Business incubators are an appealing option for entrepreneurs who want to move fast and get the right level of support while they grow. And, as it\u2019s estimated that 90 percent of new businesses fail<\/a>, an incubator can give you the best chance of not only surviving but thriving. Incubators or innovation programs can include state-funded projects that promote entrepreneurship, usually in technology-related fields.<\/p>\n Another model is an incubator based inside an established organization that can offer expertise in a related field, like the Kaspersky\u2019s Innovation Hub<\/a> for breakthrough ideas relating to information security, or The Foundry<\/a>, an innovation investment and partnership by global consumer goods giant Unilever. These internal company incubators can give you significant expertise to get your products to market, with a strong potential for the incubating company to become your first big customer.<\/p>\n So you\u2019ve found a scheme that fits your business ambition. What next? Well, you need to make a successful application. I\u2019ve read hundreds of applications for our incubator, so I\u2019ve noticed why some succeed and others fail. Here are seven things not<\/em> to do during your application.<\/p>\n Many projects at their initial stages focus almost entirely on tapping their home market, but give little thought to starting out or expanding in an international market. Joining an incubator outside of your country of incorporation can yield many benefits down the line for your market expansion, as you\u2019ll become more familiar with the needs of different markets beyond your own doorstep.<\/p>\n You first need to understand which markets the product is best suited to, and only then take your offer to an incubator in the appropriate country. This will substantially increase the project\u2019s chances of finding support and getting the investment.<\/p>\n For instance, I know an Italian start-up project that recently applied to a Spanish business incubator, because the project already had an audience in Italy but was looking to expand into Spain.<\/p>\n Before approaching an accelerator, business incubator or venture fund, you should find out as much as possible about it to make sure your project is relevant. These organizations have their own specific profiles and focus on certain industries. From the numerous conversations I\u2019ve had with investors, I can say that start-ups who don\u2019t do their homework end up making a very bad first impression.<\/p>\n For example, start-ups have approached our incubator with offers to develop a product or service that has absolutely nothing to do with our focus on information security.<\/p>\n A balanced start-up team must have both developers and people who will concentrate on promotion and sales. Technical resources alone are not enough to succeed \u2013 business development is equally important.<\/p>\n And all the team members must be able to promote their idea or product. What\u2019s more, every team member needs to keep in mind that they\u2019re creating a product that\u2019s going to be sold, so it has to meet the needs of its target audience.<\/p>\n We often see start-ups approach us with nothing more than an idea \u2013 no business plan whatsoever. My team has to work out how the idea can be sold, what channels to use and who their target audience is. That\u2019s why I recommend writing a business plan or a business case to make it easier for an incubator to evaluate your idea and the potential opportunity.<\/p>\n1. Don\u2019t just focus on your home market<\/strong><\/h2>\n
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<\/p>\n2. Don\u2019t knock on the wrong doors<\/strong><\/h2>\n
3. Don\u2019t forget how to sell yourself<\/strong><\/h2>\n
4. Don\u2019t present an idea instead of a business plan<\/strong><\/h2>\n