Virtual Incubator Network

Virtual Incubator Network
Startup/business
Bethlehem, Pennsylvania, United States United States
http://www.hatchhouseventures.com
2
  • Overview
  • Team
  • Activities
Company description

The Virtual Incubator Network, a spin-off company of Hatch House Ventures, is a software platform designed to enable community managers to more effectively engage and grow their communities.

The Virtual Incubator Network enables managers to build effective mentorship programs, engage pre-members for higher conversion to membership, and engage the outside community. Utilizing this tool, community managers can reduce administrative costs and allow a broad ecosystem to grow organically with minimal staff time investment.

The initial target markets for the software are college entrepreneurship programs, incubators and accelerators. Each of these institutions suffers from over-worked staff and is under constant pressure to grow and engage their communities, often with high stakes for failure. Future market opportunities represent over $1.1B in market potential and include government, professional associations, and community banks.

To date, there are four beta-customers who are funding the initial software build, serving the immediate need for pre-seed funding. Early-adopters include Penn State Lehigh Valley, University of Delaware, Rowan University, and Bucks County Community College.

The primary revenue source is sale of software licenses that range from $10k to $150k annually (based on the number of users). The software is projected to run at a high eighty percent gross margin that will enable the company to reinvest in growth via strategic hires, product development, and establishment of a world-class sales team.

As customers utilize the Virtual Incubator Network, the closed platform begins to grow organically and the software becomes a substantial source of recurring revenue, increasing with the number of users per network. 


Ps_21969_4422

Ps_21969_4423

Ps_21969_4424


Awards and Mentions
  • 21969_3536
    Received a grant for Penn State Lehigh Valley LaunchBox plus free office space.
  • Business model

    Our model is simple. We develop relationships with owners of entrepreneurial ecosystems (Universities, incubators, accelerators and economic development groups) by developing and distributing thought leadership content.

    We leverage the relationships to sell software licenses on an institutional level in buckets of hundreds or thousands. And, we support implementation and sell auxilary consulting services to help those ecosystems grow.

    Competitive advantage

    We have three advantages:

    1) We can sell from the inside: our team is part of the entrepreneurial faculty and supports program strategy for three Universities. Other competitors are just seen as software vendors, not strategic partners.

    2) We understand the market better: our product was built to solve the challenges we faced running a network of physical incubators. Our product was built to serve the needs of incubators and entrepreneurial ecosystems, because we were not able to find existing platforms that could do a good job.

    3) Strategic partnerships: we either have formal partnership or are working on developing partnerships each of the major associations for entrepreneurial ecosystems.

    Investors
    Default
    Penn State Launch Box - Unconfirmed
    Name of the company