The first recommended step of incubator execution is creating the support network to educate incubees. TotalCrypto recommends that this consists of:
- Mentor contributors – To run online seminars on elements of online business and run question & answer sessions.
- Knowledge base contributors – To aggregate and curate the best online businesses resources in the case study locations native language. This knowledge base is envisioned to act as a focused resource for incubees to leverage at their leisure.
Incubator contributors can be sourced from the cryptocurrency community and charitable entrepreneurs/employees at tech focused businesses. It is proposed that entrepreneurs will be identified, contacted and onboarded through running outreach campaigns. Social media channels can be leveraged to share the opportunity with the wider crypto community. It is recommended that an incentive scheme is put in place to help with the onboarding of incubator contributors.
Once the incubator support network is established, then participating crypto projects can then consider the deployment of the incubator. This would involve the procurement and set up of incubator equipment in the local office.
Next, an incubator selection process is advised. The idea is that testing would select the most able candidates. It’s advised that these candidates are empowered to team up with anyone who has passed the initial selection process and present a business plan to the community of participating cryptocurrency projects. The teams of the most popular business plans should then be granted entry into the incubator.
During the incubation period, incubees could draw on the mentorship and know how of incubator contributors and supplement this with resources from the knowledge base. With this level of education, coupled with the provision of tools and income security, TotalCrypto believes that successful online businesses can be cultivated and grown.