The lean startup incubator THINK recently released some numbers of its first 1,5 years of operation. The stats are focusing on the number of startups, revenue created and investments made into its startups.
The incubator, which is run on public finances, has two tracks – one fast speed six month track, called preTHINK, and one two year programme that focuses on more established startups. It’s lean speciality means that startups are not just from the ICT sector, but are from a wide variety – with both webb and tech startups, as well as startups in areas such as food industry, health-care and legal services.
“preTHINK works as a quality assurance-process and a “light” accelerator model. Here we can see if the entrepreneurs are enduring and truly dedicated to realizing their ideas.” says Johannes Ivarsson, business developer at THINK.
The incubator is aimed at startups with high ambitions, and limited to ten new startups entering each year. This gives a total of 20 startups at tops when it has reached two years of operation, this summer.
THINK Lean Incubator – Facts and stats
These are for the period May 2012 – Dec 2013:
- Incubator launched: Summer of 2012
- Number of companies: 18
- Total investments in incubator companies: 7,14 MSEK
- Average investment per company: 396 000 SEK
- People working in incubator companies: 37 people
- Approximate total revenue of incubator companies, 2013: 10-12 MSEK
- Approximate average revenue per company, 2013: 600 000 SEK
- Companies that are no longer are operational: 2
The incubator has only been officially focusing on the lean startup principles since the februari 2014, but the methods from lean have always been very important for it’s operations. The stats above are, with regard that the incubator started out as a ‘normal’ incubator, rather impressive – even if there is a lot more to do.
“We are very happy with our first 1,5 years, and beat our own expectations. However, with our focus on lean startup as well as the startups growing, we strive to show significantly better statistics next year. The first months of this year already look very promising.” says Johannes.
Different to many others, the incubator not limited to one physical location. It has startups and presence both at the co-working space Mindpark, as well as the co-working space Linc. A couple of the startups have their own offices as well. This is part of an ambition not to limit companies in where they need to be, but rather to help them with support through shorter session or workshops, and help applying the lean startup principles. While at the same time offer a place shared with other entrepreneurs for new startups or smaller teams.
“We are in a region with entrepreneurship in its DNA. However, the industry here is of a predominately traditional character. The aim of the incubator is to apply modern principles in developing new creative businesses, a more diverse entrepreneurial spirit in the area, and attract more entrepreneurs here.” says Johannes.
Releasing numbers and being more transparent seems to be a larger trend, with Startupbootcamp releasing their numbers for their accelerator programme.