Three Warning Signs
You should look for three red flags as you consider your options for an incubator or an accelerator. A program that raises any of these red flags should be approached with a wary eye, and it would be a good idea for you to get advice from an outside party before you enter into a contract.
1. Beware of an incubator or accelerator that offers a complete solution package, and watch out for offers of an advanced website or other services with high fees attached. In my opinion, an incubator that heavily promotes its own in-house services or development teams has a troubling conflict of interest. Incubators or accelerators that take an ethical approach try to develop your business at the lowest cost possible, and in-house development teams are expensive. Also watch out for complicated contracts that keep you bound to the program long beyond the formal development period.
2. Beware of programs in which the advisors lack demonstrable past success in developing start-ups. Nothing is more important to a program's success than its managers, executives, advisors and mentors. It is crucial that you find out who they are. Don't be swayed by flashy facilities; concentrate on the people. All of them are responsible for the successful development of your company into an opportunity that attracts investors.
3. Be critical of the program's success stories. You absolutely must check into the stories that the program tells you. Take as long as necessary to contact past participants, and find graduates yourself; don't be satisfied with the examples that the program gives you. If the program has a list of 50 graduated companies, contact 40 of them, not just a few. You might find that some of them are very happy with their experiences, or you might find that some of them are even taking legal action against the program. You won't know until you do your due diligence.
About Greg Twemlow:-
Greg Twemlow is a business consultant with more than 25 years experience working internationally and developing an extensive, valuable business network. His skill set combines technical expertise with business savvy and creativity, making him the ideal consultant in challenging situations in which delays or cost overruns are simply out of the question. He has helped the brightest people and the best companies in a broad range of industries to be successful as they dealt with complex, high-value initiatives. Whether you have a greenfield project or one that has lost momentum, Greg Twemlow will take charge and allow you to put your energy into running your business. Greg Twemlow provides wisdom and experience to your project, regardless of whether it's a brand new endeavor, an existing company in need of revitalization, or project that requires an exit strategy. Advising, consulting, strategizing, devising, implementing, managing, mentoring--these are the things that Greg Twemlow does every day.
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