As an incubator client of the ODU Innovation Center, you have access to curriculum and methods taught by some of the best accelerator and entrepreneurship programs in the world.
The incubator is a fee-for-service program.
Fees vary by office space availability and/or requirements
($500-$700 per month)
Community and Ecosystem
A sense of community is our most important asset. By bringing creative individuals together, we are building an environment in which new ventures flourish. We believe that highly functional entrepreneurial ecosystems are NOT developed by government or institutions, but through the collaboration of individuals talking about their dreams and, most importantly, doing stuff.
Lean Startup Principles
Our approach is modeled after Lean Startup principles and best practices (e.g., business model canvas, customer discovery, product-market fit). Stanford professor Steve Blank provides an excellend definition of how we view startups: “A temporary organization designed to search for a repeatable and scalable business model.“
Central to finding that elusive “product-market fit” is the concept of customer discovery. We start by ensuring your basic and fundamental understanding of this process. Before you develop a solution, you must first identify a discrete problem. You will likely fail several times before succeeding, but our goal is to help you fail fast and pivot often.
Business Plan Development
Our staff and mentors can lend assistance in designing and refinining using a process of continuous improvement. We require our startup clients to develop and maintain a “live” business plan document, which helps in framing conversations with funding sources, service providers, mentors, etc.
We are not in the real estate business. However, in addition to our coworking memberships we do have offices for startups to call their own on a short-term basis (usually 6–18 months). Contact us for availability and pricing.
Business plans and financial models go hand-in-hand. Financial models, usually built in Excel, help startups identify and understand the importance of their critical risks, assumptions, and key performance indicators (KPIs). Our staff is equipped to walk clients through this process.
Here’s what our ideal candidates look like:
- A “Start-up” or “Spin-out” venture, pursuing development and/or application of new technologies and/or new business models that are enabled through the use of new technologies.
- Has 2–4 principals (e.g., co-founders, key technical staff with domain expertise) and several key advisors
- Has a rough draft of a Business Plan, Financial Model, and Business Model Canvas
- Has moderate amounts of market research/knowledge, based on discussions with real potential customers
- Has identified two potential major customers/segments and/or strategic partners
- Has a demo, MVP, or prototype version of its proposed product
- A big market opportunity (An emerging market that is expected to grow to $500M/yr. or more)
- A concise and convincing differentiation (unique value proposition) within their proposed market
- “Runway” money (six months at low burn rate)
- A willingness to seek and accept advice
- Passion for success of the venture
- At least one member of its team capable of eventual CxO status