FAQs for Applicants

Below you will find answers to some of our most commonly-asked questions about ilab membership and the application process. If you have any further questions then please get in touch. 

How do I apply for ilab membership?

We encourage you to talk to a member of the ilab team first, and then to complete the online application form. 

What sorts of companies does ilab accept into the incubator?

ilab exists to support early-stage innovative companies with high growth potential. It’s essential that you have a sustainable competitive advantage which will enable you to grow. Most of the companies we work with are exploiting some novel technology. To find out more about our eligibility criteria, click here. 

Do I have to locate my business in the incubator?

 Absolutely not. Some companies find that being located in the incubator is an advantage – it provides flexible space, and allows networking with other entrepreneurs - but it’s certainly not a prerequisite to becoming a member. 

Does ilab take an equity stake in my business?

We don’t currently, but will be introducing an equity component soon – watch this space.

How is ilab different to a consulting company?

ilab isn’t about selling you consulting hours, and we’re not a profit-making organisation. We pass on a portion of our operating costs to members via a flat membership fee, and the remainder of our costs are funded by the Queensland Government.

How does space at ilab compare with commercial space that I might lease elsewhere?

Space in the incubator is intended as a short-term base before member companies are ready to secure commercial space independently. The office space is of a professional standard, but by no means the highest quality space money can buy. 

The major benefit of occupying space in the incubator is that we don’t ask you to sign a long-term lease. This means that you can increase or decrease the space you occupy (within reason and subject to availability) to fit the growth of your business, and you can exit the incubation space at short notice, rather than being stuck with a three or five year lease.

Can I move into the incubator space without participating in the incubation programs? 

No. The office space offered by ilab is exclusively for the use of member companies. Like many other incubators, we’re only in the real estate business to the extent that it helps our member companies get to a point where they can take on commercial premises.

How long can my business remain in the incubator?

We expect companies to be in the incubation program for a maximum of two years. Really, the shorter your stay with us, the better: like you, we are focused on fast business growth, so if you find yourself getting too comfortable, it’s probably time to move out!

What milestones do I need to meet?

We put all member companies through a comprehensive business diagnostic when they enter the incubation program, and again every six months. Out of that process will arise a set of milestones that we will expect you to meet in order to remain in the program. This helps to motivate you to move fast, and keep you on track.

What is “graduation”?

Not all companies succeed at ilab. Some fail outright, while others only reach a fraction of their potential. However, some companies emerge as rising stars - in good shape and heading for a bright future - and we like to celebrate them with a graduation.

I’ve heard incubators are a kind of “life support” for struggling companies. Is this true?

Some incubators have been labelled in this way – often unfairly, but sometimes for good reason. At ilab we are very much in the business of growing successful businesses, and we believe in fast failure. If the business has the potential to succeed, we want it to do so – quickly. If it doesn’t have what it takes, we want everyone to work that out quickly so the founders can move on to something more rewarding. If it becomes clear that a member company is going nowhere, we’ll agree to part ways.

Can ilab invest cash in my business?

No. Our model is to invest time in the expectation that it will help position your company well to raise capital from investors such as angels and VCs.

Can ilab help me to raise capital from investors? 

ilab has a lot of experience in helping companies to become “investor-ready”, and can work with you to ensure your business will make the cut when competing for investment with the many other companies seeking capital. We are well connected with the local angel investment and VC communities, and can help get you talking with the right investors.

My business already has customers and revenues. Am I past the point of being able to access the incubator?

Not necessarily. We’re less interested in how many customers you have than in how much we could help you accelerate the growth of your business. Find out more about our eligibility requirements here.

How is ilab different to a serviced office?

Primarily ilab exists to provide expertise to founders of start-up companies. The office space is a secondary benefit, which some of our members also choose to access. If your primary interest is in flexible office accommodation, you’re better off looking elsewhere.