When you are looking for a startup accelerator program, you should know what you expect from it and what it offers to help your business. With the start of 2021, the startup accelerators will start looking for new entrepreneurs to select for the annual programs. If you are planning to apply for an accelerator program, here is what you need to do.
Do your research
It is better to start preparing early and do your research about the accelerator programs available in your region. Think of your accelerator as your long-term partner. Even after you complete the course, the accelerator will continue to provide you opportunities to build a network and gain investments. Make sure that your accelerator promises a long-term connection so you can take your time to grow and implement the practices they tell you with your own time.
Do not go for the rankings
Ignore the rankings for the programs, as the accelerators are only effective when they address your specific needs. What may have worked for some other business does not have to work for you. Regardless of how the ranking system for accelerators works, you should be able to capture your own requirements from a program so you can take the full benefits.
Do not opt for the first option
Never settle for the first accelerator you find just because it is near you and getting into it was easy. You need to focus on what you want to achieve. Make the sacrifice to find an accelerator program that can offer the right mentorship to your company. If your local accelerator offers the best mentorship you can find, it is okay. But you should always search for enough options before you make your choice.
If your accelerator is not experienced in the type of industry you want to enter, it will make no sense to learn from them. Some accelerators offer programs for all types of industries. But there are also accelerators that are known to focus on specific industries and can provide better insight into the industry than the other ones. Learn how they describe themselves and find out what they boast about more often.
Learn the principles
Learn about the principles of the accelerator to find out where your ideologies match with theirs. You can only take advice from someone that can inspire you in the ways that you visualize your future. You should receive personalized assistance with the experts advising you only on the things that you find beneficial for your business.
Talk to alumni
Try to connect with the alumni of the accelerator programs that you are planning to apply for. Take references from them about the program and learn how their experience was during their course. Ask them whether they think this accelerator program will be fitting for your type of business. Ask them for the challenges they faced and find out whether those will be a problem for you.