Getting In — Your Path to Accelerator Acceptance
By Chenoa Farnsworth, Managing Partner Blue Startups
You’ve completed your accelerator application and now the waiting begins. When are they going to call you? Are they going to call you? How do you increase your odds? Submitting your application should be just the beginning of your efforts to get into an accelerator. There is a lot more you can do to assure you will at least get to the interview stage by the accelerator screening committee.
Hustle
The number one thing you can do to get into an accelerator is to hustle your way in. Entrepreneurs that demonstrate hustle in getting noticed by accelerator decision makers are indicating that they will hustle for their business, and hustle is the number one skill entrepreneurs need to succeed. We are always impressed by entrepreneurs who go out of their way to get noticed during the application process as it indicates that you will do whatever it takes to win in their business as well.
Connect with Decision Makers
Look at who the decision makers are in the accelerator program and network your way into them. Connect on LinkedIn, follow on social media, reach out directly via email, ask mutual connections for an introduction. Many entrepreneurs make the mistake of thinking that the decision makers are too busy, or will get annoyed if you attempt to contact them directly but the opposite is true; if you fail to do this, we take it as a negative signal.
Get Referred
Many accelerator programs require a referral from an alumni, mentor, or partner to get a look. But, even if the accelerator you are applying for does not require this, you should try to get referrals from known members of the accelerator or startup community. Most accelerators have a large mentor network, so if you cannot connect directly with the decision makers, try to connect to a mentor network member for a referral. We will always look much closer at a referred company than one that just comes in as a cold application.
Become an Ally
A great way to get noticed is to amplify messages being put out by the accelerator. Read and respond to blog posts, repost social media posts, be a helpful and positive member of the accelerator community.
Ace the Interview
Once you get an interview scheduled, prepare for that interview. While we do not require entrepreneurs to give us a formal pitch, it is always good to have one prepared just in case. Have your whole team on the call. We want to meet everyone, not just the CEO. Let your teammates talk. We always take it as a good signal that a CEO defers certain questions to his or her teammates, this demonstrates good communication and teamwork. Listen, don’t just talk. Many entrepreneurs in the interview are overly focused on getting their point across and they stop listening. Demonstrating coachability, especially when applying for a mentorship program, is critically important. Do not get defensive. We will ask tough questions about your business, but your job is to respond with information, not attitude.
Follow Up
Once you have completed the interview, follow up via email with additional information. Address the questions that came up in the interview head-on and provide materials as back-up. You can never provide too much information, only not enough.
Negotiate the Deal
Do not posture. If you really want to get an acceptance letter to the accelerator, do not start the conversation by trying to induce FOMO, talking about other offers you have on the table, etc. Most accelerator managers will see right through this tactic. If you weren’t interested, we wouldn’t be talking in the first place. It is ok to negotiate with an accelerator offer, but you can do this without posturing and in a straightforward win-win manner.
