Startup Incubation for Central Coast
In partnership with the Board and operations team of Innov8 and local Smart Hubs in Gosford and Wyong, we are exploring the option of establishing a Central Coast focussed Startup Incubator (INCUB8) to assist local ventures on their journey, supporting them in their move from Idea to Action and Growth. We are assessing best options to achieve this and want to hear from you if you're part of the local Startup ecosystem on the Central Coast.
Our Options
We recognise there are established businesses operating in the Incubation and Acceleration services sector, with some outstanding Australian companies growing significant portfolios of Startups and IP to sustain and grow them.
We see three obvious options:
Our Offering
Initial modelling by our group recognises the need to keep a broad funnel of opportunity open for local ventures, with discrete milestones as Go/NoGo checkpoints for further qualified support at 1, 3 and 6 month intervals based on demonstrated progress.
Initial Entry: All Ideas + Teams are welcomed and offered a 1mth period of free use of Smart WorkHub space subject to initial Pitch criteria. This acts as a trigger for helping the venture team move from Idea to Action + Traction with the support of our INCUB8 and Innov8 teams, internal and external mentors;
1-3-6 Mth: Milestone reviews to check on Action+Traction for the venture, where initial progress needs to be demonstrated for further support as a due diligence check, with potential for seed funding for high traction businesses to assist next stage development and market growth. Lack of traction for the venture will trigger a Support Review to help troubleshoot and either Pivot or exit.
Participation in the INCUB8 Service would require co-funding agreements in recognition of the need to cover costs of operation and potential equity positions for high potential businesses using time or milestone limited investment based criteria.
Feedback is welcomed at listen@laughingmind.com
Resources
Pauwels, C., et al., Understanding a new generation incubation model: The accelerator. Technovation (2015),
http://www.sciencedirect.com/science/article/pii/S0166497215000644
Our Options
We recognise there are established businesses operating in the Incubation and Acceleration services sector, with some outstanding Australian companies growing significant portfolios of Startups and IP to sustain and grow them.
We see three obvious options:
- Go it alone and create our own local Incubation services model, IP and Capital pooling for investment;
- Form Alliance models with established businesses for IP, Network + Capital leverage in a turnkey Incubator model for a fee;
- A hybrid model of 1+2 that allows for locally differentiated IP suitable to local Startup ventures but leverages leading edge partners for impact and reach for a fee, acting as an outreach or satellite node of their existing service.
Our Offering
Initial modelling by our group recognises the need to keep a broad funnel of opportunity open for local ventures, with discrete milestones as Go/NoGo checkpoints for further qualified support at 1, 3 and 6 month intervals based on demonstrated progress.
Initial Entry: All Ideas + Teams are welcomed and offered a 1mth period of free use of Smart WorkHub space subject to initial Pitch criteria. This acts as a trigger for helping the venture team move from Idea to Action + Traction with the support of our INCUB8 and Innov8 teams, internal and external mentors;
1-3-6 Mth: Milestone reviews to check on Action+Traction for the venture, where initial progress needs to be demonstrated for further support as a due diligence check, with potential for seed funding for high traction businesses to assist next stage development and market growth. Lack of traction for the venture will trigger a Support Review to help troubleshoot and either Pivot or exit.
Participation in the INCUB8 Service would require co-funding agreements in recognition of the need to cover costs of operation and potential equity positions for high potential businesses using time or milestone limited investment based criteria.
Feedback is welcomed at listen@laughingmind.com
Resources
Pauwels, C., et al., Understanding a new generation incubation model: The accelerator. Technovation (2015),
http://www.sciencedirect.com/science/article/pii/S0166497215000644
