Have I ever told you about my co-founder, Paolo’s failed startup, Venga?
It was a promising idea.
It was designed to be a social events platform that allowed you to find or host dinner parties with others you met on the app.
But Paolo was young and inexperienced. He made costly mistakes that resulted in him turning his back on Venga (one of many decisions that led him to Altar, luckily for us!).
One of the mistakes he made was joining an incubator. Or what he thought at the time was an incubator.
Firstly, he went with an idea on a napkin. He didn’t have a fully formed product vision – so he wasn’t even ready for that step.
Secondly, he went to an “incubator” that didn’t invest in the startups they worked with. Or in his words:
“I went somewhere that took my money in exchange for office space and free beers in the afternoon. I didn’t join an incubator – I signed up for a co-working. It was a real-estate business, nothing more.”
And for sure, Paolo isn’t the only entrepreneur to fall into this trap. After all these “real-estate businesses” keep popping up.
So Paolo set out to set the record straight, and share his hard learnt lessons on how an actual startup incubator can help you, and what to assess before you sign away your equity.
And for good measure, he listed the 7 best incubators from across the globe with the help of our founding team and extended network of successful entrepreneurs.
Thanks for sharing. It's super helpful!
Would add a unique program called Entrepreneur First that looks to be missing from that list. Its different in investing pre-idea and pre-team https://www.joinef.com/
I'm currently taking part in the program, super useful and I highly would recommend it to anyone serious about taking the time to try and build a massive company.