SHALL I APPLY TO JOIN A STARTUP ACCELERATOR?
DON'T ASSUME.
- Research accelerators North America-wide b4 deciding.
- Some founders believe accelerators are the holy grail
- Some serial founders say they already know business so there's no value
- Some view access to investors as the reason to join
WHY DO RESEARCH BEFORE JOINING?
- Accelerators are NOT a one-size-fits all
- Time, capital & equity are your currencies. Building a business requires that you invest.
- "Will I get X from your accelerator?" Interviews are a 2-way street. If they answer your questions, continue to learn more
WILL THE ACCELERATOR “GET ME”?
”I’m a Black, Indigenous, LatinX or female Founder?”
- Research + shortlist accelerators across North America (beyond your city)
- Find 3 Founders via Linkedin – formerly at accelerators on your shortlist - and ask for a 30 min call to dig deeper
WHAT ARE ACCELERATOR ENVIRONMENTS LIKE?
Accelerators are typically intense & you'll be around other startups. The environment may be competitive with lots of learning opportunities. Who pitches best? Whose made the most progress; landed the biggest client; grown most users?
WHAT ARE THE TERMS?
What do you get - give up? How much equity? Is it common or preferred stock? Equity or debt? What rights do preferred stock have? Some accelerators take none - others ask for too much equity. The key point is, understand what you are getting and giving up.
LOOKING TO GET PAST CONCEPT OR PRE-SEED STAGE?
Accelerators are condensed AND intensive programs. They help define KPIs and MVPs, test assumptions, stress test biz models, define founder value, measure progress - with the goal of finding product/market fit + capital
LOOKING FOR EARLY GROWTH / ACCELERATION
If you already have traction or product/market fit, you may benefit from acceleration. Good accelerators can short-cut your access to customers, partners, talent, advisors & investors. Valuable growth can happen in weeks/months vs years
LOOKING FOR ADVISORS?
Advisors are golden at great accelerators and can accelerate your business growth. Is this the right product? How can you drive growth? What is the biz model? Is this biz fundable? You need to want to receive feedback or accelerators are probably not a fit
LOOKING FOR FUNDNG?
Whether this is your first time or you’re a veteran, fundraising isn’t easy. A good accelerator will help prepare and package you for fundraising - not just by introducing you to investors, but by working with you to improve your investment readiness.
ACCELERATORS ARE NOT LOCAL EMERGENCY ROOMS
- They will NOT invest in you overnight
- They are NOT focused on finding you Co-founders
- They are NOT a one-size fit for all startups
- They are NOT for free workspace and snacks