4 Factors to Remember Before you Apply for an Accelerator Program
A startup accelerator program has a number of advantages. Some of them are access to a network of renowned industry mentors, investors, alumni network, acceleration in the process of becoming a sustainable business, learning from other startups etc.
Getting selected for an accelerator program is not easy since you have to show that your concept or idea is unique and it can solve a significant problem for consumers.
There are other factors which should be considered carefully if you want your startup to be selected by an accelerator program. These factors are:
A unique idea or a great product cannot guarantee success on their own. You need to add together all the elements of entrepreneurship like sales, marketing, funding, product, leadership, and communication. A person cannot do this on his own. A dedicated team is needed to accomplish these successfully. While inspecting the team as a key factor in selection, accelerators can consider following things:
a. Team Size
b. Team Experience
c. Teams Members Backgrounds
d. Team Members Education
e. Diversity in the Team
Accelerators mainly focus on mission-driven entrepreneurs. They would not like to limit the influence or the impact your company or business would be bringing in the world. Try to target bigger geography when it comes to solving problems of people. It’s ok to target your local city at the initial stage but don’t rule out the possibility of scaling up.
Chances of Success:
While considering a startup for the program, accelerators always look for the odds of success for that startup. The basic factors they might consider are:
a. Target Market or Target Audience.
c. Problems that you are solving for the people.
d. Scope and Competition for your business.
Do your research about the program:-
Know what are the term and conditions before applying to any program. Know how it works and if possible, talk to the startups that have gone through the program recently. It would be very bad for you to consider selling your company to someone without understanding deeply what you are getting in return. Some of the things you need to ask before applying:
a. Terms and conditions of the Accelerator Program.
b. Alumni Network.