I’m no expert, however here’s a short list of important milestones in the life of a local entrepreneur.
Step One: Validate your MVP
Step Two: Engage in Sacramento’s startup ecosystem
Step Three: Join an incubator
After three years of pushing, pulling and pivoting, my company was still waiting for an invite to be in a cohort. (Humble brag here…) Medical Drain Carrier was receiving some pretty impressive awards, yet we were still waiting for that much coveted offer to join others on the dance floor.
I’m happy to report that a brave group of mentors approached this founder in July, and we are a member of the inaugural cohort of Evolution Incubator.
How did it happen? I can’t say it was easy. Actually, we entered discussions with a few other accelerators and didn’t make the short list. Maybe our company was too far along, not far enough along, not sexy and/or not a big favorite among venture funders. We waited and hoped. Meanwhile, peers were getting primped and groomed to present at the big dance, otherwise known as the Investor Pitch.
Looking back, it may have been to our advantage to wait on the sidelines till the right time. The company’s financials are (somewhat) more stable. We identified a new emerging market, and membership on our Board of Directors has increased, including a couple of new brilliant and dynamic individuals.
There’s an incubator for almost every type of enterprise. Many are right here in the Sacramento region, and there’s more if you’re willing to reside in another area for the duration of the course. Ask those in the startup ecosystem and look at major corporations within your industry. The corporate world is jumping on board the innovation train by hosting their own incubators – for obvious reasons.
Evolution Incubator is starting a new 12-week cohort in January. Several more will be looking for “dance partners” within the next few weeks. As with any endeavor, do your homework before investing and reach out to founders who been through the same course. In the process, expand your business network and continue to build awareness around your brand.
Costs vary, so weigh the investment carefully. Once your company decides to get on the dance floor, make it worth your time and money. Attend every class/meeting and ask for one-on-one meetings with mentors. Practice your pitch until you can’t bear to hear yourself even one more time.
Finally, don’t forget old-school public service organizations that serve up incubator-type benefits. The SBA (Small Business Administration) schedules many cost-free workshops and SCORE offers up a vast selection of extremely knowledgeable mentors, with years of experience in the business world.
In conclusion, big thanks to all the individuals and organizations that helped Medical Drain Carrier finally get a date on to the dance floor. We owe you.
Cinde Dolphin
CEO/Founder of KILI Medical Drain Carrier
