Here is a scenario.
- A couple of founders come up with an idea and do some initial research. They have a good feel for the market and confident that they can build a business. They have a set of hypotheses.
- Founders have some money – just enough to bootstrap a first version of their product (a minimum viable product).
- They don’t have a tech team yet. They are looking for a tech co-founder. It is kind of chicken and egg situation. Without a prototype, they cannot go and validate their hypotheses. Without a technical co-founder, they cannot build the prototype – at least that is the common wisdom.
- Enter a new kind of incubator – a product incubator. They are a group of serial entrepreneurs with a mix of technical and marketing skills. They know how to bootstrap a product business and get initial customers. This is not just a tech team. It is a team that has built products before and knows how to manage a small highly capable product team.
Looks good, doesn’t it? Have you seen one like this?