Want to Join an Accelerator? Read This First.
How to choose the right accelerator, to ensure that the time and money spent is valuable?
SANTA MONICA, Calif., July 11, 2018 (Newswire.com) - Most startups decide on which accelerators to go based on getting investment. However, money is the last reason why people should choose an accelerator. "At Expert Dojo, we believe very strongly in the Pre-Accelerator model where the first focus is on the startup receiving assistance with the structural success pillars for a startup to succeed," said Brian Mac Mahon, the founder of Expert Dojo.
The first of those pillars is Community. Building the right community around startup to make sure that startup can be successful. This community includes not only other startups, corporations, and mentors but also local government.
The second pillar is a focus on milestone based business growth. This growth can come from not just digital marketing, but also on how a startup can be more visible in the local area.
The third pillar is the Influence Score. This pillar is overlooked by many startups and accelerators. People like Eric Ries and Jason Calacanis, are famous and successful, not just because of the companies they have exited, but more importantly, because of the Influence score, they created through speaking at conferences, being on panels, writing books, acknowledgment on press releases, etc. It’s very important that as a startup, influence score is high to reflect the disruptive solution that you are bringing to the market.
Next area that is extremely important is the “Foundation” of the company.
Investment without structure is wasted money. The foundational focus should not only include product fit, brand, market validation, but also other areas such as team, efficiencies, automation and structure strategy for the future. Mindset is also a key factor in a startups success. Starting a business is one of the most difficult things people will ever do. "You need to be prepared physically and mentally. This is something you can train yourself into as a navy seal rather than a wet fish," said Brian Mac Mahon.
The final pillar is Investment. A startup should only consider accepting money from an accelerator when they know they can grow in all these areas. Investment from an accelerator should be worth more than just a check for $50K-150K.
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Source: Expert Dojo