Choosing a Startup Accelerator and Dating – They Really Aren’t That Different
What should you look for in a startup accelerator?
Whether you are a first-time founder or a serial entrepreneur, finding the right accelerator program can be a daunting task as it is important to make sure that you chose a program that most closely aligns with your company’s values to optimize growth. An incredibly nuanced experience that most closely aligns with one other decision-making process: dating.
Now you might be asking, how does choosing the right accelerator program even remotely relate to dating?
Entrepreneurship is a career of passion. A life path that you likely chose to embark on because you felt moved to help address a particular pain point with your startup idea. For many entrepreneurs, their startup is held particularly close to their heart. Therefore, participating in an accelerator is a personal experience in a professional environment. You are entrusting this accelerator with one of your most beloved and personal possessions: your company.
Similar to how different individuals have certain traits that they are looking for in a partner, there are a few overlapping traits that are important to have in a startup accelerator. Here are some attributes that you should consider in the application and decision-making process.
Respect
In the same way you would want a partner that respects you, it is important that the startup accelerator you choose to participate in has a team of people that is going to respect you and your vision for your company. As previously mentioned, many startup ideas come from a place of passion, and maximizing your growth potential in a program will be difficult if you are working with a team that doesn’t respect your idea or sees your vision for what your company could grow to be in the future.
Engaging
Going hand-in-hand with respect, you want to be surrounded by a team that is engaged and enthusiastic about your startup idea. Have you ever been on a date where the person you are with seems to be disengaged from your conversation? It is counterproductive and even discouraging. Disengaged startup accelerator teams prevent productivity and growth by limiting collaboration.
Challenging
Though it is incredibly important to find an accelerator that is engaged and believes in your idea, it is also important to find a team that is going to challenge you to think outside of the box and find ways you can expand and/or pivot your strategy to maximize growth. After all, both professional and personal growth depends on being challenged.
Communication
Communication is the foundation of any strong relationship, so why wouldn’t you expect the same out of a startup accelerator? Jen Edmon, Founder of Nex Cubed Portfolio Company Day Made shares, “We founders communicate an incalculable amount to customers, partners, investors, lawyers, and countless leads that take us nowhere, every single day. We need to be able to count on our accelerator partners to be an anchor for us, a team we can turn to when we need help, motivation, and brainstorming.”
Support
Lastly, a culmination of all the previously mentioned traits, it is important that you feel supported by the startup accelerator that you choose to participate in. If you surround yourself with a team that supports you and makes you excited every day to build your company and expand into uncharted opportunities, then you set yourself up for deeper and more meaningful growth.
Here is what a handful of our portfolio company founders had to say:
“Support is #1 and amazing communication from when I entered the accelerator and understanding term sheets, to raising our Series Seed round and to even pivoting product.” – Wally Sajimi, Minti
“Founders should look for more than just the funding terms and bells-and-whistles of an accelerator; it is important that they consider the diversity of the accelerators’ past cohorts as well as its general partners and staff so as to provide them with comprehensive (as opposed to homogeneous) perspectives. One other thing that is key is mentorship and support from industry experts or “folks that have done it before”. It doesn’t have to be 1:1 but the closer the ratio the better.” – Chuka Ikokwu, Divercity
“Founders should find an accelerator that believes in them (and their concept) enough to be the lead investor in their first investment round (and that was the case with Nex Cubed). I think almost all of the traits below are absolutely non-negotiable. That said, I think one trait that is not included on the list is having an accelerator that specializes in your industry. That certainly opens tremendous doors to new investors, new customers, new business partnerships.” – Ian Goldberg, iSport360
“The most important aspects for me as a founder who has been through an accelerator is good communication and support. We founders communicate an incalculable amount to customers, partners, investors, lawyers, and countless leads that take us nowhere, every single day. We need to be able to count on our accelerator partners to be an anchor for us, a team we can turn to when we need help, motivation, and brainstorming. And that leads right into our value of a strong support system. Founders cannot succeed without one. I, for one, would not have made it even 6 months in without the support from my accelerator, Nex Cubed.” – Jen Edmon, Day Made
Caroline DiNapoli is the Marketing Coordinator at Nex Cubed.