Not to detract you from your idea, but running an online incubator is probably ten times as difficult as a localized one.<p>Evidence of this can be taken from YC shutting down NYC as their other incubator-area.<p>Running in 2 locations is hard, imagining trying to manage startups from Hawaii to Sri Lanka.<p>That being said, there are online incubators, but there isn't so much competition to get in as there is for incubators like YC (unless all those fraudulent applicant mails count).
I would think the first thing to do would be to figure out what "unfair advantage" you'd have as an online incubator. One option would be to to find an affluent geographic area without a big tech community and then be "the only guy in town" for raising angel money.<p>You could own the "supply side" of money for the region and then advertise yourself as being someone who is able to fund people living in low cost places.