So what are accelerator programs and why should you consider joining one?
Startup accelerators can be thought of as “schools for startups,” or better yet, “bootcamps for startups.”
Imagine what a University would be like if it was designed for the needs of a startup. It would be shorter in duration, very practical, and help the startup make significant progress. That’s what accelerator programs offer. They typically provide a seed investment in exchange for equity, mentorship from successful entrepreneurs, office space for coworking (depending on the program), workshops throughout the length of the program, and a demo day where you pitch your startup to potential investors.
If you’re an early stage startup that knows they can really benefit from having all of these things available to you, then you might want to consider an accelerator program.
What’s the best way to get accepted to an accelerator program?
We asked over 150 accelerator grads this question. Although answers varied, there was a common theme that emerged in most of the responses.
Apply to the right one
If you’re applying to an accelerator program, you need to make sure you’re applying to the right one. This requires some due diligence from the founders to find out what they need for their startup. What type of mentors are you looking for? What type of funding? What type of investors? What type of distribution do they need help with? What type of community would be great for your startup?
Show that your idea is viable
You ideally want to show that you’ve been able to sell your idea to others. This will make it easier for an accelerator program consider you as a viable candidate. Some examples include showing that you’ve already secured some investment or providing numbers that prove traction and early customers. This can minimize the “guessing game” for program director, and that’s a great thing. For top programs, the acceptance rate is really small so they lend a thorough eye to all applications. Unlike a college or university, they’re also bearing a risk by investing serious time, support, and a bit of money in you.
Be worth it
Overall, the best way to get accepted to an Accelerator is to be worth accelerating. It starts with having a great team, great startup, great traction or proof of viability to be a great match for that program. The less you’re “accelerator ready,” the less likely you are to be accepted. If you do get accepted, you’ll want to make the best of your experience in the program.
And of course, there is plenty of incredible advice that each accelerator graduate has to offer. Our book, Accelerate, has a chapter dedicated to the topic of “Applying to an accelerator,” which contains both general and specific advice for applying.
One my favorites is from Kathryn Minshew, founder of The Muse and a Y Combinator grad: “I was ruthlessly honest in our YC application: we were scrappy as hell, we had fanatically loyal users, and we were going to build this into a big f—ing business regardless of whether they funded us or not. Luckily (for us both), they did.”