From Laid Off to Entrepreneur via An Incubator

[ 0 ] February 15, 2011 |

In case you missed it, the New York Times ran a great article on a business incubator in Texas.  The incubator, Succeed on Purpose, takes people who have been laid off from the corporate world and looks to teach them the new way of thinking along the lines of an entrepreneur through workshops, mentoring, training and … capital.

The goal for each Succeed on Purpose start-up is a business that will have annual revenue of at least $1 million in its first three to five years. Succeed on Purpose provides incubating businesses with a cash investment of up to $20,000, office space at its 7,000-square-foot incubation center, training, coaching, and mentoring. In exchange, the incubator takes an equity stake of 20 percent to 49 percent that gives it a corresponding percentage of the start-up’s net profits beginning in the second year of the five-year program.

In 2010, the incubator introduced seven companies with all but two hitting their revenue goals.

Related posts:

  1. How to Choose an Incubator or Accelerator Program
  2. DreamIt Ventures – Now Taking Applications for Fall Entrepreneur Program
  3. Kauffman Foundation Offers Entrepreneur Scholarships – Deadline Oct 17
  4. Entrepreneur Expo 2012 – Philly Startup Leaders
  5. Founder Institute – Create a Company and You Graduate

Category: Incubators, Venture Capital

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