What entrepreneur wouldn’t love to find a magic wand that instantly fixes every business troubles and permanently set it on course? Sadly, no such wand exists… not even an accelerator programme!
Granted! For many startups, accelerators are heaven-sent. Within a period of 3-4 months, they offer great mentorship, niche-tailored advice, direct access to investors, and some even go as far as providing co-working space for selected startups.
However, before applying to participate in one, here are 3 ‘home-truths’ to keep in mind:
Participating in an accelerator programme doesn’t automatically qualifies your startup to receive funding. Basically, the long and short of the facilitator’s effort is to position your business for funding. In fact, they organise a Demo Day, where you get to pitch to investors.
If at all they offers early stage funding, it does so in exchange for equity!
Though the possibility of getting funding seems to be the most attractive part of accelerator programmes, the most important remains building a product or service that has market traction. Take advantage of the expert advice, insight, guidance, shared resources, and networking opportunities to build a business plan and model that is investment-worthy.
You can only get the best out of accelerator programmes if they are the perfect fit for your startup. Don’t waste precious time trying to apply for a product-oriented accelerator programme where as your startup is business oriented.
What’s more, ensure you run a background check on the track records, expertise, and ingenuity of any accelerator you want to apply for.
As you weigh your options and send in your applications, remember that business do not grow overnight. They require patience, time, and resources.
Have a profitable day!
Interested in applying for accelerator programmes?
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