4 Things to Consider When Selecting an Accelerator Program

For many founders, they find themselves overwhelmed after making it past the early startup stages. One option that makes these next steps easier is finding the right accelerator.

Accelerators are organizations that focus on the rapid growth of early-stage companies that offer a combination of relevant educational workshops, mentorship programs, and networking opportunities. The most prestigious accelerators help increase the odds of additional funding, as well as provide credibility and exposure within the investment community.

While accelerators can be life changing, founders need to know what to look for. Each startup’s unique needs can make the selection process more difficult. Here are a few tips for making sure everyone is on the same page.

Level of Industry Knowledge

An accelerator is not only for funding, but also for guidance. Finding one that has prior experience in a similar field gives a startup a leg up in the education process. The program’s focus will determine what types of resources will be available, which can greatly influence the decision-making process in the future.

Who Will Your Mentors Be? 

Mentors are essential to long-term success. A program should offer a diverse group of experts, such as entrepreneurs, market strategists, C-suite professionals, investors, alumni, and more. Scrutinize every mentor and determine whether the experiences, expertise, and connections you have access to are ideal. Determine what a startup needs right now.

Matching Long-Term Goals

When looking at a potential partnership, it is crucial to understand everyone’s long-term goals and if those aspirations are compatible. The only way to truly succeed is to be as straightforward as possible. Expectations should always be firmly established for both parties.

Track Record Of Success

Confirming a program’s track record in a specific industry, which will indicate the types of products or services available. Additionally, evaluating the experts that will be accessible. It’s also important to reach out to others who have worked with the accelerator. Learn about their experiences before, during and after the program.