5 tips to make the most of your incubator experience

The risks, challenges and ambiguities facing a new entrepreneur can be very daunting. But did you know that joining an incubator can significantly improve the probability of success for your business? Make sure to tap into this rich ecosystem of support and get the best of the experience.

Over the span of the past two years, I have had exposure to 8 different incubators and their programs. The support may vary in structure and resources but I learned that the key strategies for success within this ecosystem are pretty consistent. Here are 5 tips to making this experience enriching, fun and more supportive:

  1. Be a good student: Every new entrepreneur has a sharp learning curve ahead. We bring strong experience when it comes to some aspects of our business vision but building it up has many components, from product development to finance to marketing to communications and more. Incubators provide resources in every aspect and the best way to gain insight from those is to show up with a mindset open for learning and growth. I did not imagine I would be reverting back to doing homework mid-career but I am.

  2. You have to ask: The resources of this community extend far beyond the formal programming we start with. The best way to stay tuned is to keep up with communications for further opportunities and to ask for more. Every entrepreneur’s journey and pace is different so when you reach a challenge and need extra support, this is a safe space to seek help as challenges come up.

  3. Tap into the peer network: It really helps to not be alone in managing the learning process and lifestyle of being an entrepreneur. And sharing ideas can create solutions and new opportunities for you in a surprisingly easy way. I also love to learn from peers about the journey and motivations behind the decision to tackle entrepreneurship.

  4. Make the most of one-on-one mentorship: These conversations can be very insightful. I love to hear the stories of my mentor’s journey behind the achievements I have heard about. It is motivating and a good source for ideas. To make the most of this dedicated time, come prepared ahead by learning about the mentor’s past expertise, noting your recent updates and challenges, and planning what you want assistance with. And lastly, collect the feedback and incorporate it into your thought process for planning ahead. I take a lot of notes.

  5. Seek review for your work: From the business model canvas and pitch presentations to simply checking the quality of a social media post, your work can benefit from the review of an expert. Share this work and ask for recommendations. Understand why they recommend a certain approach and apply it accordingly. Continuously building on this insight can really transform the effectiveness of your business planning.

BONUS SUGGESTION: Share your own expertise with others and give back to the community. This will strengthen your relationship with the ecosystem further, grow your expertise and create unique opportunities. We are all very busy running around as entrepreneurs but I do encourage you to take a little time to invest in this cycle of radical generosity. Give back as a resource and mentor for others.

Here are some great local incubators/accelerators that have great programs and leadership to support your journey:

Pictured: Individual work space available at EDGE, incubator located at Sheridan College’s Mississauga campus

Explore more resources

Share:

LinkedIn
Twitter
Facebook
WhatsApp
Email

Related Posts

Social enterprises are an up-and-coming business form and are a remarkable fusion of entrepreneurial spirit and social responsibility.

An Introduction to Social Enterprises

Social Enterprise 101 In a world where profit maximization often takes the front seat, a quiet revolution is underway – combining the power of business with morals and compassion. Social enterprises

By incorporating sustainability practices into your social enterprise in 2024 can make a significant positive impact on the environment and your business

Sustainability For Social Enterprises

Sustainability For Social Enterprises: 10 Easy Ways to Green Your Business In today’s world, sustainability isn’t just a buzzword – it’s a necessity. As a social enterprise, adopting sustainable practices isn’t

"A social enterprise is an organization or program that is mission driven, aiming to sell goods or services to earn revenue while also helping to achieve positive social, cultural, or environmental objectives." “it's a balance of profit and purpose and depending on what's the problem you're trying to solve what industry you're operating in that balance can actually look very different you might have to operate with more characteristics of a non-profit you could legally be registered as a non-profit or you could be doing it more as a business but you have to you have to find that” "Aside from earning profits, you're aiming towards connecting back to serving a particular community or environment." "Social enterprises can have various legal structures, reinvestment models, and levels of involvement from employees versus volunteers." "Social enterprises fit in between traditional charities/non-profits and for-profit corporations, balancing profit and purpose." "The importance of social enterprises lies in addressing increasing worldwide challenges and diminishing funds and resources, resulting in an emerging social deficit." "Issues such as poverty, food insecurity, and lack of essential health services highlight the need for social enterprises to target social, economic, cultural, and environmental problems." "We don't have enough funding, enough resources coming our way to be able to address these issues." "Many non-profits and charities are constantly struggling for financial stability." "Financial sustainability continues to be an issue when you don't have a sustainable model and long-term relationships for acquiring resources." "A local producer of textiles is a for-profit organization focused on manufacturing ethically made products and donating a portion of profits to charities." "Social enterprises can be structured as for-profits or non-profits and operate based on various business models such as employment-based, mission-based, profit-based, or cooperative." "We're always looking to balance social impact and revenue and profits, which can be quite challenging." "There's no right answer to how closely purpose and profit must be related; it depends on the social enterprise's goals and the issues they aim to solve." "When designing a social enterprise, it's important to differentiate between social impact and business frameworks and consider core values." "Core values for a social enterprise may include transparency, community engagement, and a focus on bringing about systems change." "Social enterprises can have various degrees of overlap between purpose and profit, depending on their model and the social issues they address." "Key steps in designing a social enterprise include conducting research, engaging with the community, developing sustainable models, and seeking opportunities for growth." "Innovation in social enterprises can involve various aspects such as profit models, product and service design, environmental impact, accessibility, brand building, and customer engagement." "Diversifying business models can help implement solutions for similar problems in different communities, not just expanding geographically." "Scaling up involves influencing decisions like federal budgets, launching social finance programs, and promoting investment in women-owned businesses." "Impact measurement is crucial for balancing purpose and profit, demonstrating a commitment to stakeholders, aiding decision-making, and preventing greenwashing and social washing." "There are various models for impact measurement, including the United Nations Sustainable Development Goals, local community reports, and custom frameworks like the Common Approach to Impact Measurement." "Impact measurement involves planning intended changes, setting performance measures, collecting beneficiary feedback, assessing impact, and reporting results to stakeholders."

Watch: The Fundamentals of Social Enterprise

This virtual workshop hosted by Social Venture Circuit explores the definition of social enterprise and how their operating models can beset up to empower communities, protect the environment and redesign societal

Try our social enterprise model canvas!

Subscribe to get access to a template of our canvas for planning your social enterprise strategy. 

You will also get first access to spots in our coaching program and other events! Keep up with resources and insight from the social impact sector and receive updates on our events and programs right in your inbox.

Social Venture Circuit is a community of changemakers offering resources, support and connections for leaders who are looking to do business with heart.
Linkedin Instagram Twitter Facebook Youtube

Land Acknowledgement: We would like to acknowledge that the land we operate on is the traditional territory of several Indigenous nations, including the Anishinaabe, the Haudenosaunee Confederacy, the Wendat, the Métis, and the Mississaugas of the Credit First Nation. Social Venture Circuit is grateful to have the opportunity to work on this land, and by doing so, give our respect to its first inhabitants.

Privacy Policy

Copyright 2024 Social Venture Circuit