Incubator: What Would The Incubator Offer Incubees?

Reading Time: 2 minutes ;  Published: 1 year ago on May 26, 2020

The proposed goal of the incubator is to remove all the roadblocks to success and to create an environment that gives locals the best chance of entrepreneurial success. TotalCrypto proposes that incubees should be provided with the following support:

  1. Provision of tools & startup capital: Computers, software, domains, hosting and webcams are all too expensive for many people in emerging markets. Indeed, the costs of basic equipment could be over a years salary. This makes starting an online business prohibitively expensive for most people living in economically challenged countries. TotalCrypto recommends that participating crypto projects remove this obstacle by providing access to the adequate tools completely free of charge.
  2. Living cost security: Even in wealthy countries, many would-be entrepreneurs are disincentivized to pursue their entrepreneurial aspirations. The reason is that they cannot afford to meet their basic needs if they are not bringing in any income for between 6 months and a year. The truth is that most online businesses do not bring in any income for at least 6 months. It is proposed that participating crypto projects remove this problem by supporting incubees with a living wage for one year.
  3. Education & entrepreneurial know how: Setting up an e-businesses is not easy and requires a lot of know how and skills to successfully execute. How would locals access such knowledge? TotalCrypto suggests that participating cryptocurrency projects offer this education through a incubator contributor curated knowledge base that categorised the best online business resources in an easy to understand and accessible way. Mentorship and additional education could be offered by mentor contributors via online seminars and video calls.
  4. The ability to accept and spend online payments: One of the problems faced by the economically disadvantaged is that they are excluded from traditional banking services. This means they cannot open a business bank account to accept payment for services. It is advised that the incubator would have a bank account which incubees can use to accept payments via card, PayPal, other e-wallets and cryptocurrency.
  5. A network to help incubees grow their businesses: Networks play an important role in growing any online business. The idea is that incubees should be able to draw on the networks of participating crypto projects and incubator contributors to accelerate business growth.

Next Section – Incubator: How to Approach?