An accelerator empowers entrepreneurs with the tools, accountability, and community to aggressively grow and master their business. The startup culture has grown exponentially in the last 2 years. Today silicon valley is a home of 23,000 startups followed by china which created a humongous growth by 7 business per second. But Accelerators are the key ingredients which help the startup grow. Companies like 9GAG, Airbnb and dropbox are examples of famous companies that gradually developed from accelerator program. As a startup leader, it is your responsibility to make a key decision is whether to seek to fund or to bootstrap your business. Accelerator programs are somewhere in the between for leaders who are looking for new networks, mentorship and investment. Here are some things one should keep in his mind if he wants to take up the accelerator program:
1.Visualize about accelerating:
Before you apply for a startup program make sure your company is at the right stage. Most of the accelerators accept’s startups at their initial stage which at least have an MVP. The most important aspect to be considered is to read the terms and conditions carefully and have a plenty of time to apply. A lot of accelerators ask for video presentation, documents, and a lot more things. So read terms and conditions properly before you sign up for up. In some scenarios, ou might also have to travel abroad and give a share of equity. Being prepared is an essential factor that is to be considered. Never give up on your application until the last moment.
2. Make your startup look like a great fit:
Once you have taken the leap to apply for the program, make sure you have a clear vision of what you want to do. Without a clear plan, you would never impress people who will be evaluating your application. A lot of accelerators have their own distinct visions make sure you align your vision to theirs, resulting in maximum affinity towards your idea. Having a hardworking, creative and flexible team also plays a vital role because most of the accelerators prefer to work with the team rather than alone founders. Even if you are outsourcing work make sure you have someone on board who has enough knowledge about the technology. To be approved in a startup program you should be able to talk about — How you have taken your idea and built a product.
3. Pitch your startup impeccably:
A lot of startup founders make a mistake while they pitch about their startup. They talk a lot about technical stuff, but what matters to the crowd is the value that your startup will bring to their table. Too much of patois make your startup opaque. Talk to the point which makes the audience aligned to your startup. Another important factor is how well you can place your product in the competitive market. The USP of your startup is something that will catch people’s eyes.If you demonstrate vision, commitment, and progress in your pitch, you are far more likely to be accepted into a program.
4. Profit the most out of your accelerator:
The network is something that the accelerators provide you. They connect you with a lot of people. You will be able to meet a lot of experienced and keyed-in people. Learn to pay close attention to your peers. Founders should be ready to listen to feedbacks, both positives, and negatives. you should be ready to take advice and you’ll have to develop a filter on criticism. when you are in an accelerator program you get a chance to meet a lot of people working in different areas. Make sure you establish your connections properly because you never know who will be helpful in future.
The key ingredients that will march you towards success when you are in an accelerator program are the mission, progress, and connections. If you put your commitment to work and cultivate proper relationships there will be no boulder in your path to success.