How to rebuild the accelerator model?
There is no one-size-fits-all process!
There is clearly a boom among accelerators, incubators and various other sorts of startup programs.
Even we are bouncing around ideas on generating one in the field of robotics.
Yet I am certain that most of the programs are not helping entrepreneurs!
Instead they flood new businesses with knowledge and thoughts not useable at that particular time. Forgotten by the moment they would need it the most…
At least I only remember the bits and pieces we managed to put into use right away, while the rest went in and out.
Moreover, I have a firm belief that thinking about everything before you have the first prototype or customer is hindering.
An engineer confused with pitching strategies before having the product will not build a good product.
A marketer made to plan an international launch event prior to setting up the basic accounts and analytics does not make sense either.
Everything needs to be on-demand!
That is something the folks at Singularity University understood. Not offering teams a full package that is covered within 3–4 months. But organising intense trainings on various subjects made available for all the portfolio companies. Making so much more sense…
This way, ten to hundred companies start the program and are made to cover the basics:
- Get discouraged first. Not everyone’s going to win — let’s make sure people have reasonable expectations before starting the race.
- Get encouraged next. The teams need to have a deep belief in their chance of succeeding to build something great.
- Have ’em understand the market. For some reason, even the strongest teams do not want to go out there for meeting the potential customers.
- Build the MVP (and show it to the potential customers). It does not make sense investing any more time before showing the product that is actually solving a problem.
- Set up the initials. Analytics, e-mails, social media and maybe a website need to be set up to build a company. And it makes sense to learn the basics but not too much.
Everything else is already dependant on the company. Some might need coaching on pricing. Others need more technical help. Few might even get ready to draw a deck and start pitching. Yet most do not need to have it all at the same time.
Yes, it is more convenient for the accelerator, incubator or some other program to give the rest right away as well. And have everyone learn all the same things at once.
But it does not help startups!
They simply cannot use it all at the same time.
So why should they learn it if they will not use it?
“To know and not to do is really not to know.”
― Stephen R. Covey
What are your thoughts on accelerator models? Do you agree we should not try to teach it all at the same time? Or would you argue against it? Why?
