theApproach
Approach is unique as opposing the government run SemeCity project in Cotonou, this open office space incubator not only accepts IT startups but any fields if the CEO is proven to be highly qualified in running projects and leadership.
Besides, unusual to other incubator spaces all over the world, there are options for business starters to not pay a monthly fee for the usage of the infrastructure and the coaching/training but to find alternative ways to compensate.
- provide service for free which beneficial for theSPACE (build a website),
- pay only after sustainable income stream is set (0,5- 1-2 year later),
- accept theSPACE CEO as member of Director or Advisory Board (in case of NGO),
- allow future profit share (5-10% share),
- offer donations/CSR/outreach project’s benefits to theSPACE once getting successful.
theProcess
(Process under development, currently NOT ACCEPTING new businesses)
Once getting selected through a tough evaluation process of proven skills of the CEO’s project management and leadership experience, there is an integration and testing period of 3 months. In this period the enterprise and the CEO/founder must prove in actions their motivation, determination, and willingness to succeed.
The way of “paying back” is not compulsory, therefor the risk taken by the founder on the short term. This is the reason behind the tough selection. Although, it is highly expected to give back in donations which is clearly stated at the very beginning in a contract. In case of failure of making the business sustainable, the fee of usage of theSPACE is not to be paid.
The nurturing method is also unique in an incubator, as it is focusing on CEO coaching and through the leadership development and skill-building of the entrepreneurs, it is aiming to reach organizational development.