How To Apply To A Startup Accelerator

Growing and building a startup isn’t always easy. There is the organization, funding it, selling products, recruiting and much more. Some startups find that seeking the support of a startup accelerator is a great way to work through this.

Startup accelerators are a highly selective, intense program that can provide finance, coaching, networking, and education, in exchange for equity.

Here is everything you need to know about applying to an accelerator program.

Accelerators vs. Incubators

You’ve probably often heard of the phrases “accelerator” and “incubator”. Both assist startups and businesses grow and may provide similar benefits. Such as office space and access to a robust network of advisers and mentors. Startups considering these choices, ought to be mindful of several key differences between the two.

In exchange for a portion of shares, accelerators typically invest money in their chosen applicants. They seek to accelerate the startup’s growth process for a set period of time, usually three to four months. On the other hand, incubators are less controlled and focus on developing sustainable thinking and innovative models. Often over a longer period of time.

“An accelerator is a greenhouse for young plants to grow,” says a TechRepublic article, whereas “an incubator matches quality seeds with the best soil for sprouting and growth.”

Accelerators are intensive and fast-paced, requiring anywhere from 3 to 4 months to get a startup ready for the market.

Usually, startups have done a lot of groundwork to establish their concept before enrolling in an accelerator program. After a few months of mentorship and growth, startups should be capable of attracting investors.

How to determine your startup is ready for an accelerator program

If you’re unsure if your startup is ready for an accelerator, ask yourself these questions:

• Are you a fast-growing company? If your startup is gaining customers and staff at an almost uncontrollable rate, you’re probably ready to enter an accelerator to propel your startup forward.
• Are you prepared to be mentored by a professional? Are you able to be coachable, take criticism and implement outside advice? You’re ready for an accelerator program if you have specific, unresolved questions and curiosities that only professionals can answer.
• Do you have an existing customer profile? Startups who know who they’re marketing to and are ready to perform tests to further their consumer profiles will benefit from accelerators.
• Will you be willing to relocate if the opportunity arises? Many accelerator programs demand physical relocation to fully benefit from their resources and capabilities – often a modest price to pay for the bigger reward of developing and growing your startup.
• Is there a minimum viable product (MVP) that you’re working on? Accelerators want you to be making real progress during your stint there.
• Do you have an amazing pitch deck? It’s harder to get into some accelerators than Harvard. Don’t attempt it without a killer pitch deck.

What to consider before applying to an accelerator

Ensure to research the accelerator programs that would be a suitable fit for your startup before applying. You should consider the following:

• Social proof: Identify the other startups that have been successful and take a look at how much money they received. Being a part of a reputable accelerator program could help your startup venture flourish and grow, but not all are equal.
• Relationships and networking are important: What type of community and network can you expect from each accelerator program? Additionally, what kind of professionalism and community does each accelerator offer, and will they support your startup in the long run?
• Industry: Some accelerators focus on technology, while others are more focused on healthcare. Others concentrate on cybersecurity, retail food technology, or big data analytics. Opt for a program that is compatible with your startup and its product or service.You’ll get more value, and you are much more likely to get accepted.
• Location: Accelerators can be found worldwide. You’ll almost certainly need to relocate to participate in an accelerator program. If you can’t relocate far, seek programs nearer to your location. If you’re eager for a refreshing change, look at programs from around the world. You’ll find them everywhere from Silicon Valley to Chile.

Author Bio

Alejandro Cremades is a serial entrepreneur and the author of The Art of Startup Fundraising. With a foreword by ‘Shark Tank‘ star Barbara Corcoran, and published by John Wiley & Sons, the book was named one of the best books for entrepreneurs. The book offers a step-by-step guide to today‘s way of raising money for entrepreneurs.

Most recently, Alejandro built and exited CoFoundersLab which is one of the largest communities of founders online.

Prior to CoFoundersLab, Alejandro worked as a lawyer at King & Spalding where he was involved in one of the biggest investment arbitration cases in history ($113 billion at stake).

Alejandro is an active speaker and has given guest lectures at the Wharton School of Business, Columbia Business School, and NYU Stern School of Business.

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