Factors to beat the key challenges— choosing Accelerators
There exists a breakeven point where the forecasted growth of an Accelerator program corresponds to the forecasted growth of start-ups it chooses. This breakeven point is accessible when the right accelerator is selected. The primary question among start-ups stands “how to choose the right accelerator?” Thus, there are some key challenges that start-ups may come across while looking for the right accelerator. Here are a few factors which lead to the successful selection of accelerator for your start-up, take a glimpse—
Get ready to share your success
More often than not, sole founders put this circumstance on the table where accelerators reject them because of being a lone wolf. Here’s a fact, accelerators select exclusive start-ups, i.e., which are doing uniquely amazing work towards society, industry, or towards their own goals. Being a lone wolf, you cannot install an impression of team spirit or having external goals. Hence, you must build a strong team with whom you are ready to share your success. The team helps the work to speed up and achieve goals.
Structure a triangle of founders
Three founders of a start-up is an indication of a solid team. Sole founders’ more often experience the breach of the team members in a few years, whereas a couple of founders may conflict and split. However, three founders is a proven combination of success for any start-up as all three manages their teams separately. Even in between founders any conflict takes place, the third person (founder) is always there to guard the root of start-up. As a founder, it is suggested that you should pick your team members with keen observation.
Accelerator or an Incubator, resolve this confusion!
Founders usually grow this confusion in between two terms: Accelerator and incubator. Undoubtedly, these two are similar terms concerning the growth of a start-up. However, Incubators only provide start-us a well-facilitated business environment, on the other hand, accelerators do more than that. Accelerators do not only offer a tech-advanced business environment but also helps the start-ups to grow and develop. Involvement of mentors & entrepreneurs is fundamental among accelerators, but not incubators. While choosing an accelerator for your start-up, make sure it fulfills the developmental needs of your start-up as its own objective.
Choose a Supportive team
A right accelerator program can be positioned overseas, or just in another city or state. Because of the unwillingness of your start-up team to relocate, you cannot sacrifice the significant source of growth. It is essential that your team is supportive of your decision. Again, building your start-up team with great care and observation is essential.
Follow up 4M’s of success
To choose or to be chosen by any accelerator, there are 4M’s of success: Market, Model, Management and Momentum. Balanced management and right ‘mass in motion’ can help you gain victory.
The team plays an equal role in creating a company’s culture and workplace into a motivated place. Thus, team matters when it comes to choosing an accelerator or chosen by an accelerator.
How to beat the challenges with the help of accelerators?
CleanEdge Accelerator Program is a four-month based program which will provide assistance to a cohort of 15 start-ups. The program is concentrated on primary issues in India including Environmental Sustainability, waste management and renewable. The Program will assist the selected start-ups to scale-up in the right direction using the emerging technologies.
The start-ups invited to participate in the program should contain societal objectives and inspiring business ideas. Register here.