On November 1st, the University of Twente, Novel-T and the Student Union will launch the Incubase, a location for students to develop their idea into a start-up.
Incubase: Helping student start-ups from day zero
Many students dream of starting their own small business—turning their own idea into a lucrative company. But, where does one begin? How do you know that your idea is good enough? How do you take the next step?
Especially as a student, it can be hard to know where to start when you’ve got an idea. But, if you don’t try, you may be wondering what would have become of it for the rest of your life.
That’s the hole the new Incubase aims to fill. Even in the early stages of a start-up (specifying your idea, looking into the need for the solution, seeing whether similar products exist), students need support and expertise. The Incubase has everything young entrepreneurs need: flexible work spaces, a wide network of small businesses and large investors, and in-depth knowledge about everything from opening a bank account to convincing an investor. It’s the place to be for every aspiring entrepreneur.
Creating Entrepreneurial Professionals
The University of Twente is the most entrepreneurial University in the Netherlands, birthing about 900 new start-ups and spinoffs in its existence. This comes paired with a unique view of entrepreneurship: as an integral part of a student’s learning. Whether you’re working in a company or starting one yourself, you need to able to come up with creative and effective solutions. What better way to teach this, than through entrepreneurship?
In line with this mindset, the UT’s Novel-T has a variety of courses and experts to help existing start-ups become successful. However, up until now, there’s been less of a formalized support system for students who may want to start a company, but don’t know where to start. That’s why the Student Union, responsible for policy on student entrepreneurship at the UT, came up with the idea for the Incubase – a physical location to help students take the first step - several years ago. Together, the UT, Novel-T and the Student Union are working to launch the location by November 1st.
How the Incubase works
It all starts when a student walks into the Incubase for the first time. It’s a beautiful and inspiring space, with a coffee bar, modern décor, and flexible work spaces all around. The community manager offers students a coffee and strikes up a conversation. If a student is serious about an idea they have, they can get a free trial membership. This membership allows them to come to the Incubase any time for coffee, one-on-one advice, and inspiring lectures.
After a month, the trial membership ends. Students can choose to extend their membership and participate in a bootcamp to help them determine whether their business idea is viable.
After about two months, students can extend their membership. If their idea seems to have potential, they receive help in developing a business plan. This is called the validation phase. Experts from Novel-T continue to look critically at the viability of the student’s idea.
A month or two later, students are allowed to start renting a private room. They participate in advanced courses and develop their first products. At this point, they are also brought into contact with investors. All of this happens in close collaboration with Novel-T. Only students whose ideas have real market potential make it to this point.
After about six months to a year in the Incubase, an idea has developed into a full-blown start up. The start-up is strong enough to move out of the Incubase and venture into the real world. But, they stay linked to the community, where they provide inspiration for aspiring students.
Until November, we will be working hard to realize the Incubase. You can find an impression at incubase.nl, or follow us on Instagram and LinkedIn.