Who can submit business ideas?

LabX is open to everyone. It does not matter if you are a university student with no business experience or an experienced business professional with little financial resources; LabX welcomes all entrepreneurs with promising and innovative business ideas.

 

I already have a small business, can I still apply?

Yes. LabX encourages all entrepreneurs to apply.

 

How long will it take until my business idea is ready to start up?

The common timeline for finalization of business plans is approximately 3 months in case the entrepreneur’s idea succeeds the selection process.

 

What should I include in my business idea presentation to attract the attention of the investors?

Contrary to general belief, angel investors evaluate business ideas not based on technical details but on the performance of the entrepreneur. Make sure that you are self-confident and fully prepared to convince the business angels.

 

How many business ideas can I submit?

You can submit as many business ideas as you like (past failures should not deter you from applying again). LabX’s mission is to enhance the underdeveloped entrepreneurship culture in Turkey therefore any entrepreneur with a business idea is more than welcome to participate in this process.

 

How is my privacy protected?

LabX never reveals details of business ideas and personal information to any third party. Your information is guaranteed to be kept confidential and private in accordance with confidentiality agreements. LabX’s organizational structure and mission does not allow initiation of own businesses. Business ideas are only incubated in mutual agreement with idea owners.

 

What fee does LabX charge?

LabX does not charge any fee for incubating your business ideas. The common practice for incubators around the world is to become a strategic shareholder which also sustains business continuity and stimulates motivation of entrepreneurs.

 

Does LabX provide any services other than Incubation?

LabX’s services are grouped in four different main areas: Incubation, Maintenance of Business Angel Network, Education Services and Innovation Consultancy for companies seeking value-added solutions. If you would like to benefit from LabX Services, please visit LabX web site for further information or contact us.