Vator Splash Spring 2016

Vator Splash Spring 2016

All contestants:
Virtual Incubator Network
Location: 208 E 4th St, Bethlehem, Pennsylvania, United States United States
Founded in: 2015
Stage: Alpha (prototype)
Number of employees: 1-5
Funding history:
- Date: 01/2016, Accelerator/Incubator: undisclosed amount
Investment Firms: Penn State Launch Box
Short URL: vator.co/virtual-incubator-network
Awards and mentions
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Received a grant for Penn State Lehigh Valley LaunchBox plus free office space.
Vatorx1

Virtual Incubator Network

Startup/business
Bethlehem, Pennsylvania, United States United States
http://www.hatchhouseventures.com

The Virtual Incubator Network is a software platform designed to enable community managers to more effectively engage and grow their communities. VIN admin to build mentorship programs, recruit new members, and engage the community. The VIN is like a private LinkedIn for entrepreneurial communities like Universities and Incubators.

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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. 


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Team
  • Steve Boerner
    Steve Boerner | Founder
    Steve Boerner is the President of Hatch House Ventures, a network of live-work startup incubators for young entrepreneurs providing a wealth of resources to tomorrow's generation of job creators. Steve is a motivational speaker; passionate about s...
  • David Gritz
    David Gritz | Founder
    Co-founder of Hatch House, Real Estate Investor, and Public Speaker. Hatch House Ventures is a live-work start-up incubator for seed entrepreneurs. We are now building software to virtualize incubators and university entrepreneurship programs
  • Quinn Cosgrave
    Quinn Cosgrave | Team member
    I am high school student trying to learn all that I can about startups. I have worked at three different companies in a variety of roles and was one of the first to join a startup that is in the process of being sold for $20+ million.
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
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Penn State Launch Box - Unconfirmed
Name of the company