What do we look for in a startup?
At the ProVeg Incubator, we typically work with around 20 startups each year, split across two cohorts. We receive a large number of applications for these limited slots – so how do we select who to work with? What are we looking for in a startup and in the founding team? Read on to find out.
From plant-based seafood to dairy alternatives and cellular agriculture, the ProVeg Incubator has worked with a strong and diverse array of startups in our 18-month history. Thus far, the Incubator has supported 46 startups from around the world, helping them to raise over €22 million and launch more than 40 products.
Although our alumni startups are varied, they have a number of key attributes in common. These qualities made them stand out to us and ultimately encouraged us to accept them onto our accelerator programme. We like to keep our application process open and transparent – our Incubator should be a good fit for you and for us. So here is a rundown of the top five things we are looking for in a startup.
Why does your company exist? What is your goal? In general, when establishing a startup, it’s crucial to have a mission. It’s your reason for being. For us, it’s important that your mission aligns with ours. As part of the food awareness organisation ProVeg International, we are working to reduce the global consumption of animals by 50% by the year 2040.
In the plant-based space, there are many companies doing great things, and that’s exciting to see. However, for us, it is key that the startups we support are working to remove animals from the global food system, rather than simply being plant-based by nature. This means your project should have the potential to transform the global food culture – by replacing traditional animal-based foods with plant, fungi, recombinant, or cultured solutions.
That’s why you will see us working with, for example, companies in the plant-based dairy, alternative meat, and cellular-agriculture spaces. They offer promising alternatives that allow animals to be removed from the food chain.
The founding team is perhaps the most important element of any startup. We want to know who you are and why you are the right person or people to drive the project to success. In order to answer these questions, we look at your professional and educational background, industry experience, and skills. We also want to see evidence of your passion. If you are highly motivated and enthusiastic about your startup, that makes us excited to work with you. It also makes you far more likely to succeed.
Generally speaking, we find founding teams of at least two people to be the ideal setup. Every person on the team needs a specific, defined role, and the skill sets represented should complement one another rather than overlap. Likewise, there shouldn’t be any major skill gaps on your team that could stall your project.
That said, we do accept solo startup founders to our programme. If you come to us with a great idea and the right energy, then, of course, we will consider you for the Incubator. What’s crucial is your drive and passion. After all, you can’t hire that on LinkedIn.
Impact and scalability
We are looking for companies with sound business models that have the potential for major impact. The innovation that you present to us should be able to function on a large scale. Otherwise, it might not help us to reach the mission that ProVeg and its partners are striving to achieve.
It’s okay if your startup is still in the early stages when you apply for the Incubator programme, but the ability to scale your business model, ingredients, and process in the future is vital.
Thinking about your long-term vision for the company also shows that you are ambitious. It tells us that you want to make a real difference in the world with your project, which takes us back to point one – aligning with our mission.
Having strong competitive advantages will increase the chances of your startup becoming successful. Defensibility, however, is what will help you stay there. You need to be able to protect what you’re doing from the competition.
Perhaps you are planning to protect your product under intellectual property (IP) rights, using patents or trademarks, or maybe you are planning to focus on building a recognisable brand with a stellar team. Perhaps you’ve worked in this industry before and that gives you the inside track.
There is no magic bullet for defensibility. If you are building something that is truly great, others will want to replicate it, and that creates competition. You just need to have a strategy for how you’ll deal with that – either by protecting your innovation or outpacing or outperforming your competitors.
Your product category
We consider applications from startups working in all product and service categories – from plant-based drinks and snacks to cultured meat and dairy proteins produced by precision fermentation. However, if you bring something new to the table we’ll be excited about that.
It could be an idea that hasn’t been worked on before, or you have a completely new take on an existing product. Perhaps you have identified a gap in the market that is under-represented or you are working in an industry that’s still in its infancy. You could be just the right team to fill that space!
We hope that you feel inspired to join the ProVeg Incubator and if you think we would make a good match, then we’d love to hear from you! We are currently accepting applications for our next cohort and you can apply directly on our website.
Maybe you still have questions? Check out our FAQ page or contact us on social media and we’d be happy to help.
– Your Incubator Team