We ended up having a comprehensive discussion about incubators based on audience questions. I will recap that, but first, let’s look at today’s presenters.
First, Stephanie Sheridan from Washington, DC, pitched IPAI L3C, a service for consumers who want to live carbon-neutral lives. Stephanie plans for charge $500 a year for a suite of carbon-neutral lifestyle products and services, including software for measuring carbon footprint, yoga classes instead of gyms, etc.
I did not resonate with the value proposition. I am skeptical that consumers would pay $500 a year for this kind of service, but it doesn’t really matter what I think. It matters what Stephanie’s target customer base thinks. And that’s something she needs to validate.
Stephanie also had ideas about equity investment in women-owned, carbon-neutral businesses, and I discouraged her from pursuing multiple businesses in parallel.
Focus, for an entrepreneur, is of paramount importance.
Next, Zef Neemuchwala from Ontario, California, pitched Bizdemy, a simulation tool for training. Zef’s tool could conceivably apply to many different segments – from large enterprises, to mid-sized businesses for their corporate training needs, to academia, to small businesses.
However, how he goes to market would be totally different in each case. While enterprises may pay him to develop custom training material using his tools and technologies, small businesses or academia would not.
Zef and I brainstormed about the pros and cons of numerous different use cases, and at the end of the session, Zef said that he managed to enhance his clarity level around the choices.
And as of a few minutes back, Zef is a new 1M/1M premium member. Welcome on board, Zef!
Now, in the Q&A today, one of the questions was about how 1M/1M works with incubators. Well, as I have always said, we are supplemental to incubators around the world. If you are an incubator, you could look at yourself as a smart phone, and 1M/1M as an app that can be installed on your phone to make it more capable in delivering value to entrepreneurs.
Or, you could look at 1M/1M as an analog to the Intel Inside advertisement. If you are an incubator, and you have a 1M/1M ‘chip’ inside, you – the computer – are more powerful.
Below are two videos that should further illustrate these concepts:
If you want a deeper relationship with me, you are very welcome to join the 1M/1M premium program. If you have any questions about the program, please, first study the website, especially What to expect from the 1M/1M premium program and the FAQs. If you have additional questions, please email me, and I would be very happy to respond. Please note that I work exclusively with 1M/1M entrepreneurs.