Jack: Google has matured innovative resources and founded an incubator two years ago. It offers an abundance of resources to help companies compatible with the Google ecosystem. Google’s mentors bring their unique experiences and advanced skills to their mentorship programs. The difference between Google’s and TechStars mentors is that mentors have different approaches and focuses. A very established company’s incubator like Google provides guidance on marketing and product development. For example, the company Imagine H2O usually invites mentors with professional experiences in cleantech. Therefore startups in the cleantech industry will likely have a better chance of being accepted by Imagine H2O.

Alex: Can you guys tell us a little bit more about the similarities or differences between the incubators?

Joseph: CDL is a creative destruction Lab which is developed by the University of Toronto. There are 10 distributions in the world which include Canada, American, Paris, London and so on. In each distribution, CDL is separated into two-stream, one is a prime stream that can be participated by any incubator in any kind of field. According to the specific features of each city, CDL has the second stream. For example, the only energy-related company can apply for an energy stream in Alberta. The mentor in the Alberta stream also has the specific background to support start-ups. Therefore, CDL focuses on both regions and specific fields.

Livia： It’s not uncommon to see startups start from the university’s incubator to velocity and then to YC. In the early stages of my startup, we got accepted by the incubator at the University of Toronto, we practiced pitch competition and mentors supported us in detecting marketing. Later Velocity helped us build a bridge for the KW community which is a network of startups. Velocity also provides guidance on getting into YC by bringing a huge network of startups that can help us grow. Therefore, applying for an incubator is a step-by-step process for a startup company.

Jack: We first applied to Founder Institute, an incubator for startups in the initial stage. Founder Institute is a pre-accelerator, designed for graduated enterprises, which provides training for founders. Once we signed a few clients, we were accepted by TechStars. During the three months in TechStars, we shifted our focus to fundraising.  We applied to Google Accelerator. With the help of Google, we were able to take our products to the next stage. Afterward, we prepared for the next fundraising.

Alex: Can you share your experiences on how to maximize incubator resources to help your startups achieve desired growth?

Livia: In terms of commercializing an idea, take advantage of the resources provided to you while you are in university. Once you get into an incubator, you will have an opportunity to showcase your business idea. It’s very important to prepare and practice your pitch before the opportunity comes. So take advantage of any competition you can to gain experience and exposure to potential investors and mentors. 

Livia: Velocity does a pretty good job at maximizing the use of local networks and resources. Very often companies need accessible face-to-face connections with others especially when help is needed. It’s very helpful when people around us have been nurtured in the entrepreneurial culture environment and have relevant backgrounds. 

Joseph: I was a one-man team when I entered CDL. The experience at the time was similar to the process of whack a mole. Different mentors required different things to be prepared, so the process was rather hasty. If I had a chance to do everything all over again, I would’ve prepared myself in advance. One of the most important preparations any startup should complete before the application is a very polished presentation to impress the interviewers. 

Jack: I think the timing of the exposure you get from incubators is very important. I have a friend who once told me “I wish we had gotten in later so that we could’ve taken advantage of even more resources”. My personal suggestion is to go to the RIC or seek mentorship before you have a product yet. Do your market research and preliminary market validation first, once you have an MVP, apply for an incubator with a decent investor pool. I believe that the most optimal timing is to fundraise after about 3 months of incubation.

Alex: This naturally transitions to our last question –  When’s the best time to apply for an incubator?

Livia: Echoing what Jack has said. The only thing I will add here is that timing is different for everyone because every startup has its own priorities. It’s also ok to get into an incubator if you simply need a larger sample size to test your MVP.  

Joseph: I think that every startup’s situation is different. Like I mentioned earlier, I didn’t get into CDLthe first attempt. But during the process, I learned from many startup founders and like-minded peers. Startup founders apply to incubators for different reasons. My goal at CDL was to find a business partner with experience in medical devices. Over the course of several months, I was able to convince him to join me. So my takeaway is to use your resources and network to maximum potential, try to talk to everyone you come across.