How To Get The Most Out Of Startup Accelerators
If you have a startup, work in a startup, help startups or are involved with them in any shape or form, you’ve probably heard the term “accelerator” more than once. For those who this is pretty new to: an accelerator is a special program for startups to help them grow. They offer a support system that (usually) consists of: 1) a pool of mentors with different expertise, from different industries & backgrounds 2) networking events 3) office space and 4) access to potential investors, partners or clients.
Accelerators come in different shapes and forms. Programs exists for very early stage companies that help you transform from an idea into a product, but also for startups that are already mature and generating revenue.
Some programs take equity in exchange for a small investment, others are non-profit. My company participated in two early stage accelerators, both of them non profit.
Especially for the first-timers out there, accelerators can make or break startups. You basically have nothing to lose and only to gain, but in the end it’s completely up to you on what value they can bring you. Below are just a few tips on how to make sure you get the most out of an accelerator.
Do your due diligence
It sounds like common sense, but if there was a mistake I made my first time around, it was not doing enough due diligence on accelerators.
- Talk to startups who participated in previous batches and find out what the program is really about, because nobody will know better than the actual participants.
- Go to promotional events put on by the program. Most programs do promotional Meetups to promote themselves. It’s a great opportunity to get to know staff members and ask questions.
- Look up if they had startups in your industry and reach out to them, they can probably recommend you with which mentors to work.
- If there’s a mentor database, do research on who you want to meet and would like to be your potential mentor. Please note that mostly this is only available after you’ve been selected.
Be present
An accelerator program also consists of lectures and workshops about many different things. From fundraising to business plans to marketing to legal matters. Even though you might think it’s not relevant for you, it’s highly recommended to go and engage with the speakers. You never know if you ever need to reach out to them again.
Use their network
I think this is one of the best things of an accelerator: their network. Regardless of the program and its reputation, they all have a huge network. You’d be stupid not to use it, it’s there for that exact reason! From people that know your industry, investors, potential partners & clients — you name it. As an entrepreneur you’re already busy building your network, so why not make it a bit easier to expand it?
Use their mentors
Most programs have a database of mentors and their areas of expertise. List all the challenges you’re facing and try to find mentors that could help you figure out how to overcome those challenges. Not all of the interactions with mentors will work out for reasons boiled down to human connection and the energy between you two, but you should definitely lay the ground work and get the best possible mentors for your current needs. If you did your job, they will keep in touch with you even after the program ends. To this day I have mentors (who are super busy) calling me and asking to meet for coffee.
Use their staff
Besides the mentors and network, the staff can be super useful as well. In an accelerator like MassChallenge, where their staff is HUGE and each have different expertise, experiences, and own network; they can definitely help you with your challenges. Don’t be shy and don’t hestitate. Even though they have their job and daily tasks, trust me when I say that they would love to help you where they can.
Use the other startups
This effective source of support and help only hit me in the middle of the first accelerator we participated in at The Hive Tel Aviv by Gvahim. Most of the time the other startups are from different industries and backgrounds, but since it’s a small world out there you never know who they might know and to whom they could connect you. On the other side, be open to help them as well because remember that it’s a give and take world, with emphasis on “give”. If you’re being supportive and useful to them, chances are much higher they will return a favor. If not, it still feels pretty good to help others.
Publish anything related on your social media
An important part of raising some awareness of your brand and company, especially when you haven’t launched yet, is sharing every possible thing published by your accelerator on your social media outlets, even if it’s not directly related to your startup. You can always share their content in a way where you just mention that you’re currently participating in their program.
— —
It sounds simple — and it is—but it’s a lot of work and you need to stay focused. First, apply for several programs and get accepted into one. Once you’ve been accepted you can follow these guidelines so you can really get the most out of accelerators.
Thanks and I’d love to hear your thoughts.
