Don’t waste your time at an accelerator before reading this.

Advice from an Accelerator

This is the second part of a series of posts where we discuss accelerator programs and how founders can maximize the value they provide to themselves and their business.

In the first part of our series, we dove into the different types of accelerator programs for startups, including the benefits and potential drawbacks.

In the second part, we’ll focus on ways founders can get the most out of accelerator programs.

In the third and final part of our series, we’ll highlight a few ways founders and companies can keep up the momentum long after program graduation.

You may have already read our previous post on what to look for when searching for an accelerator program, but how do you maximize your time in an accelerator program once you’ve been accepted?

In this post, we dive into some of the key insights that help founders assess whether an accelerator is right for their business.

Know what to expect from an accelerator and how they are structured

Note that most startup accelerators typically operate in a similar format, as listed below. Understanding what to expect before you join is key to level your expectations and help you unlock the value of a program.

• Fixed Terms: The length of the program and the investment terms are fixed for the entire group of incoming startups.
• Cohort Based: They are “cohort” based, meaning there is a close-knit community of founders that learn, grow, network, and pitch together through the entirety of the program.
• Programming Opportunities: During the programming you can expect curriculum, mentorship, investor, and networking opportunities to boost the founding team’s social capital and early-stage company knowledge.
• Final Showcase: The end of programming usually concludes with a “graduation” showcase event, where startups pitch their businesses to investors and the accelerators network.

Be intentional — set performance metrics and seek out mentors to help you accomplish your goals

Founders that set metrics and key performance indicators often get more out of an accelerator program than founders that do not. We cannot stress this point enough.

Measurability and accountability is key to extracting value from an accelerator. The founders who hold themselves, their companies, and their mentors accountable to measurable metrics typically receive the highest value from the program and its offerings.

You get out what you put in

Luisa Castellanos, co-founder of Science on Call, recently dug up an old saying when discussing their participation in Food Foundry’s accelerator program, stating the program was “critical to making us [Science on Call] the company we are today…but, you get out what you put in.”

Assessing the time commitment needed from founders is a crucial component of determining whether an accelerator program is a fit for your startup.

Founders that are present for in-person curriculum sessions, networking events, mentor check-ins, investor days, founder dinners and all of the in betweens leave accelerator programs with more funding opportunities and connections as a result of their commitment.

Joining the right accelerator program could open new doors for your business. Spending time around other founders, attending sessions to understand the legalese of a term sheet, showing up for KPI check-ins with accountability — all of that combined effort will fuel growth for your startup.

The second chapter begins once programming ends

After the lights have gone down and Demo Day has come to a close, your time to focus on stage two of your journey begins. You’ve probably accessed a slew of new individuals from the program, be it other founders, mentors or EIR’s you connected with, investors, and new folks in general. Now is the time to really nurture those relationships post-program. Aim to follow up and check-in with these new connections.

Food Foundry is recruiting and applications are open now until October 23rd! Apply today.