Incubator Selection Process

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

We must understand that it is highly unlikely that people of the local population will have experience in creating an online business. However, prospective incubees should have the following attributes:

  1. Good levels of literacy.
  2. A reasonable level of numeracy. 
  3. Be eager to learn.
  4. To display business acumen.

Selection Process:

TotalCrypto recommends the following selection process is used to select incubator candidates.

Stage 1: Applicants should file their interest in enrolling in the incubator program via email. Prospective incubees will be notified of the incubator opportunity in the crypto educational video shown to locals who wish to claim their free cryptocurrency.

Stage 2: An initial skills assessment should be made through the use of online tests (in local language) to assess the literacy, numeracy and reasoning skills of applicants. 

The precise tests will depend on the native language of the case study location. However, they will be similar assessments to those seen in at companies like Deloitte and PWC. Only those who pass the tests will be invited to the next stage.

These tests would be held on incubator equipment and should be held under exam conditions.

Stage 3: Workshops should be held by remote mentor contributors. These workshops give entrepreneurs and skilled employees a platform to talk about their online niche and share their experiences. Overviews should be provided on how they achieved success. There should be a 30 minute Q&A section at the end of each workshop. 

The purpose of the workshops is to open the minds of prospective incubees to the opportunities in e-business. It is a time for learning and for prospective incubees to think about the type of business they want to build and with whom. 

The length of the workshop phase will be determined by the number of mentor contributors and the number of applicants. 

Stage 4: Once the workshop is over, incubees will be asked to break up into their prospective companies and to finalise their business plans. It is advised that prospective companies should be invited to the incubator to create a video about the company they wish to build.

Once created, it is recommend that the videos are subtitled in English by a translator and submitted for community voting. Once all video submissions have been uploaded, there must be a time period of at least two weeks for community votes to be cast.

Quite simply, the teams with the most votes should be awarded with the incubator slots available. It is recommended that unsuccessful applicants should be able to re-apply in the future and the top teams that missed out on incubator slots are to be placed on a shortlist. These shortlisted teams can then be allocated a slot in the incubator in event that an incubee team doesn’t comply with incubator rules.

Next Section – Incubator Security