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Introducing the appeal of "Incubate Camp", an entrepreneur/investor management training camp that has only merits for entrepreneurs

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This website has been translated into English using automatic translation. Please note that the translation may not be entirely accurate.

Incubate Fund is a long-established VC with Japan's largest seed investment record. We asked about the must-see efforts from pre-startups to series A start-ups, support recipients and contents, "Incubate Camp 15th", to be held in mid-October 2022.

Profile

Mr. Masaya Minamide
After graduating from Keio University, he joined Nomura Securities Co., Ltd. He was engaged in corporate finance business in the real estate/REIT sector in the investment banking division. His responsibilities included managing financing business and IPO advisory support in the capital markets and public underwriting department. From the zero start-up stage to the IPO, he was attracted to the fact that he could run alongside while supporting hands-on over a long span and the partners, so he joined the Incubate Fund in 2020.

Who are the support recipients, and what contents are supported by the Incubate Fund?

Before we talk about "Incubate Camp", what kind of support does "Incubate Fund" provide to entrepreneurs?

The Incubate Fund is a venture capital (hereinafter referred to as VC) that invests in entrepreneurs and start-ups from pre-startups to the seed stage and provides the necessary support for growth in addition to investment. So far, we have formed a fund of about 85 billion yen and have invested in more than 400 companies, and we are proud to be the VC with the largest seed investment record in Japan. The initial investment will be made for startups up to the seed period, but we will make additional investments according to the growth stage of the support recipient. In 2021, we also established a fund dedicated to additional investment limited to existing investment destinations called the "Growth Fund". We provide financial support with a system that allows follow-on until just before the IPO.

What are you doing specifically in the non-investment business?

We participate in management meetings with the investees and provide a wide range of assistance to business growth, help with fundraising and team building. Specifically, we are building equity stories for fundraising for Series A, as well as creating pitch materials and business plans. If necessary, we will make arrangements with experts and key people, connect with mass media reporters for PR support, and connect with Rector Inc. regarding development support (a company with many experienced CTOs).

Also, to grow a business, it is necessary to have a CXO or a business manager who works toward the goal together with the founder; however, in the early stages, searching through a general agent is often not possible. In such cases, we also have our HR team supporting them according to the founder's request while cooperating. In addition, we also offer comprehensive and helpful support packages for startups in collaboration with external partners who are strong in legal affairs and marketing support.

What kind of entrepreneurs do you specifically support?

We are investing in entrepreneurs who create new industries and businesses to become game changers. The themes are summarized in the following materials as the investment areas that the company advocates, but as you can see, the range of investment targets and areas is vast. Rather than defining a specific area, we often discuss together and create together businesses that can create a significant impact on society.

From materials provided by Incubate Fund

How did entrepreneurs get the support of Incubate Fund?

There is a wide range of circumstances. We sometimes contact through applications for participation in community-type programs such as "Circuit Meeting", a fund-raising & business counseling meeting, and "Incubate Camp", a joint management camp for entrepreneurs/investors for one night and two days. Sometimes, we are contacted via the official SNS, the individual SNS of the Capitalist/Associate, or the official website. In addition, there are many introductions from entrepreneurs who have already invested. Entrepreneurs are connected to and exchange information with other entrepreneurs, so they often follow the connection. Also, since we are a VC that has been around for 12 years, we have many relations, and we have met some people through introductions from other companies' VCs.

What is Incubate Camp?

This is the 15th "Incubate Camp". Tell us about "Incubate Camp" again.

This program is a one-night, two-day training camp with 16 active and decision-making investors and 16 selected entrepreneurs who are serious about raising funds. Specifically, entrepreneurs and investors form a pair to brush up on business plans and pitch materials for financing. Although it is one night and two days, it is an "entrepreneur/investor joint management camp", a very intense program held yearly. Since only investors with the right to make investment decisions will participate, there is a possibility of providing tens of millions to billions of yen in funding. In fact, at the "Incubate Camp 14th" held last year, more than 1.3 billion yen was financed. This year, it will be held for two days, from October 14 (Friday) to 15 (Saturday).

[Reference link]
Incubate Camp 15th

What kind of entrepreneurs enter and pass the screening?

Startups from pre-startups (people preparing to start a business while working as office workers) to series A are allowed to enter. In terms of attributes, there are many men in their 20s and 30s, but the number of women is also increasing. Also, even if there is no product before starting a business, the possibility of passing the screening increases if there is potential. We conduct screening from a comprehensive perspective, such as the fact that the business we envision has capabilities (feasibility including ability and experience) and evaluation of the CEO or team.

Please tell us if any startups have exited or are improving their business performance among the startups that have participated in the past.

credit: Incubate Fund

Many startups have raised funds and achieved rapid growth after participating in this program. It has been held 14 times, and more than 250 companies have participated. In the first session, Mr. Matsumoto, the founder of RAKSUL, which was in its seed period then, participated. In the second session, Mr. Imaizumi of Game With, listed four years after the company was founded, participated with only products in his student days. Most recently, Mr. Yabe of Crezit, the overall winner of the 14th session held last year, raised 650 million yen in February 2022.

Please give us a brief overview of the two-day flow of the Incubate Camp.

[First day]
We meet around 9:30, and all 16 entrepreneurs pitch for 5 minutes in the morning.

After the pitch, we hold a 14-minute 1on1 with all 16 investors.

We hold a "draft meeting" in the evening.
Investors cast a vote to state the entrepreneur they want to be partnered with one-on-one.
Some entrepreneurs may receive multiple offers, in which case the entrepreneur can choose an investor.

Sixteen pairs are created!
Each pair will prepare for the final pitch on the second day.
Many pairs start a strategy meeting immediately while eating dinner.

The management side closes the work area at 24:00 (called an "armistice agreement").

[Second day]
Free time in the morning. After having breakfast, each pair will prepare for the afternoon pitch.

The final pitch will be held in the afternoon.
The same as on the first day, the entrepreneurs will pitch for 5 minutes, but there are some differences.
The business content and pitch of each pair are brushed up significantly. And before the entrepreneurial pitch, the paired investors pitch one minute to the judges and other investors to note the "push points" from a capitalist's perspective. Entrepreneurs will take the stage in the finals with cheering from their paired investors.

After announcing the results, a social gathering is held, and the event is disbanded.

What you get by applying for an Incubate Camp

The opportunity to be mentored by 16 investing capitalists a day and prepare for the pitch with one of them as an exclusive partner is an attraction unique to Incubate Camp, which is not available at other events.

How should I apply?

A dedicated application form is provided, so please apply from there. All you have to do is enter your background and upload pitch materials, and your application will be completed in about 5 minutes. We have already started accepting entries from April 1, 2022, so please apply using the application form below.

How will the screening be done after applying?

We will screen based on the contents of the application form and the interview conducted in two stages. From around the end of August 2022, we will screen the documents based on the input contents and pitch materials, and those who pass the screening will be invited to an online interview for the final selection.

What do startups that have passed the "Incubate Camp" screening in the past have in common?

The common point is that the pitch materials explain the business in an easy-to-understand manner. Also, although it becomes abstract, many people's personalities are attractive, such as they are trying to challenge a big theme, and the appearance of involving the surroundings to create a business can be imagined.

Ideas will likely change from the time you apply; what should you do in such cases?

You can apply and submit pitch materials as often as you want within the entry period, so please re-enter as often as you require. Apart from the screening, we provide mentoring for all who wish to overcome business barriers. As a result of mentoring, some people will pivot their business ideas and re-enter, and if there is a request for re-application, we will mentor again. By all means, I hope that you will use mentoring, brush up on your business and materials in an official manner, and make a final application with the content you feel is right!

Other seed programs often don't give feedback to applicants who are not successful, but it's excellent that incubate camps have the opportunity to mentor anyone who wants to be mentored! Do you support entrepreneurs looking for the opportunity to raise funds earlier than the October camp?

We also have opportunities to raise funds early to respond to such entrepreneurs' requests, so I would like you to apply for the Incubate Camp as an opportunity to get in touch with VCs. Specifically, there is a possibility that applicants will be recommended to our monthly "Circuit Meeting", which is a fundraising & business counseling meeting or connected to a collaborative VC/accelerator.

Please let us know the feedback from participants of the Incubate Camp and any ongoing support after participation.

Many say that participating in the Incubate Camp makes it possible to connect with investors and fellow entrepreneurs who are compatible with the company. We are happy to see glimpses of a continuing relationship, such as the formation of alumni between friends who spent two days together, which can be compared to the "hyperbolic time chamber" that appears in Dragon Ball, and reports on subsequent fundraising on Slack and SNS. In addition, we are gradually becoming a community with investors we met at the Incubate Camp, consulting us individually and receiving referrals. As an Incubate Fund, we want to continue strengthening the community function.

Mr. Minamide will be the general manager of this incubate camp. Please tell us what you value in supporting entrepreneurs.

It may seem obvious, but startup support is all about continuing to commit. There are many cases where we give the person we accompany what they want when they want it, specifically, fundraising materials to overcome barriers and support for creating PL materials, retweeting press releases and defining the necessary human resources. It is important to continue to provide entrepreneurs with what only VC can do as value while grasping what the other party wants through communication..

I think that people from multiple departments of the Incubate Fund are working together to support a wide range of startups. Do you have any common understanding when providing support?

We support with the determination to create a business with entrepreneurs, but we are devoting ourselves to behind-the-scenes support, thinking that the lead role is that of the startup. There are various kinds of support unique to Incubate Fund, but even after we provide support, the name of our company is rarely mentioned. However, we wish for business growth from the same perspective as entrepreneurs, and we also provide the above support free of charge from the perspective that "we should not receive money from the investee".

As with startups, VC is still in its infancy, so it's a difficult world to survive. Continuing to provide value to startups as a VC and having them produce results will lead to the next fundraiser, and a new value can be provided to startups. To turn this good spiral, each of us is working with determination to face the investees.

Finally, any message for seed/early-stage startups!

We look forward to hearing from seed early-stage startups who want to raise money! We welcome you even before the service is released or the corporation is established. We recommend entering the Incubate Camp as a contact method. We believe that providing a place to communicate closely with 16 capitalists, who make decisions and represent leading VCs of Japan, in one night and two days is a unique attraction of Incubate Camp. In addition to providing financial opportunities, we also casually provide business consultations and overcome the barriers before procurement. We hope you will take advantage of this program without deciding that it may be early for you.


Entry takes only 5 minutes. If you are in two minds, why not apply and find out?

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