This seems like a good idea and a great deal if you're have an idea for a startup.
Though this has made me wonder about the value of working with an incubator that does take equity. In the case of Springboard, you don't have to give up any part of your company, but I think that there's substantial value if the incubator does have equity, as they have skin in the game from a financial standpoint.
That all depends on how much skin. Most incubators I've heard of take small stakes in a lot of companies. The start-up just becomes one more fish and it rapidly becomes a numbers game for the incubator. I might be wrong though.
Though this has made me wonder about the value of working with an incubator that does take equity. In the case of Springboard, you don't have to give up any part of your company, but I think that there's substantial value if the incubator does have equity, as they have skin in the game from a financial standpoint.