I Competed In A Startup Incubator. Here's What I Learned

The video is about the speaker's experience competing in a startup incubator and what they learned from the process.

This video by John Crestani was published on Jan 11, 2023.
Video length: 18:45.

The video is about the speaker's experience competing in a startup incubator and winning over $200,000 in investment for their company.

The speaker explains what a startup and an incubator are, and why they chose to go through the incubator process.

They also discuss the benefits of having investors in a company and what they learned from the experience.

• A startup is a company that intends to raise money and grow to a billion dollars or more.
• An incubator is a physical location where groups of entrepreneurs work on their product ideas.
• Taking on investors early on provides buy-in and support for the product idea.
• Going through the incubator process helped refine and develop the product idea.
• Research and apply to startup incubators that align with your goals and industry.
• The language used in the startup and incubator industry is different from traditional corporate language.
• When creating something new, unbiased feedback is essential.
• Building relationships and networks is crucial in the startup and incubator industry.
• Investors have their own language and terminology that entrepreneurs need to understand.
• Using OPM is the smartest decision when starting a company.

I Competed In A Startup Incubator. Here's What I Learned - YouTube

Section 1: What is a startup and incubator?

• A startup is a company that intends to raise money and grow to a billion dollars or more.
• Not all companies are startups, as scalability and potential for growth are key factors.
• An incubator is a physical location where groups of entrepreneurs work on their product ideas.
• Incubators give entrepreneurs money to get early access to their growth and offer guidance and support.
• Antler is an example of a startup incubator that provides funding, introductions, and support.

Section 2: Why would someone go through a startup incubator?

• Taking on investors early on provides buy-in and support for the product idea.
• Investors are incentivized to see the company grow and eventually sell.
• Having high net worth investors in the company increases the potential for massive stock value.
• Most billionaires in today's world have had investors in their companies.
• Working in the best interest of investors can lead to significant growth and success.

Section 3: What did the speaker learn from the startup incubator?

• Going through the incubator process helped refine and develop the product idea.
• Learning from experienced mentors and receiving feedback improved the business strategy.
• Networking with other entrepreneurs provided valuable connections and potential partnerships.
• Understanding the investor mindset and pitching skills were enhanced through the incubator experience.
• Learning to navigate the startup ecosystem and understanding the importance of scalability.

I Competed In A Startup Incubator. Here's What I Learned - YouTube

Section 4: How can others go through a startup incubator?

• Research and apply to startup incubators that align with your goals and industry.
• Prepare a strong pitch and business plan to increase chances of acceptance.
• Be open to feedback and willing to iterate on your product idea.
• Network with other entrepreneurs and industry professionals to expand your opportunities.
• Take advantage of the resources and support provided by the incubator to accelerate your startup's growth.

Language in Startup Land and Incubator Land

• The language used in the startup and incubator industry is different from traditional corporate language.
• People with experience in corporate America have an advantage in understanding the language used by investors.
• Investors use terms like Market Matrix, competitive chart, Runway, commit hard, commit soft, etc.
• Being able to speak the language of investors is crucial for gaining their trust and taking your company to the next level.
• Not knowing the language can be a barrier to success in the startup and incubator industry.

Unbiased Feedback is Invaluable

• When creating something new, unbiased feedback is essential.
• Real people giving honest feedback is more valuable than feedback from friends or people who will be nice to you.
• Reaching out to people outside of your network is necessary to get unbiased feedback.
• Asking for negative feedback and constructive criticism is important for improvement.
• Getting out of the cycle of biased feedback requires reaching out to strangers and conducting interviews.

Building Relationships and Networks

• Building relationships and networks is crucial in the startup and incubator industry.
• Having connections with wealthy and well-connected individuals can greatly benefit your company.
• Building a company the easy way involves leveraging the support and guidance of successful individuals.
• Having a goal of making a sale for over a billion dollars can make investors happy.
• Utilizing the resources and expertise of influential people can help in building a successful company.

Understanding Investor Language

• Investors have their own language and terminology that entrepreneurs need to understand.
• Terms like Runway, competition Matrix, commit hard, commit soft, etc., have specific meanings in the investor world.
• Speaking the language of investors is essential for gaining their trust and securing investments.
• Investors may not take entrepreneurs seriously if they don't understand their language.
• Learning and using the specific language of investors is crucial for building a company that attracts investments.

Gathering unbiased feedback

• The speaker received valuable insight and direction for their product through the process of gathering unbiased feedback.
• They have been able to develop their software to the point where they are making over sixty thousand dollars a month.

Marketing is not regarded as a skill in the investment land

• Sales and marketing are not seen as repeatable skills that can be relied upon.
• Successful marketers are not respected as much as engineers or programmers.
• Marketers should find investors who understand marketing to increase their chances of raising money for their startup.
• Investors who have firsthand experience with marketing are more interested in investing in a company.

Prior success doesn't matter unless seen by the investment community

• The speaker previously started and sold an ad agency, but it didn't matter to investors because they were not part of the investment community.
• Investors value success that is visible and recognized by others in the investment community.
• Having real investors on board or being associated with big-name companies can increase credibility with investors.

Using other people's money (OPM) is the best decision when starting a company

• Using OPM is the smartest decision when starting a company.
• Getting money from investors is the best way to develop a company, idea, or product.
• Intelligent people, like Elon Musk, use other people's money to start their companies.

Benefits of using other people's money and going through a startup incubator

• Using other people's money allows you to take greater risks and grow faster.
• Bringing on smart investors who are invested in your success can be beneficial.
• Going through a startup incubator provides guidance and support for the process.
• Startup incubators help you learn the language and process of starting a venture.
• Working with other ambitious entrepreneurs in a startup incubator allows you to build a network.

Antler.co as a recommended startup incubator

• Antler.co is a startup incubator that teaches you the big leagues of business.
• You can apply to go through Antler.co even with a loose product idea.
• Working with other entrepreneurs in Antler.co allows you to build a network.
• Antler.co provides access to funding and investor connections.
• Antler.co offers a vested interest in your success as you grow your company.

Watch the video on YouTube:
I Competed In A Startup Incubator. Here's What I Learned - YouTube