The top 5 reasons for joining an accelerator
Should you join a startup program?
Should you join an accelerator? Depends.
I interviewed over twenty founders, ranging from just starting to startups that are doing millions in ARR, specifically on this question.
This is the pattern I noticed in their answers:
Benefits of programs, ranked in order of value
Funding or potential of funding
Network: Intros to potential customers
Network: Intros to specialists
Cohort momentum
Workshops & Mentors
1. Funding or potential funding
Direct funding: YC and TechStars invest when you are in
Indirect funding potential: You get to pitch to actual investors in the program. No guarantee, but it is still an opportunity. Example: Antler
2. Network: Intros to potential customers
Some programs have networks with interesting companies for B2B sales. They will help you to land those conversations.
This can give you the first pilots to validate problem/solution fit
Help you to get more sales.
3. Network: Intros to specialists/co-founders
Some programs will help you with getting in contact with specialists.
Somebody who has built a similar business
Hardware specialist
IP expert
Marketing guru for your niche
etc.
Some programs have co-founder matching (such as Antler). Team incomplete? Could be a reason to join an accelerator.
4. Cohort momentum
Founders get motivation from seeing other founders work hard and achieve goals
Sharing wins inspires
Sharing fuck-ups gives support to the rollercoaster a startup is
If a batch has decent quality, this accelerates everyone.
If most startups in the batch are not committed to the program, this hurts the cohort momentum effect
Does your program lack momentum?
5. Workshops & Mentors
Only listed by first-time founders as the most valuable aspect of a program.
Founders already on their journey for two years don’t need another BMC workshop. Duh.
Mentor quality can vary hugely. Founder-mentor fit is a thing and up to you to manage.
Are your program’s workshops boring?
What else to look out for if joining an accelerator?
➡️💡The guiding question: What does your startup need right now?
The quality of programs varies hugely
Ask alumni what they have gotten out of a program
If possible, talk with the program organiser to see if you fit
Go to intro events or seminars of those programs that interest you
Programs vary in intensity. Some programs are 1 day a week, some programs are full-time. Ask yourself what you are willing to invest timewise.
Programs that force you to pay to get in are rare and could be scammy or low quality.
Don’t give away equity for doing a program unless they invest in you.
Applying to an accelerator is helpful. It forces you to sum up your progress so far. E.g. The YC application form is a great rundown. Even if you don’t get in, you get more overview of your startup.
Most accelerators don’t have a drop-out fee. If you are unsure but willing to try, you could give it a shot for a couple of weeks.
