarely leaving the nest for more than a few minutes. Motherhood is a big responsibility for a young hen—if she’s the least bit neglectful, her babies will never hatch. Or worse, they may hatch with deformities. Entrepreneurship is no different.
For an entrepreneur who has conceived a business idea, it is important to resist the urge to hatch the egg before taking good care of it and making sure it is incubated for a moderate period of time to build the required parts right. For sure, the listed seven paired parts worth building are:
- Market Research & Customer Development
- Naming & Positioning
- Revenue Model & Capital Requirements
- Team & Advisors
- Product Development & Product Proofing
- Legal & Intellectual Property
- Sales & Tractions
Passion needs Support
The number of startups in the World is currently experiencing a boom. There are many opportunities but competition is undoubtedly extremely intense. This is why incubation is necessary. Ideas need time to develop. Many times, you have an excellent business idea, professional website, along with a strong, supportive and powerful team, all ready. Is that all you need now and later? The answer is undoubtedly, No. It’s time for you to search for the “right” incubator and accelerator that will reduce the risk of failure and support you in case you have lost your way. Or at times, it’s possible that you lose interest. Then probably few years down the line, you may come across a successful business that was just what you had thought about. How you wish then that had you pursued your idea a little longer, it could have been you.
Firms are missing opportunities for innovation because ideas fail to get recognized and developed. Well, that’s just what the incubation phase will help you do – Incubation helps bridge the gap between the idea and implementation and hone your idea into a successful startup.
How Incubators Can Help
As the startup ecosystem is gaining momentum, there has been a steep rise in the number of incubators and accelerators across the country and the world at large. There are various incubation centers that cleverly identify a wide range of potential difficulties that startups frequently face and provides the crucial combination of knowledge and resources required for success. If they see that your idea has potential, they will offer you workspace, initial funds, administrative support, and technical support. They will connect you with mentors and also help you raise funds by connecting you with angel investors, VCs, private investors etc. And if you stumble along the way, then rest assured that you will have a lot of helping hands.
In my book ‘FOUND’, several individuals share their success stories on how they went on to transform their unlimited ideas into one sustainable business. RedBus is a great example of a how a company with the right mentorship led to the genesis of one of the most successful ventures in the country. Somewhere in 2006 when Phanindra Sama and his friends approached The Indus Entrepreneurs (TiE) for support to incubate their raw business solution as a venture, it introduced them to their first mentor, Sanjay Anandaram, himself a successful entrepreneur and a seed investor. The first advice he gave to Phanindra and his teammates made a lasting impression on the minds of these aspiring entrepreneurs and led them to build what is now the most viable and hassle-free ticket booking as part of commute services in India.
Another great example is Snapdeal, where the founders often turn to Vani Kola, a successful Venture Capitalist in India. Be it as a tech entrepreneur or as a venture capitalist, they feel there aren’t any other like her.
Like a newborn baby that has to be nurtured with the right food to develop its organs, ideas too need to develop over time to turn into the magic that was once inspired for. Once the idea is placed in the right environment and taken good care of like a child, it grows into one that is healthy and sustainable.
All that being said, incubation will not magically make game-changing ideas happen, even though they can help in a significant way. The hard work that accompanies making change will still need to take place, but by getting off the start line and making positive progress, you’ll already be ahead in the game.
The way ahead is the way to success, keep it growing and keep it glowing…