Turning setbacks from 2022 into stepping stones for success in 2024 !

[oakfurniture]

Dear Forum Members,

I've always valued the helpful and supportive responses from this forum. I’m reaching out once again during a challenging period. Following the liquidation of my business, I've faced significant difficulties. However, I’m determined to rebuild and have developed a business concept centred around promoting British brands through an e-commerce platform.

I've explored partnering with several business incubators, all of whom expressed enthusiasm for the idea. However, their business models involve an initial fee for validating the concept, followed by additional charges for development and potential investment.

I’m seeking advice on whether engaging with a business incubator is the right approach. Their services include business plan creation, pitch deck development, financial modelling, and investor introductions for a flat 7% fee on raised funds. While this offers a comprehensive package, it requires a substantial upfront investment.

Given the potential need for a co-founder, CTO, and COO, securing investment will be crucial for scaling the business.

I would appreciate your insights on the viability of this approach and any recommendations for alternative strategies.

Thank you for your time and consideration.

Best Wishes
New -OP !

Overview
Hyper’s Accelerate process is designed to help you validate your idea and raise the money
needed to launch your tech startup before fully committing to development. The key to raising
money is demonstrating enough value through a clear picture of the problem you’re solving, how
you will make money and the potential traction you’ve already acquired through strategic
partnerships. This process helps put you in the best position possible by:



1.Workshopping the idea with our award winning product team.
2. Finding ways to commercialise the idea with multiple revenue streams.
3. Teaching you how to run a technology business in 2024.
4. Designing a brand to represent your vision.
5. Creating a proof of concept demonstrating your idea.
6. Creating a pitch deck to win partnerships and raise capital.
7. Introductions to our partner and investor network.
8. Lifetime membership to Apollo (our community for Founders, Mentors and Investors)



Deliverables
As part of the services described above, we will provide the following deliverables:

1. • Foundation workshop with the project team.
2. • Guidededucation package and partner introductions.
3. • 7xappwireframes demonstrating your product’s blueprint.
4. • 7xappdesigns demonstrating your product’s visual look and feel.
5. • Logocreation and colour palette / font selection.
6. • Animated app or web prototype (created with https://www.figma.com).
7. • 11-page pitch deck to present and share your idea.
8. • Validation Session collecting feedback to ensure the product meets market needs.
9. • Accessto regular member only webinars run by our founders and network.
10. • Mentorship and strategic advice throughout the process.
11. • Lifetime membership to Apollo Pro (normally $490 USD per year)

 

[oakfurniture]

Dear All,

I forgot that the initial investment would be £11K, which would be paid over four months for £2750 each.

After four months, we will have the build cost and MVP.

Thanks
New OP

 

[fisicx]

That’s a lot of cash for not very much.

 

[oakfurniture]

That’s a lot of cash for not very much.

Hence I am unsure and when you are trying to get back on your feet, one is extra cautious !

 

[oakfurniture]

I won’t be paying these companies to help me get started again. However, when you fail, self-doubt starts to creep in. It not only affects you deeply but also makes you overly cautious.

Sometimes, you don’t know whether to turn right or left.

 

[Porky]

Avoid, Avoid, Avoid
Market full of leaches like this that want fees, to help you find investment - don’t go there, save your money.
Chances of raising large sums in this climate via private equity or venture capital for a new start up is practically zero without any proof of concept.
Sorry but you will need to do it the hard way, get some capital from friends, family, some loan capital, get some traction then look for further support once proven.
If you can raise 20% yourself you could look at crowdfunding but as I say only once you have something running and working.
Good luck

 

[Mark T Jones]

I wouldn't necessarily agree with the above - I've seen some great successes come out of incubators, but also a lot of crash and burn.

The challenge is that they don't necessarily vet you before they take you on.

Questions to ask yourself

- is it really a high-groth product/concept that will genuinely benefit from the VC type approach?

- do you actually want to head up that kind of business?

A good incubator will give you connections, credibility and support - but you still have to drive it and make it happen

 

[JEREMY HAWKE]

I won’t be paying these companies to help me get started again. However, when you fail, self-doubt starts to creep in. It not only affects you deeply but also makes you overly cautious.

Sometimes, you don’t know whether to turn right or left.

When you turn this situation on its head and look it from the outside as we are you will realise that you have gained a considerable amount of experience from where things went wrong and the times when things went well .
It looks like you are willing to pay for most of the things that you already have

 

[oakfurniture]

Dear Jeremy,

Thank you for taking the time to respond to my query. I understand that working with business incubator companies doesn’t guarantee success, and there’s a risk of ending up in a worse situation after paying significant amounts to get started again.

I joined the forum with the hope of connecting with others who have faced similar business challenges and successfully rebuilt. I’m particularly interested in understanding their mindset and approach to overcoming adversity.

While I recognize that failure is a common experience and offers valuable lessons, I am also acutely aware of the significant challenges involved in starting over, especially in the current economic climate.

Despite these difficulties, I am determined to persevere and find a path forward.

Thank you.
New - OP!

 

[JEREMY HAWKE]

Dear Jeremy,

Thank you for taking the time to respond to my query. I understand that working with business incubator companies doesn’t guarantee success, and there’s a risk of ending up in a worse situation after paying significant amounts to get started again.

I joined the forum with the hope of connecting with others who have faced similar business challenges and successfully rebuilt. I’m particularly interested in understanding their mindset and approach to overcoming adversity.

While I recognize that failure is a common experience and offers valuable lessons, I am also acutely aware of the significant challenges involved in starting over, especially in the current economic climate.

Despite these difficulties, I am determined to persevere and find a path forward.

Thank you.
New - OP!

Dont assume that the rest of us have not seen difficulties in the past. My post is based on my experience from many years ago The mistakes I made make me better at this and I am not the only one on here

 

[oakfurniture]

Dont assume that the rest of us have not seen difficulties in the past. My post is based on my experience from many years ago The mistakes I made make me better at this and I am not the only one on here

Of ofcourse, that was never my intention - and I am saying I need to start again. I was willing to use professional companies even though when I started 20 years ago, they perhaps never existed, and all I had was hunger in my stomach and willingness to get my hands dirty and keep trying - learn, fail, fail quickly and try again -

 

[oakfurniture]

Avoid, Avoid, Avoid
Market full of leaches like this that want fees, to help you find investment - don’t go there, save your money.
Chances of raising large sums in this climate via private equity or venture capital for a new start up is practically zero without any proof of concept.
Sorry but you will need to do it the hard way, get some capital from friends, family, some loan capital, get some traction then look for further support once proven.
If you can raise 20% yourself you could look at crowdfunding but as I say only once you have something running and working.
Good luck

Thank you for your advice. After careful consideration, I have decided to proceed independently and trust my instincts. It seems that some individuals benefit unduly from the challenges faced by others.

 

[Ozzy]

I sit firming in between @Porky and @Mark T Jones views; I have also seen some successful businesses come out of incubators and also I've seen some just burn money where the money they 'invested' into the incubator could have been better invested elsewhere.
Which leads me to @JEREMY HAWKE comment, which is very much do not undervalue your experience you have already gained. You have so much wisdom and experience gained over the past 20 years, you know more than you realise, as we all do when you have a creeping of self-doubt we forget that.

You know, you have a wealth of people here with very different opinions and experiences to give a very balanced input on any questions you could have; along with a private area if you want to ask questions you may not want visible to the public (Google) -- for a lot less than £11k

 

[oakfurniture]

I sit firming in between @Porky and @Mark T Jones views; I have also seen some successful businesses come out of incubators and also I've seen some just burn money where the money they 'invested' into the incubator could have been better invested elsewhere.
Which leads me to @JEREMY HAWKE comment, which is very much do not undervalue your experience you have already gained. You have so much wisdom and experience gained over the past 20 years, you know more than you realise, as we all do when you have a creeping of self-doubt we forget that.

You know, you have a wealth of people here with very different opinions and experiences to give a very balanced input on any questions you could have; along with a private area if you want to ask questions you may not want visible to the public (Google) -- for a lot less than £11k

Dear Ozzy,

Thank you so much for your response. It’s great to know there are people who care enough to reply. Sometimes setbacks can be tough, but they also remind us of our ability to overcome challenges. Thanks again for your support.

Thank you !

 

[E.L.S]

You can get a figma account for free at www.figma.com and there are videos and tutorials on their website to help you build wireframes and clickable prototypes yourself. The figma mobile app to run the prototype on a phone or tablet is also free. If you have the time and are able to use a drawing app on a computer ok, then you will be able to use figma. Also search YouTube for figma tutorial videos.

 

[Washington]

Without you giving anything confidential away, can I ask what your new venture will be ?