Questions & Answers
Who is Turbine?
Turbine is part of “ENL Group” a leader in the Mauritian Industry with an annual turnover of Rs13.8 billion for 2017 and more than 7,300 employees. Turbine is here to help independent entrepreneur to start their project.
What is an incubator?
A business incubator is a company that helps new and startup companies to develop by providing services such as business coaching and office space.
Why should I need to be incubated?
Do you want to be challenged and pushed to increase your chances of success? More than 90% startups fail before the second year of operation, having an incubator gives you more chance to go across this period. We will help you to go through your Business Development: Do we have the right business model or should we try a new customer focus, value proposition, pricing, methods for increasing retention, etc.? Sales and marketing: How do we set up our go-to-market strategy? How do we get better at selling? How can we shorten the sales cycle? How do we increase the conversion rate? How do we test a Facebook or Instagram campaign? Product development:How do we choose which features are most important to add development time to? How do we test this? Can we use existing libraries and open source, or do we need to develop from scratch? Key metrics: What are the most important goals and metrics for the company? Why? How do we sync long-term goals with short-term? Process: How do we create an efficient process forward in everything we do to keep the highest possible pace? Financing:How will we finance the company’s development? How do we find investors? What is our company worth if we are to receive funding? How much should we try to raise, and when? Team and individual development: What additions to the team are most important? How should we find them? How do we need to develop ourselves to increase the company’s speed? Order and structure:Do we have a stock register, shareholder agreement, balance sheet, bookkeeping etc?
What is the counter part of incubation?
Turbine takes 6% of equity of your company for the first 6 months period of incubation and another 4% for the second 6 months period of incubation.
What do I receive against the 10% I give to Turbine?
Turbine will appoint you a business coach who will work closely with you and your team every week, this coach will be always involved in where you are in important activities. You will also have free access to our co-working space for the first period and this will help you starting your business without fixed cost. Turbine will help you get in contact with experts and professionals from ENL network and will make doors open faster. When times for funding will come, Turbine will help you meeting VC or Business angels after preparing a good business strategy and business plan.
What are the selection criteria for incubation?
The main selection criteria are innovation, dedication and motivation of the team. We are looking for ambitious project with a potential for international growth.
How many start-ups Turbine has incubated?
Since January 2017, Turbine has incubated 7 startups.
Who are your coaches?
Our coaches are Anne Laure Marchyllie, Diane Maigrot and Fabrice Boullé. Our coaches were trained by Sting (Stockholm Innovation and Growth) who is the leading accelerator and incubator in the Nordics since 2002.
What should I expect from coaching?
We believe in “fail fast, fail forward”. Dare to try things that do not work perfectly: Create a prototype (MVP), measure usage and compare to quickly move towards the operation and business models that work. Speed is the key. Our methods are best characterized as “lean” and iterative. The main methods and tools are “Lean Startup” and “Lean Canvas”. Our coaching is always based on “pull” rather than “push”, i.e. it’s the coach’s task to help you find and decide what is the right way forward/focus/priorities etc, rather than telling you what s/he thinks you should do. You’re always in the driver’s seat!
Do you offer seed investment and if so how much exactly?
There is no automation of seed funding investment. However, we work conjointly with a VC “Compass”. Incubated start-ups can have the opportunity to pitch to “Compass” to receive seed funding (up to 1 million Rs). We introduce our start-ups to other VC and Business Angels that are in our network and we support them in the process of securing funding.