For startup founders out there with a great idea, but still yet lacking the business acumen and resources needed to take their business to the next level, business accelerators are just what the good doctor ordered.
Many in the business world have jokingly referred to business accelerators as an alternative to spending thousands of dollars and hours getting an MBA; a degree which many sources now say is a complete waste of time.
Accelerators offer mentorship including training, advice, real-world application of what you’ve learned, and more. Perhaps most important; the opportunity to start building or expanding your current contact list including people who’ve been there and done what you’re attempting to do, and hungry investors looking to drop their cash into the next big thing.
Whether you’re seeking a startup mentorship through online resources or applying to brick-and-mortar accelerators in your area, nobody is going to tell you that getting into a top-ranked organization is going to be easy. In fact, the old saying “If it seems to good to be true, it probably is” should definitely be your mantra as you continue your search.
Ryan Fujiu, Lyft – photo credit: JD Lasica / Flickr
While keeping that advice in mind, here are 5 other nuggets of knowledge to use during your search for an accelerator; an opportunity that may well house the potential to rocket your business to the top of its respective industry, while teaching you and your partners everything you need to know about starting and expanding your business.
1. Vet and/or apply to potential accelerators on Angel.co first
AngelList is the go-to resource for startups looking for a directory of reputable accelerators to help get their business off the ground. The great feature offered by the site is the ability to filter by industry, and further by your location.
The site also offers the ability to apply to accelerator programs directly via the site, making it an effective one-stop shop for all your startup accelerator needs.
2. Put your networking cap on early in the process
Ask any director that works in almost any incubator, such as the ever-popular 500 Startups, and you’ll find this advice echoed again and again: Reach out personally to people who work with the accelerator program you’re interested in, including the accelerator’s founders and past/current participants.
Sometimes, a great business idea will only get you so far. Networking will be that added feather to the cap of your business success down the road. And, as you meet and ask questions, you’ll be able to further determine if a specific accelerator is the right fit for you before you apply, reducing wasted time on applications and/or time spent working with the wrong people.
3. Prepare well in advance for your interviews
Make sure your team is ready to go when the calls start coming in. Get your pitch deck set perfect, including your short and long term goals for the company. And remember practice makes perfect – don’t saunter into the meeting and wing it or you’ll quickly regret it. Treat this just as one would an investor pitch.
Be prepared to lay your heart out. Tell them what you’ve learned so far in the business and what specifically you’re hoping to learn from the mentorship. Acceleration can’t occur if your business has no chance of picking up speed – make sure you’re clear on the scale-ability aspects of your business.
4. Don’t forget to consult your lawyer before signing any documents
In a perfect world, everyone would be honest and nobody would be looking to screw anyone else over. We don’t live in a perfect world, though. Don’t start jumping around all over and partying just because you’ve received an acceptance offer.
Have a good business lawyer look over the documents before you sign, to make sure the accelerator’s on the up-and-up.
5. Rejoice! And get ready to go to work
If all’s well at this point, you have officially arrived – at the second of many milestones your business will experience (the first is taking action and starting the business in the first place.)
Appreciate where you’ve been up to this point, then get your mindset focused on the work to come: the meetings, networking events, long days and nights at the office, the frustrations, the victories, the adventures – all the wonderful unknowns that lie ahead of you.
Good luck!
Cover photo credit: Robert Scoble / Flickr
