Decoding Start-up Accelerator

Decoding Start-up Accelerator

 What is a Start-up Accelerator?

It is the time of rise in Start-ups, it is encouraged so much so that we can see a lot of promising Start-ups making its way towards the market/industry be it for healthcare, fintech, manufacturing or any other.

When there is such high competition in the market, it is obvious that the need for it to reach sustainable growth is expectantly high. A program designed for this purpose is the ‘Start-up accelerator’; just as the name suggests, a Start-up accelerator helps new companies to ‘accelerate’ their journey towards growth and success. They work by providing young and promising businesses with the right business support, resources, and services, which will include financial and technical services. You can say Business Incubators are part of Start-up accelerators

Consisting of a group of advisors providing their guidance and services like coaching, investments, gaining connections etc. these Start-up accelerators may be sponsored by the government, public institutions, or private companies.

Keep in mind before applying to a Start-up Accelerator Program

There are a variety of authentic organizations that provide Start-up accelerator programs. This means thorough research and a survey of the market must take place find a program that will best suit the requirements of the proposed Start-up when planning to apply for one.

What is the process for the Start-up Accelerator Application?

With countless number of applications being received by the organizations running the Start-up accelerator application program, not every Start-up that has applied for the Start-up accelerator program. The usual process for applications goes with being contacted by the organization to discuss the business plan in detail. Which is thoroughly reviewed by the committee to check for admission eligibility, the business plan is examined cautiously to make sure that the resources of the Start-up accelerator program will not be wasted, as the resources can be limited. Hence, only those businesses that have a promising future and a higher chance for success are selected.

What are the different stages of Startup Accelerator?

A startup accelerator program have 5 stages, them being:

  1. The Application process

Applying for the startup accelerator program is a simple yet in-depth process. As mentioned before the acceptance rate is very low. The business plan is reviewed very carefully to be considered for the program.

  1. Funding

A major reason why Start-ups plan to apply for the accelerator program is the investing funds or a starting money provided for running the business

  1. Learning

Seminars, workshops and mentorship opportunities will be taken place during this 3-6 month program.

  1. Networking

This program provides the best opportunity to connect and widen the startups’ networks with investors and experts of the industry, which in turn helps to open more doors to better opportunities.

  1. Graduation

After the completion of the program, comes graduation or a demo day where all founders of the participating Start-ups do a presentation on their pitch.

How is a Startup Accelerator beneficial?

The Start-up accelerator program has many benefits for all Start-up business ventures, a few of them being;

  1. Accelerated Learning

As it may be obvious from the name, the Start-up accelerator program helps to ‘accelerate’ the learning process of Start-up businesses. What would have taken years, will take just a few fruitful months once enrolled in a Start-up accelerator. With sufficient learning and knowledge, the candidates are better prepared and thus reduces the chances for business failures

  1. Efficient Interactions

The Start-up accelerator programs do a thorough and careful review to make sure that only the most promising star-ups are selected. This helps to gain the confidence of the investors. The high quality of this program helps to attract more investors, resulting in efficient interactions between the Start-up businesses and the investors.

  1. Mentorship

The Start-up accelerator program provides the Start-up businesses with mentors, who help in providing the candidates with expert and experienced knowledge. Thereby helping the Start-up businesses to be well prepared for their venture once they enter the market.

 

Considering Start-up accelerators for a coming up and promising Start-up be it for any industry like healthcare, fintech, manufacturing, public sector, private corporates etc. would be a smart decision. With many options available in the market there is higher ensured chances of fast growth, success and sustainability and subsequently lesser chances for short term life of the business or business failures.

A writer with a flair to convert technical jargons into creative pieces, keeping the reader in mind ensuring to communicate with them through written words and sentences. Always in love with words, after writing, finds peace and needed stress relief from novels and short stories and even a little calming music can do the trick.

Treasa Antony

treasa.antony@excelledia.com

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