Many startup founders with whom I’ve worked believe that getting into an accelerator is like achieving the startup dream. They believe that it will provide them with all the resources they need to get where they want to go. However, this isn’t always the case. The accelerator could very well be an advantage, but it’s just like anything else — it is what you make of it. There are many successful startups reaching new heights despite never having gone through accelerators.
Before I moved to San Francisco, I always believed that you had to be in Silicon Valley to be in the know about startup resources. This is simply not true. It’s important to have resources and know-how, but these can come from more than just one location or source.
So, if you’re thinking about joining an accelerator to meet any or all of your startup needs, here’s what you should know first:
Take advantage of everything the accelerator has to offer.
Most founders who receive a letter that says: “You got into [accelerator name]. Congrats!” are stoked and excited. They likely feel that this is a huge stride toward their startup’s progress. However, you should recognize that it is just like getting into any other program or university. It really is what you make of the opportunity and not an automatic ticket to success. Make use of the different opportunities you receive from the accelerator, including workshops, classes and the people you meet along the way. Connections are everything when you’re trying to get your business to scale.
Don’t allow your passion to camouflage the facts.
Some startup founders believe it is their way or the highway. This is the mindset behind the “if we build it, they will come” mentality. While this may hold true for Apple, if you aren’t getting customers or closing deals, something needs to change. When the facts are telling you something you don’t want to hear, you have to be OK with pivoting directions. Everything isn’t going to work out exactly as you planned. In most cases, everything won’t go as planned.
When you join an accelerator, be ready to face the facts as you grow and learn. Many founders with whom I have worked get so hung up on following a certain direction that they believe theirs is the only way to solve a problem. What you are doing may be a great start, but as you move forward with your business, things will change. Being in an accelerator forces you to confront this (often) hard truth. Be ready to admit your hypotheses weren’t correct and listen to your team.
Know your team.
When founders join an accelerator, they are typically able to recruit a great team fast. In my experience, everyone is willing to commit and say they will do whatever it takes to get a startup off the ground — at first. But getting to know someone for 20 minutes isn’t enough time to adequately say you’re ready to go into business together, even if you’re participating in the same accelerator. My rule of thumb is to get to know someone for months before going into business with them.
You want a team that is going to be with you through thick and thin. When building my business, I had to learn the hard way that hiring takes time. Use your due diligence and get to know everyone you hire on a personal level. An accelerator can provide great resources to get a jump start on hiring, but it should not replace due diligence. Learn everything you can about the people with whom you are working. One bad decision and your whole startup could go down in flames, in an accelerator or not.
Test in a smaller market first.
Most of the accelerators that I have worked with include startups that are extra excited to get things moving in a bigger market. They want big corporate partnerships and big players, but they are still small fish. Try to test smaller markets to figure out which types of people and cohorts are responding to your product or service with interest. Figure out where your demand is.
Demand has nothing to do with being in an accelerator. If you don’t have an attractive product for the market, then you will not have buyers who are interested. What inspires someone to want to use your product or service? If you test in small areas, you will find all the answers you need to be able to make a valid decision around your market demand.
Being in an accelerator is not the be all and end all to startup success. It is helpful, but an accelerator will not identify demand for you, build a team for you or create your viable product. This is something you have to learn through experience both inside and outside of the accelerator. If you think that joining an accelerator is going to make all your dreams come through, it’s time to check your expectations.
