You’ve just been accepted into a startup accelerator — now what?
Tips from accelerator pros
Be THAT person at the front of the class
Luckily, we had access to a batch of cohorts fresh out of theDMS Acceleratorfor data-centric startups and SMEs in Europe. TNW reached out to some of the most engaged participants to find out how they got the most out of their experience and what they recommend to fellow founders.
Claire Linley, co-founder and CCO at retail technology innovatorDelloop,began by sharing her simple strategy:
Participate, participate, participate! Get involved in every aspect of the program.
The biggest benefit of a good accelerator program is the mentoring opportunities. You’re opening your company up to be poked and prodded by experts and mentors who will scrutinize your business plan, question your product-market fit, and may even tell you to ditch your artsy logo.
Keep in mind that your startup isn’t a glass house. Some of the best known tech companies today went through pivots and rebranding to reach where they are now. Twitter was originallya podcasting platform, Airbnb was focused on findingbeds for conference attendees, and Youtube started out as avideo dating site.
For Manuel Pessanha, CEO of automated fleet and delivery scheduling solution,Synertics, one of the best pieces of advice for fellow founders is:
This is your chance to see your business from different perspectives and ask as many questions as possible. So be that nerd at the front of the classroom.
Make some friends (or at least long term connections)
After the expert advice, the second biggest benefit of joining an accelerator is the potential connections you can make. Whether it’s with your mentors, fellow founders, guest speakers at workshops, or anyone else you meet along the way.
But it’s all too easy to let these connections fade after the accelerator ends. Faizan Patankar, CEO of industrial ops AI startup,Amygdasaid:
In fact, Patankar suggests to think even wider than your own cohort:
Take a page from Leila Koenig, co-founder atDashfactory(creator of the electric Dashbike) who told TNW she made it a habit to connect with every person she met on LinkedIn straight away.
Don’t just bring senior people
A lot of startups end up just sending founders or senior level people to accelerator workshops — but that’s a big mistake.Instead, you should think about them like free training sessions that your whole team can benefit from. Whether your marketing team wants to get some external advice on their new campaign or your sales team wants to learn about how they can build their pipeline, there are lots of opportunities for growth.Koenig put it succinctly:
Similarly, Violetta Shishkina co-founder & CEO of blockchain-based CAD sharing solution,CADChain, actually found the DMS Accelerator to be a great opportunity for getting new hires up to speed.
Advertise, market, and share
Remember, being accepted into a well-known accelerator is great for your startup’s market cred. But don’t wait for VCs or potential partners to ask you which programs you’ve participated in — make sure everyone knows before they even think to ask.That’s at least what Patankar believes:
Echoing Patankar’s advice, Linley suggests:
Don’t forget to celebrate
Getting into a well-known accelerator is a milestone for your startup; it means the organizers see potential in your idea and your team. For all the ups and downs of startup life, it’s a great confirmation that you’re doing something right. So take the time to celebrate and get your team excited about what’s to come.
Billy Mello, CEO atLAIFE, an AI-based wellness and music company, said:
There are over 7000 startup accelerator and incubator programs globally, so there’s bound to be a great one out there for your startup’s needs. If you’re a data-centric SME or startup based in Europe, check outDMS Accelerator. The program aims to help these companies overcome barriers in data skills, entrepreneurial opportunities, legal issues and standardization.
Story byAndrea Hak
Andrea is TNW’s Branded Content Editor and, as a writer, she’s covered a wide range of topics from ClimateTech to AI and gender bias. She’s(show all)Andrea is TNW’s Branded Content Editor and, as a writer, she’s covered a wide range of topics from ClimateTech to AI and gender bias. She’s always on the lookout for stories that explore the social and political impact of emerging technology.
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