PRINCETON, NJ — Ritika Singh is doing her part to put New Jersey startups on the map with her InnCreTech incubator. The company, standing for Innovation, Creativity and Tech, started nearly eight years ago as a tech R&D company specializing in data, machine learning and blockchain for small businesses to Fortune 500 companies.
Singh said when she attended meetups, startup founders expressed technology needs and gaps and they started contacting InnCreTech for help. Due to the demand, her team made the decision to transition into a tech incubator.
“We help them in building a roadmap and what should be the deliverables. Let us build your MVP (minimum viable product). If you see the traction, you can come back and we can build the full-scale thing,” Singh explained.
In a state increasingly being recognized for its biotech boom, InnCreTech may just be an additional incentive to keep New Jersey startups from flocking to New York.
“A lot of startups are coming out of universities like Princeton and Rutgers,” Singh said. “New Jersey is changing and evolving.”
New Jersey Startups Get A Innovative Incubator Model
InnCreTech is a cash plus equity incubator with a unique “startup as a service” model that allows them to serve as cofounders and guide entrepreneurs throughout their developing process. They brainstorm with entrepreneurs on the product, user stories and also work on core engineering problems: scalability, security and performance.
Companies to come out of InnCreTech include GLX, an emerging technology platform for global financial markets; 3D printing company, Link3D; and a client in investment banking who will be putting out a new product next month.
While Singh said very few of the local startups are led by women, she is seeing professionals in their late 40s choosing to start their own companies. Her advice to female entrepreneurs is to do your homework.
“Market research is a very important step for building a startup. So one, please do the market research. And, two, listen and be ready to change,” Singh added. “Sometimes we start with an idea and we see this is a pain point and let’s focus in this direction. Young entrepreneurs, be ready to change if it’s required. Time is very crucial, but don’t hurry to finish up.”