9 Questions to Ask Before Joining a Metaverse Startup Integrator
You're considering joining a metaverse startup integrator, but you're not sure if it's the right move for your company. After all, the metaverse is still a relatively new concept, and there are a lot of unknowns when it comes to starting a business in this new online space.
Before you make a decision, it's important to ask some key questions about the integrator and what it can offer your startup. In this article, we'll outline 9 questions you should ask before joining a metaverse startup integrator.
1. What Type of Support does the Integrator Offer?
When you're starting a business, having access to the right resources can make all the difference. Make sure you understand what type of support the integrator can offer your startup, including funding, development resources, and marketing assistance.
Mike Vitez, Co-Founder and co-CEO at Limitless, says:
"It is good for startups because if you're a startup you will need these things: money, people and market... we will be the umbrella organization for that so this is what every startup needs from their perspective and we can provide them everything to be able to make themselves successful."
2. How does the Integrator Benefit from my Startup's Success?
When you're choosing an integrator, it's important to make sure there's alignment between your goals and the integrator's goals. One way to ensure this is to ask how the integrator benefits from your startup's success. If they're only interested in making a quick profit, they may not be the right fit for you.
David Taylor, co-CEO at Limitless, says: "We're not just a startup integrator though. We'll provide a true gateway to the Metaverse through our relationship with Next Earth, where our companies can launch directly. Limitless is a force to bring a decentralized Metaverse to life by helping over 300 companies launch and start providing services within the next five years."
3. What is the Selection Process for Startups?
Not all startups will be a good fit for an integrator program. Make sure you understand the selection process for the program you're considering, and ask what criteria they use to choose which startups to work with.
4. What is the Structure of the Program?
Does the program have a set curriculum that startups must follow? Are there milestone goals that need to be met? What is the expected duration of the program? It's important to have a clear understanding of the program structure before you commit to anything.
5. How much Control does the Integrator have over my Startup?
Make sure you understand the level of control the integrator will have over your startup. Will they be involved in day-to-day decision making? Or will they take a more hands-off approach?
6. What are the Program's Graduation Requirements?
When you're ready to graduate from the program, what will be required of you? Make sure you understand the expectations and requirements for graduation, so you can plan accordingly.
7. What Happens to my Startup when I Graduate from the Program?
When you graduate from an integrator program, you'll likely have built some valuable relationships with other startups and mentors. But what happens to your relationship with the integrator? Make sure you understand what, if any, continued support they can offer after you graduate.
8. What is the Integrator's Exit Strategy?
If the integrator is funding your startup, they'll eventually want to see a return on their investment. Make sure you understand their exit strategy, so you can be prepared for their eventual divestment.
9. What are the Risks Involved with Joining an Integrator?
There are always risks involved when starting a business, but there may be additional risks to consider when joining an integrator. What are the risks of working with the integrator? What are the risks of not being accepted into the program? Make sure you understand all of the risks involved before making a decision.
Ultimately, the decision of whether or not to join a metaverse startup integrator is a personal one. But by asking the right questions, you can make sure you're making the best decision for your company.