You are a planning for a start-up or already have a prototype, but there is a point where you don`t have sufficient funds and you require some for product development, marketing and branding and of course for other startup operations.
And yes, it’s not just the money alone that you require to be successful at a startup; you need expert advice from relevant professionals and a direction that could guide you to a straight way. Seeking the right advice and finding the experts who would be willing to help you push your business a step ahead is relatively tougher task.
You may already be lured by the overwhelming campaigns by a lot of companies claiming a massive thrust for new startups, but signing a contract with these companies in a hurry might not be the wise move. What you actually need at this very stage is an accelerator that could advance your start up in that crucial time.
The idea may sound a bit strange but it’s the best choice one could ever make. Want to know why? Well here are some of the reasons that will answer your question.
1- Comprehensive support
A start up is never easy thing to carry out all alone. Operating lonely can be really challenging putting a lot of pressure but when you work within an accelerator, you have mentors who are there to support you and those who are sponsoring you. Not only they will be there to provide you emotional support but also they will be always ready to give you directions, experience and knowledge.
2- Accelerated knowledge
Working with an accelerator can improve your chances of success because these programs hold so much information from the experiences of your mentors or manager that you never run out of any information you want. Furthermore, such information helps you to speed up your venture which would have been quite difficult if working alone.
3- Skill Development
A business always requires a great amount of skill set to meet success. These skills are not just simple, they are meant to be technical, communicational, financial and marketing including sales. An accelerator program is the best option for approaching people with such skills. They help you share your skill with other founders who are in the same program. This provides you a chance to develop your own skills and imply them onto your team for future success.
4- Risk Management
Whenever there is a start-up of a business there is always a factor of failure and risk present in the mind of the founder. There is always a fear that the kind of market you are entering, the product you are offering and the concept you are selling are already present and that you might not be able to give the better version. With an accelerator, your risk can be identified and they can help you work on minimizing those risk. Nevertheless, they also provide you guidance for minimizing that risk and manage it accordingly.
5- Motivation and morale
The accelerators have such a collaborative and collective environment that they will make sure that you keep going and always move forward. You will find a powerful motivating force when you will interact with the other founders. As soon they will tell you about their challenges and self-doubts, you will feel like resonating with them. Furthermore, it reminds you that it is possible to overcome all the doubts and working together can help you clear the hurdles.
6- A gateway to future customers
In the demo days, accelerators tend to target audience members so that they give you a genuine feedback about your product. This is one of the best opportunity to boost up your start up. This advance publicity can help you create a good hype about your product and make the costumers ready and waiting for the launch.
7- Continued support long after the program ends
Many contracts in accelerators are of a few months. After this you think that this is the end and you are all on your own now? However, that’s not the case. There is always a good chance that long term relationship develops at accelerators. Not only this, there is an alumni network where you are always welcome to tap into whether to inquire about the talent or seek investors as you continue with your start up or take any other project in the future.
The Bottom Line:
Start looking for the local as well as international startup accelerators and pitch your startup there. The result will speak itself about the ROI.