If you are a Start-up, where do you go, after your incubation is complete? Is there any place where you are supported for your GTM Strategies or for your scale up policies? This blog will try to answer your queries as you move in the Start-up life cycle.
What is an Accelerator and how does it work.
An Accelerator, acts as a Booster for the start-up and supports it, grow fast with workable GTM Strategies and Scale up Policies. A start-up should ideally join an Accelerator once its MVP is market ready or have a product/service ready and needs to grow quickly to avoid competition or take advantage of the market need.
Accelerators, generally offer funding to the start-up in lieu of a stake or equity along with admission to their various programs and resources. The Accelerator programs are very intensive and are for a duration of maximum 6 months Most of such programs are for a fixed period and are cohort based. In an Accelerator the start-up founders and network with VCs, Angel Investors and HNIs with established businesses.
Accelerators also provide professional and experienced mentoring, through their designated mentors, to the start-ups in developing their various strategies. The start-ups are also provided with other supports like accounting, secretarial etc.
The Accelerator Program ends with the Demo Day or the Graduation Day
Process to enter the Accelerator
- Filling the the application form
- Every Accelerator will have its appl. Form. The form is designed in a way, which will explain in precis , the purpose of the start-up, the team, the process of the product/service, patents (if any) etc.
- Application Assessment
- The accelerator team will go through the form and depending on the idea, market, viability, profitability take it up or not.
- Personal Meeting
- The Accelerator, after selection the start-ups will arrange an one to one meeting with a panel of experts comprising of members from the industry, private equity, technical experts.
- Evaluation Sheet
- The experts will then select the start-ups based on Technical Feasibility and Financial Feasibility.
- Out OR In
- Post the evaluation sheet, the program will inform the selected start-ups upon which they may join the program. Some accelerators charge a small fee from the start-ups for the program and also for using their network for their betterment.
Major Benefits on an Accelerator.
The Accelerator program will provide the start-up with a structured plan for growth. The mentors train the start-up nominee on a real time basis and give enough time to practice till they master it.
Many accelerators provide PPS (Post Program Support), like alumni meetings and networking, continuous mentoring etc., thus helping the start-up in goal sustainability.
Accelerators support the start-ups grow rapidly. The fast track training available at such programs coupled with the high pressure environment, ensures a quick turnaround for the start-up.
The branding of the Accelerator also provides vital eyeballs to the start-up. It is very important that the start-up gets associated with the best of the available Accelerator. This vetted process affirms the product/service valuation, funding and networking capabilities etc. of the start-up to grow exponentially.
So dear start-ups, the Accelerator program countdown, begins…