With the success of companies like Facebook and Airbnb, the number of startups have spiked. There’s more support for early stage startups now than ever before, and having more choices benefits the industry’s entire ecosystem. Too much choice however can be paralyzing. Ask yourself if these questions to determine if an accelerator is right for your startup.
- Are you a first time entrepreneur?
Trying to be a jack of all trades can stop startups from scaling. It’s easy for startup founders to get stuck wearing all the hats, ultimately stunting growth and scaling opportunities. An accelerator can be beneficial by encouraging a broader, long term perspective for a startup.
- Do you need access to a large network of specialized and connected mentors in your field?
Joining an accelerator puts startup owners in front of an entirely new network of entrepreneurs who’ve walked the same path and understand the challenges. Their informed opinions and guidance can help steer the ship for first time entrepreneurs.
- Is this accelerator’s expertise beneficial to your business?
It’s easy to get seduced by glamorous accelerator brands; ensure the mentors and expertise you need to scale your startup are available. If you’re running a fintech startup, dig into the accelerator’s specialized experience that can help in the early stages.
- Can you realistically commit your time?
Startup accelerators require long hours and extensive collaboration. Make sure the scheduling demands are possible for you. Also, make sure you’re comfortable with the team personalities and work styles.
- Do you need capital?
Useful innovations and ideas will never make it to market without some startup capital. Many entrepreneurs exhaust family and friends for funds, but accelerators also provide access to cash. Leave your cousin’s piggybank intact, you’ve got accelerators to choose from.
Results: If you answered ‘yes’ to three or more questions in the quiz, you’ll likely benefit from an accelerator.
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