Before strapping in with an accelerator, startup founders need to be sure they’re ready for the ride.
In the best-case scenario, time invested in an accelerator or incubator program will result in productive access to top investors, advisers, and industry professionals, as well as the injection of some timely capital. But success is anything but a given, and if you’re not fully prepared for your business to go under the microscope you may quickly find that the only direction you’re being accelerating in is straight back to the drawing board.
Discussing his own experience in an accelerator program in a guest post for VentureBeat, Garren Givens, co-founder and CEO of Dibsie, urges founders who are interested in applying to “think boot camp, not band camp, and be prepared for rigorous feedback over an intense few months.” In fact, that schedule, itself, can pose challenges. Three months — the typical length of an accelerator program — isn’t much time to make major developmental strides, so heading in you’ll want to make sure your concept is as well-formed as possible. If it’s watertight, you’ll emerge stronger for it, if not, you’ll be told so in a hurry, and the best thing to do is adjust and move on as quickly as possible. Remember — to paraphrase the Boss — the doors may open, but the ride ain’t free.
For more advice on what to consider before signing up for an accelerator program, read the full post by Givens.
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