1. How much money should one have saved up to be able to build a business via an incubator program as a launching pad? 2. There is an incubator program being run by 1 guy (who has access to a lot of investors). I don't really have a clear idea on the business I want to pursue just yet, as I have been a bit busy with freelance work and trying to survive, but should one just pitch an idea anyway? 3. Why go through an incubator at all? Isn't it better to build a product, validate the idea and THEN approach investors to negotiate things on more favorable terms? Or should one just approach an incubator that takes 5% equity only for providing advice? (and no capital). 4. Currently I don't have a team or a product or a proper idea. What I do have is a network of Freelance contractors I work with and a few clients for my freelance business. Does it make any sense to pitch at an incubator? Or does it make more sense to siimple build relationships at Incubators and investors and open lines of communication at this stage?
1. A great idea can be started with just S$10000 in hand.
2. If your idea is worth a value today, don't wait for it to be successful. Most idea's fail because the timing is wrong. I suggest you should try to pitch the idea even when you are busy with the freelancing jobs in hand.
3. Incubators help get the idea validated between its peers. It also helps you feel comfortable to share the problems and find solutions together. Remember, incubator is like a great team of founders working together.
4. A good incubator would expect you to come with a team, now the best team size can be 2 people. I believe you can find someone who shares your vision and is able to join you to be part of a incubator.
Answered 8 years ago
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