Depending on where you are situated in your entrepreneurial journey, the support required by you and your startup will vary. At an ideation stage, the focus is on turning the idea into a viable business. For an existing startup with paying customers, it could be growth, funding and rapid customer acquisition.
Startup ecosystems around the world run structured programs that help fulfill these needs and help the startup and it’s co-founders evolve. Incubation, acceleration and co-working are some of the most ubiquitous ones. As of this year, Turbine offers all 3 to qualifying startups, a first in Mauritius.
Though the overarching goal is to help a business grow, the programmes differ in what they have to offer.
The process of turning a promising pre-revenue idea into an early-stage business is an exciting but ambiguous process. Incubation programs help build strong foundations for a startup in the shape of product development, a well-defined business model and plan, early customers and investor pitch. Zero to one.
Incubation programs achieve that by running structured programs that include access to physical working space, opening doors to networks and (much needed) coaching by startup veterans.
Incubation Program at Turbine
Turbine runs a year-long incubation program for qualifying startups. The program includes:
- Weekly coaching sessions with Turbine’s network of coaches
- Monthly workshops with Turbine network of experts
- Free working space at Oficea co-working for 2
- MUR 45,000 to spend on professional services for your start-up
- Visibility and exposure to Turbine’s network
- Opportunity to pitch your business idea to business angels and equity investors
- Work while being surrounded by like minded entrepreneurs
Startups are meant to scale, that is what differs them from a traditional business. Scaling involves rapid customer acquistion, team expansion, and potentially, entry into new markets. Scaling brings forward a complex set of challenges that require insights, experience and funding. Accelerator programs help address these challenges.
Accelerator programs are for more mature, post-revenue startups with existing traction that are ready to take on seed funding in exchange for equity.
Accelerator Program at Turbine
Turbine launched the inaugral accelerator program this year with 7 start-ups in its first cohort! The program’s primary goal is to provide the necessary coaching and resources to help the start-ups achieve the growth milestones. The program includes:
- 6 months of structured acceleration program
- Boot camp programs and workshops led by Turbine’s coaching
- MUR 1 Million in venture capital funding
- An additional MUR 150,000 to invest into the start-up
- Co-working office space at Turbine
- Access to Turbine’s network and ecosystem
Though very common among startup ecosystems, co-working spaces differ from Incubators and accelerators in that they are a amenity and facility rather than a structured program.
The co-working trend intially began as an cost-effective and flexible way for startups and freelancers to work from a dedicated workspace. Changes in workplace culture to be more remote and flexible have fuelled the occupancy of co-working spaces.
Working from a co-working space brings a feeling of belonging to a wider community as entrepreneurship can often times feel lonely. Co-working spaces often have events and community activities in place to keep their tenants engaged. Turbine offers a state-of-the-art space for co-working to entrepreneurs and startups enrolled in our incubation and accelerator programs.
The space is managed managed by Oficea Workspitality.
Come check it out for yourself!