Bringing an idea to life is no easy feat, you cannot just build a prototype and call it a day, strategising, hiring, organizing, and budgeting is a journey most entrepreneurs wish did not come with the package of building your startup.
App startups can be exciting but also require intuition and wisdom that drives the workforce towards achieving your milestones. And sometimes, a first time entrepreneur is not equipped with that; but that should not stop them from pursuing their vision.
Incubators and venture studios such as ConvrtX are a brilliant way to get access to state of the art tech and the mentorship you need to get your app startup off the ground. Before you choose a venture studio to help build and market your software based product, here are some of the top things you must ask them to make a decision.
What Tech and Professionals are Dedicated to You
You won’t find the solution to your every problem. Most of the tasks are still left to you. So you have to be strategic about where your weaknesses lie and then seek out expertise in that area to take care of those tasks. For example most founders seek financial management to keep their books in order and projections ready for prospective investors.
When it comes to building an app, a skilled team can make all the difference. Ask about their technical approach and existing portfolio to get a better idea.
Ask About Successful Case Studies
If a venture studio or incubator has accomplishments worth mentioning they will tell you about them. This will give you an idea of their potential. If you find that the program has already helped businesses in your industry reach new heights, that should be another reason to join them.
It is also worth asking them what their KPIs are. You want to know what standard the efforts will be working towards to get a better idea of what the incubator considers success. This will also help you manage your expectations.
What Network Opportunities Do You Have
Just because someone works for an incubator does not mean they will be imparting their knowledge to you. You have to ask specifically, if you will have certain professionals and industry veterans dedicated to advising your startup.
Then you must ask them what that advisory strategy looks like. Advisors can be very important to a startup as they bring with them their own set of connections that they might introduce to you.
If you want, you can also request collaborations with particular people you have in mind.
Do They Offer any Helpful Resources
A lot of incubators and venture studios will offer workshops, guidance programs and other platforms that will teach you how to market and pitch your product. These are super helpful and allow you to be able to execute tasks on your own if you are on a tight budget with your startup.
At the end of the day, what matters is if the team at the incubator fits with how you work. Before you make your decision you should most definitely visit the incubator and get a sense of how they work.