Accelerators – Good, Bad or Ugly
Accelerators can often be a founder’s first to exposure to professional investors. But you have to get it right.
First-time founders often have little basis, understanding or experience for the parameters of what constitutes the outline of a good funding strategy.
It’s not uncommon for them to consult a lawyer or accountant (good), but more often than not, they use some mystical valuation technique that they saw at a pitching event (bad), “googled it” (very bad), or just made it up/winged (so bad that it couldn’t even be called ‘amateur’).
And if you get this 1st step wrong, you can almost kiss away any chance of getting professional money in at the next stage.
Not all Start-ups will go through an accelerator program but identifying the right one for you could help your venture to success.
What is an Accelerator program?
Incubators & co-working spaces are not accelerators.
Accelerators can be identified by 5 common elements
· Seed funding – equity-based
· Cohort-driven – time-based
· Co-location – time limited
· Structured Programme – with peer learning
· Mentors (volunteer, earn-in, buy-in & deal-flow seeking)
What you need to look at is what they are offering you and what do you have to give up. Not all programs will suit you. So what constitutes a ‘good’ program? That’s what we’ll explore.
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