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Resource:How to select a business incubator for your consumer product

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== Introduction ==

<div>When selecting a startup incubator to attend or create, the most important thing is considering what are the most desirable outcomes from the incubator. For those pursuing a biomedical company, for example, lab space may be the most important thing - while for those creating a social media app, large quantities of people and eyes to test out the prototype and give feedback might be more important.</div><div><br/></div><div>[[File:Business Incubator - Word Collage.jpg|center|Business Incubator - Word Collage.jpg]]<br/></div>

== <br/>Need and Goal ==

<div>

--This can become tricky when money and financial aspects come into play. It is essential to have team members sign an agreement, and all be on the same page, before the business or product takes off.

<p style="text-align: center;">[[File:Business Incubator - Teamwork.jpg]]</p>

== Risk and Reward <span style="font-size:smaller;">(cost, equity, money, time vs payoff, networks, funding, prototyping material, experience)</span> ==

a) Technically, it will not cost you money to reach out to businesses in hopes they could be your incubator. However, in order for them to be swayed to accept, sometimes there is money involved. “Give before you receive” is a phrase Elliot stood by, and it basically means to find what that business wants or needs, and make an offer to help them get these things in hopes that this gesture will make them want to give to you in return. This could be as simple as designing something for them with your own resources, or as extensive as flying them out to run a 5K in your state (yes, Elliot did offer to do that). However, this money will be nothing compared to the experience you gain, and hopefully the profit you make from starting up your company.

<div>b) Timewise, this might take a while. It could take weeks to months before convincing a company that your product is worth the investment. Elliot aimed for 3 main incubators and accelerators when working on his company Spira. Once securing an incubator the process of invention and testing begins almost immediately. Once you are in an accelerator program, all day everyday is spent on the product. There is a lot of time put into this, but it is worth it once you find the right incubator for your business.</div><div><br/></div>

== Support <span style="font-size:smaller;">(students, faculty, staff needed to facilitate prior to and during the event)</span> ==

~~<span style="font-size:smaller;"></span>~~Support is so important when developing a new business or idea. Something that Elliot struggled with was the lack of support from the faculty at his university. He had to combat this with support from his friends and his motivation to get things done. In one situation he was trying to make a product with a fellow student and it didn’t work out because the support between the student and Elliot was not there. Overall, to have a successful event you need the support of students, faculty, and staff. 

[http://universityinnovation.org/wiki/Haley_Pfeiffer http://universityinnovation.org/wiki/Haley_Pfeiffer]

[http://universityinnovation.org/wiki/Paige_Huschka http://universityinnovation.org/wiki/Paige_Huschka]

== Recording of Interview ==

[https://bluejeans.com/playback/s/h2JYEqAItnyLWDQp3yZUbHPi5eEerrLUrwaL6UIToaxQLpVVJ6rqxVfsBEycnJIEhttps://bluejeans.com/playback/s/h2JYEqAItnyLWDQp3yZUbHPi5eEerrLUrwaL6UIToaxQLpVVJ6rqxVfsBEycnJIE]

Paigehuschka

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