The craze behind startups is not going anywhere. In fact, it is getting better time after time. During the “Y Combinator’s” campaign in 2019, there were more than 150 active participants. These newbie companies were able to secure 150,000 USD in capital. The capital funds were offered in exchange for a predefined percentage of the equity. Apart from the capital, entrepreneurs gain access to many venture capitalists and investors. Y combinators are recognized as the world’s most promising startup accelerators. They have supported many famous brands like Airbnb, Instacart and Dropbox. Apart from these lucrative ventures, they also have a platform for smaller businesses. Every now and then, the company comes up with smaller funding programs, which can help startups around the world.
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If you wish to succeed with a startup accelerator, you need to follow three golden rules.
Let’s get started with these rules.
Rule One: Always Align with the Program
First things first, your vision has to align perfectly with the program. Startup accelerators want to push startup companies ahead. Their primary goal is to help you. But, it is important for you to align with their motivations. When this happens, it becomes easier for the startup accelerator to help you, both financially and with the right kind of opportunities in the industry.
Every startup accelerator would like to make a change in a “specific niche” industry. This could be anything like renewable energy, technology or banking. When your solution solves one of their “problem statements”, you have a better chance of securing the deal. Making your business vision align with the accelerator’s goals is not easy. In fact, this is the most challenging “part” in the entire process.
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Also, you need to keep the startup accelerator informed about your progress.
Rule Two: A Mentor
Relationships plays an important role in startup accelerators. They tend to create more value in the deal. However, relationships don’t happen immediately. It takes proper planning and a carefully drafted strategy to create lasting bonds. Most of the time, startup accelerators and businesses form a team of 10 to 15 partners. For the venture to kick start, and capture a steady position in the market; it is important for all the stakeholders to be connected. With stronger relationships – the end results, opportunities and possibilities will be more.
Never monopolize the leaders in a startup accelerator team. Instead, you need to create an impression where their opinions are valued. Though mentors can change your business experience, a recent study revealed that less than 20 percent of businesses have mentors on the outset. This means you have a better chance if “only” you choose to establish a strong relationship with your mentor. Listen to them, discuss with them and keep them at a valued position in your business plan.
Rule Three: Focus on Scalability
Finally, you need to collaborate in terms of resilience and scalability. Always network and focus on people who can aide in promoting your business. Of course, the perks of networking don’t end here. Instead, it helps you learn from people and dive into areas that are hardly explored. All of these are daring moves, which cannot be accomplished without sound networking skills.
If there is a company or person, willing to remove an obstacle for you; remember that they are only doing a favor. It will benefit both professionally and personally.
Most of the time, budding entrepreneurs don’t have a platform where they can test their solutions. Also, the idea of testing scalability, before a product becomes famous is close to impossible. Being able to engage in scalability testing, without disrupting the startup ecosystem is a true blessing in disguise.