Choosing the Right Accelerator for Your Startup

Author

Jasiel Martin-Odoom
June 16, 2024

SDS 041: Choosing the Right Accelerator for Your Startup

Hey! thank you for reading issue 041 of Startup Definition Sunday (SDS). You can read past issues here.

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Here’s a truth most investors don’t share: Not all accelerators are worth your time.

Accelerators can be game-changers, but only if you know how to use them.

Before you apply to the next accelerator, let's discuss how to find the right program, maximize your learnings, and leverage their networks for your growth.

Vet programs with care: Not all accelerators are created equal. To find the best fit for your startup, consider these criteria:

  • Reputation and Track Record: Look for programs with a history of successful alumni. Check the program's portfolio to see if companies like yours have thrived.

  • Equity Stake and Terms: Understand the financial implications. Some programs take equity; others may charge fees. Speak to a lawyer to make sure the terms align with your long-term goals.

  • Mentorship Quality: Investigate the mentors involved. Are they industry experts with relevant experience? Reach out to alumni for honest feedback.

  • Network Strength: A strong network can open doors to investors, customers, and talent. Look at the program’s connections and the networking opportunities they provide.

Maximize your learnings: The value you get from an accelerator depends on the effort you put in. Before the program starts, define what success looks like for you. This could be refining your business model, achieving product-market fit, or getting your first major customer. Actively seek mentor feedback and use all resources offered, from workshops to networking events. These are designed to accelerate your growth. With clear goals and an active approach, use the intensive environment to quickly test and improve your ideas. Speed is key since these programs are often time-limited.

Nurture relationships: One of the best benefits of joining an accelerator is access to a powerful network. Use the program’s network to connect with investors. Attend pitch events and follow up diligently. These investors could be the first people you add to your investor update. Beyond capital, use the accelerator’s connections to find early adopters or pilot partners. Insights and testimonials from these early customers can be crucial for your startup’s growth. Accelerators are also great places to find advisors and potential hires early on.

My two pesewas:

Deciding to apply to an accelerator is personal to each founder. In Africa, where early-stage tech investing is still growing, the right program can be transformative. These programs are not just about funding; they’re about building a solid foundation for your startup’s success. By carefully selecting the right accelerator, actively engaging in the learning process, and leveraging the network, you can maximize the benefits to your startup.

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If you only read one thing this week, read this...

Why is it worth your time? I get on many calls with founders who tell me how they came by their startup idea. Rarely is it because they “brainstormed.” This article shares several frameworks if you are thinking about launching your own startup.

That's all for today. As always, thank you for being an engaged reader.

I'll catch up with you in two weeks with more actionable insights.

Jasiel

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