Karen Cashion is President & CEO of Tech Alpharetta, located in Alpharetta, Georgia.
Many factors contribute to the ultimate success or failure of a startup. I’ve observed that quite a few of these factors depend on the founders themselves. Founder experience, determination (grit) and financial resources play a significant role. Access to ecosystem resources can also be critical.
Over the past eight years leading Tech Alpharetta, I’ve heard time and again from our new members that they join an incubator for its resources, programs and potential connections. Their instincts are spot-on since membership increases their likelihood of long-term success. In fact, 87% of startups that are incubator members are still in business after five years, a number which is almost double that of the survival rate of startups that are not incubator members.
However, tech founders are, necessarily, laser-focused on building the new technology that will become the foundation of their companies. This development process can be all-consuming, leaving time for little else. In addition, founders who have left full-time work to focus on their startup may be in a time crunch, trying to build and go to market before their funds run out. Making the time to attend a workshop or to hone their investor pitches may feel unfeasible.
Simply joining the incubator is not enough.
Engagement and utilization of the many resources offered are key to enhancing growth prospects. In addition to workspace, many incubators offer mentoring, educational programs, coaching, and introductions to investors, industry executives and other tech ecosystem resources.
Carving out time to leverage these offerings can be a potential game changer for founders. Mentors can provide founders with an experienced perspective on everything from technology and market strategy to realistic financial projections. On-site programs can efficiently deliver valuable insights into essential topics, such as corporate formation, when and how to seek funding, crafting an effective investor pitch, research and development tax credits, and more. The 1-to-1 pitch coaching and pitch deck review that many incubators offer to their members can streamline “elevator” pitches and tailor the slide decks that founders will send to potential investors.
So, how can tech startup founders leverage the benefits being offered by their incubator? Intentionality is key.
1. Take advantage of resources.
During your new member orientation or onboarding session, take note of each of the additional resources being offered to members. Then, ask for a 1-to-1 with a representative. At that meeting, describe your product/solution and stage to that representative, tell that representative what your current business needs are, and ask for the guidance, introductions and/or mentoring that you need. Once that guidance or those introductions are made, take the next steps that are needed, such as scheduling mentoring and pitch deck review sessions, and following up with an industry introduction.
2. Read weekly newsletters.
Many incubators send their members a weekly e-newsletter or communication describing upcoming events/deadlines throughout the local or regional ecosystem. The e-newsletter may even include a link to a unified calendar of all events taking place throughout the region. Do take five minutes a week to read this weekly e-newsletter so that you’ll be aware of the incubator’s upcoming programs and special opportunities that can benefit you. At the end of that five minutes, block time on your calendar for the upcoming events of greatest interest to you.
3. Network with other members.
When you attend those programs, you’ll also have the opportunity to network with other founders. Take full advantage of this opportunity, as well. By meeting other members at your incubator, you may discover potential synergies with them and their own startups. I’ve seen many partnerships result from serendipitous founder introductions.
4. Attend larger events and conferences.
If possible, plan to attend a major startup/innovation-related event or conference, located outside of your incubator, but within your geographical region, at least quarterly, if you can. Networking with an even broader base of startups, investors and/or industry leaders is incredibly valuable. Personally getting to know the players in your innovation ecosystem can lead to beneficial new relationships and further introductions. If these events aren’t included in your incubator’s e-newsletter or communications to its members, ask the staff to share a list of those major events with you and the other members.
Dedicating a small amount of time to take full advantage of your incubator’s resources and benefits is time well spent, as it can meaningfully enhance your startup’s growth prospects. All the best on your founder journey!
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