A technology incubator is an organization which provides an ideal environment to develop, nurture and grow a business idea based on the novel use of technology. This is often to a point where it is revenue generating, or external investment is achievable, and in our own model starts with a nine month period, at the end of which we can assess progress and re-adjust where necessary.
How do you define a ‘novel use of technology’?
Our definition includes any company that provides a software or firmware-based product or service as its primary business that primarily operates over a digital platform, such as apps or websites.
Is it like an accelerator?
There are many similarities between an incubator and an accelerator in the context of a start-up environment. However, at heart, the two concepts are fundamentally different.
An accelerator usually takes a single-digit amount of equity in a technology-led idea in return for small amounts of capital, alongside typically mentoring and other business support. Accelerator programmes generally require teams to dedicate themselves full-time to the projects under development, and are often compressed into a short period of time (typically three months – hence literally an acceleration process to get a business to market).