Interviewing for an Accelerator:
4 Do’s and 2 Don’ts
You’ve begun the process of building your company.
You have an idea with merit, a team committed to executing on it, the first iteration of your product to show off, and you can show demand in a real market.
Congratulations, you’ve cleared the first hurdles of getting into the game!
Now comes the next step, finding the right people to help you accelerate and scale your business.
In some cases, this is just identifying a few individuals who can make an impact for you, but in others it means applying to an accelerator program. For programs like Food-X that receive more than 500 applications per cohort, getting past the initial stage requires communicating clearly and simply why your business is unique, viable, and scalable.
Once you have cleared that hurdle, you have a shot at being in the 15 to 20% that land an interview. Don’t take that opportunity lightly. It is crucial to make your first impression an indelible one. Here are some tips from the hundreds of interviews in which I’ve participated:
1) DO — Prepare Yourself
It’s amazing how 30 minutes of prep can make the difference between an interview going well, or not. Know who you are going to be talking to and what drives them. If it’s not face to face, know your medium, how you are going to be communicating, and take the time to test your setup before the call.
There are few things more frustrating than spending the first 15 minutes of a 30 minute call asking “can you hear me now?”
2) DO — Include Your Team
Many investors balk at solo founders for no other reason than the demands on an early stage founder’s time are so great. Help the interviewer understand how your team works and let key team members speak up for themselves.
Team dynamics are always key to performance so, not providing enough data can be the difference between a ‘yes’ or a ‘no’.
3) DO — Know Your Business
Interviews should not be about a checklist or a rehearsed presentation, they are meant to get a feel for a company and its founders. Most people can memorize a pitch, but those that demonstrate a real understanding of their business, their market, and the opportunity they are pursuing are what we are looking for.
I’ve seen instances where someone looks great in the first few minutes of “rehearsed” pitch, but a simple question like “why are you different than company X” derails the discussion completely.
4) DO — Engage
Nothing about an accelerator is a one way street. Think about what you want to know about the program, about the investment, about the people and don’t hesitate when given the opportunity to ask questions. We always try to reserve time for founders to ask us questions and when the answer to “Do you have any questions for us?” is a hesitant “No” (and it’s always hesitant), it’s an indication that the prospect hasn’t thought deeply about the prospective relationship.
Being inquisitive in an interview often correlates well to founders who take the initiative to get the most out of their time in an accelerator.
1) DON’T — Be Late
Nothing says “I don’t really care about this or value your time” like someone who shows up late. In most cases, you are slotted in one of many back to back interviews where one delay can set the entire day back. Being late makes you stand out for all the wrong reasons.
Caveat to the above is that we understand that life and business sometimes get in the way. If something serious comes up, reach out as soon as you know and ask to reschedule with a short explanation of why.
2) DON’T — Be Defensive
Every single business I’ve ever encountered is flawed in one way or another.
When we zero in on a flaw, don’t get defensive and assume we just “don’t get it”.
Be willing to admit where challenges exist and communicate how you plan to approach them. Coachability matters and defensiveness is often viewed as “a lack of coachability.”
BONUS:
* DO Be Yourself
The interview is important, but it’s just one data point of many in the grand scheme. Authenticity matters and it’s easier than you might think to tell when someone is trying to present themselves in the way they believe you want them to. We want to know who you are, what you care about, and how that shapes what you are doing.
Finally, don’t put too much pressure on yourself to be perfect and remember that in the end, confidence is about positivity and belief in what you are doing.
