Kexin Xu

Overview

Lincubator is a pre-incubation service that helps inexperienced entrepreneurs match with the right incubation programme in order to extract the most value from incubators and create their unique entrepreneurial pathway. It delivers service through a set of events and a platform that consists of a matchmaking system and trial contract.

Many ethical and sustainable entrepreneurs look at opportunities to build ethical businesses as a way to do more than just create a profit. In such cases, some founders do not have a background in economics which makes it difficult for them to create the proper business model and effectively attract resources on their own in the early stages of the business.

On the other hand, 9 out of 10 startups fail. But companies that participated in a business incubator had an 87% success rate — nearly double the 44% success rate of businesses that didn't incubate.

Many inexperienced entrepreneurs have chosen the wrong incubation program

As the main source of information for the research, I conducted interviews and co-creating sessions with three main stakeholder groups, passionate entrepreneurs, incubators and industry experts. 

To summarise, Inexperienced passionate entrepreneurs don’t get the proper support to overcome their skill gaps resulting in the disproportionate failure rate of businesses that could have had a positive effect to the world.

From the perspective of inexperienced entrepreneurs, the reason for failing to apply for an incubator is that they lack the whole picture of the entrepreneurial journey and don’t get the opportunity to learn the ins and outs of the game. In addition, due to the lack of skills and vision to extract value from incubators and lack of understanding of the emotional intricacies of being an entrepreneur, inexperienced entrepreneurs feel unhelpful even attending an incubation programme.

From the perspective of incubators and experts, entrepreneurs should know their business and incubators. In that case, they can be clear about the stage their businesses are at and what programme they are able to apply for.

Lincubator is a pre-incubation service that helps inexperienced entrepreneurs extract the most value from incubators by matching them with the right incubation programme.

It consists of three parts - Chemistry Lab, Matchmaking and Open Entrance. These three parts include basic training, community network building, selection of suitable incubators, a matchmaking system and a warm-up incubation trial.

Following this process, it’s also a journey starting from knowing themselves to understanding incubators in order to create their unique entrepreneurial pathway. It delivers service through a set of events and a platform that consists of a matchmaking system and trial contract.

To meet the needs of inexperienced entrepreneurs, “ I want to understand the entrepreneurial journey, get feedback beyond family and friends and have an appropriate expectation”, Chemistry Lab provides 3 training sessions.

Entrepreneurs get a quick taste of the complete start-up process through simulation workshops with the help of experts. After reflecting on the whole picture, they can know themselves better and be mentally well prepared.

In the meantime, industry experts, experienced entrepreneurs and peers are easy to be reached out to. Jessies can improve their social skill and build network naturally. This is the Lincubator community.

In order to help inexperienced entrepreneurs re-shape their ideas, The Pop-up Hackathon seeks out potential users and industry experts through the interpersonal resources of the Lincubator community. In this process, they can break the blind spots and be able to share more realistic ideas.

With a clearer understanding of who they are as entrepreneurs and what they need, it’s time to seek the right incubation programme to start the business. The matchmaking system consists of 2 main components. Incubator screening system and entrepreneur review community.

Lncubator screening system can help users conduct a list of appropriate incubation programmes based on their business and personal profile as an entrepreneur.

Along with the list, the entrepreneur review from Lincubator community to each incubator is a strong reference for Jessies and Billys to Understand and choose the right project.

Compared to currently applying for a specific incubation program and starting the incubation cycle, open entrance provides a free trial for inexperienced entrepreneurs to start their business without the huge cost of trial and error. It makes ecosystems more open and allows intersections - which might lead to new ideas, new resources and new pathways. During the trial period, Entrepreneurs do not need to commit anything. It’s a period to observe and experience a potential right incubator, including the atmosphere, resources, mentorship, space, training etc.

After 10 days trial, entrepreneurs can choose either to continue or switch to the other 2 incubator trials.

Key-Value

“Shape passionate innovators as prepared entrepreneurs”

Rather than developing business ideas, Lincubator helps inexperienced entrepreneurs develop themselves to create their own unique entrepreneurial paths and prepare mentally and skillfully for the potential problems of identity transition and the uncertainty of the entrepreneurial journey.

Implementation

Due to the unequal power relationship between entrepreneurs, incubators and investors, finding a balance is the key to collaboration. Therefore, the first step is to build a network of young entrepreneurs through university community resources and to encourage entrepreneurs who have participated in incubation programmes to share their experience with the incubator and leave reviews.

At the same time, through authentic sharing and effective community interaction, a community of passionate innovators with diverse ideas is built. These business ideas, along with the community, now become a true resource that can attract incubators to the platform.

Finally, the evaluation criteria for incubators will also become more diverse through the open and accessible paths between incubators and entrepreneurs and the diverse needs that are valued. This will benefit both entrepreneurs and the entire ecosystem.