Accelerator programmes are not for everyone. You might be thinking, “I don’t need help.” Or you might be thinking, “My idea is so unique that it doesn’t fit into any of these categories.”
But the truth is if you launch a startup and want to see it grow into something great, a programme like this can be incredibly helpful.
Here’s what we mean:
Product fit
Product fit is the most important factor in determining the success of a startup. It’s more important than your team, idea, or other factors.
Product fit is the degree to which a product meets the needs of its target market. A successful product will fill those needs and provide value to your customers. The stronger that relationship becomes with customers, the more likely they are to recommend you and continue using your product.
The only reason you get this far in an accelerator programme is that you have great potential as an entrepreneur, and part of that potential is having found something that people need/want/love enough to buy from you (or use if it’s free).
Go to market
You don’t want to be in the business of selling a product that nobody is interested in buying. This can be one of the most difficult parts of starting a new company because you may have an idea that you think people will love, but when you’re ready to start selling it, no one is interested.
There are two main ways to go about this:
- Customer research
- Talking with potential customers before launching your product or service
Funding
If you are an entrepreneur with a product that has the potential to be a hit but not a business model, accelerators can help. Accelerators provide startups with funding and other resources (like mentorship and networking opportunities) in exchange for equity (usually six to ten per cent).
After the accelerator programme is over, if the startup has made progress toward its goal of acquiring customers and validating its business model, it will pitch to investors what they’ve learned from working with their mentors during the programme.
This usually results in getting enough money from investors to build out your product or service until it becomes profitable enough for you to bootstrap yourself.
Mentorship
If you’re new to the business, mentorship can be a great way to learn the ropes and get your feet wet. If you’re an experienced entrepreneur, mentoring can help you stay on top of your game. Mentors are awesome coaches who don’t charge as much as a head coach but still know how to help you reach your goals.
Also Read: What can we learn from successful venture capitalists?
We often talk about how important mentors are for entrepreneurs because they provide invaluable guidance, advice and support throughout their journey as an entrepreneur. The mentor relationship is crucial in helping entrepreneurs develop personally and professionally while giving them valuable insight into their areas of expertise (or lack thereof).
In addition to establishing relationships with mentors at accelerators, founders may also find it beneficial for themselves or their company if they choose someone who has successfully navigated some aspect of what they’re facing now so as not only to have someone else’s perspective but also because such individuals have already gone through many similar situations themselves before making decisions based upon what worked best for them when considering multiple options available at any given point during their own ventures’ lifetimes.
Community
- The community is a great place to get feedback
- The community is a great place to find Co-Founders
- The community is a great place to find mentors
- The community is a great place to find investors
- The community is a great place to find customers
- The community is a great place to find partners
Bring your vision to life
Accelerator programmes are short-term, intensive programmes designed to accelerate growth within startups in their early stages. The hands-on, intensive and fast-paced environment of an accelerator programme helps entrepreneurs develop the skills necessary to take their vision from idea to reality.
The first step is getting accepted into an accelerator programme. The best way to do this is by having a well-rounded business plan that includes market research, financial projections and a distinct value proposition for your target customers (if you don’t know what I’m talking about: Google it).
Entrepreneurs who join an accelerator programme can expect to gain valuable insights and receive mentorship from experienced mentors. They’ll also have access to a network of startup founders who can share their struggles, successes, and failures.
Entrepreneurs need to remember that accelerators aren’t just about getting funding. They’re places where startups receive support throughout the entire process of bringing their vision to life.
–
Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.
Join our e27 Telegram group, FB community, or like the e27 Facebook page
Image credit: Canva Pro
The post How accelerator programmes can help entrepreneurs bring their vision to life appeared first on e27.