Between education, mentorship, and financing opportunities, accelerator programs can get your startup off the ground in more ways than one. But if you're about to embark on your first accelerator, you may be wondering what to expect or how you can get the most out of the experience.
That's why we asked 11 experienced entrepreneurs from Young Entrepreneur Council (YEC) the following question:
Q. What’s your top tip for succeeding in an accelerator program?
1. Be Open to Mentorship
You'll succeed in an accelerator program when you're open to the advice of the experts running the program. Even if this means pivoting your startup or making significant changes to your business model, it's important to listen and consider what these experts are telling you. They have the knowledge and experiences that can help ensure your idea becomes a sustainable business. –Angela Ruth, eCash
2. Befriend Others
Rather than brushing off other companies in the program that you think have bad ideas or won't be successful, you should befriend those founders. If their companies don't end up working out, they'll be looking around for new opportunities, and could be great resources for you and your company once hiring talent becomes your biggest problem (which tends to happen after accelerators). –Mattan Griffel, One Month
3. Focus on Progress
One great advantage of an accelerator is the opportunity to have intense, focused attention on your company in a short period of time. No more call-backs, reschedules, and meetings months out. But you will also hear contradictory advice--lots of it. Take everything with a grain of salt, focus on building lasting relationships, and don't forget to make time for actual progress. –Julien Pham, RubiconMD
4. Take Advantage
Know that your time at the accelerator will fly by, and you only have a brief period to make the most of the resources available to you. This means attending all the sessions and workshops; meet with your mentors and take them out for lunch to glean even more advice from them. In short, throw yourself into the entire experience. Soak it up while you can, because one day, it will be over. –David Ciccarelli, Voices.com
5. Do the Work
As with any mentorship, it's important to dedicate yourself fully to the experience. If your program gives you assignments, be prepared to do the work. Attend any meetings fully prepared to ask targeted questions. Take coaching calls seriously by having a goal set for each session. Don't over-invest yourself in anything else while enrolled in the program; make the time to make it work. –Nicole Munoz, Start Ranking Now
6. Check Your Ego
It's easy to think you know a lot about what you do, but this mentality can be a huge disadvantage. When participating in groups or accelerator programs, check your ego at the door and look at everything as a learning experience. As the saying goes, "If you're the smartest person in the room, you're in the wrong room." Learn from others, participate as often as possible, and take notes! –Zac Johnson, How to Start a Blog
7. Build Your Network
Tap into all the networking opportunities. Accelerators bring together the best minds across many different industries, so take advantage of the unique opportunity to connect with as many people as possible. With these new connections, you’ll be able to build relationships that can help your business, or even help you identify problems that have hindered others in the past. –Aron Susman, TheSquareFoot
8. Take It Seriously
In an accelerator program, you'll likely be working with startups in an environment where the rules are lax. However, the folks in charge are focused on results, and you should be too. Think quickly, be on time, remain on point, stay focused, and deliver the best you have to offer. –Andrew Schrage, Money Crashers Personal Finance
9. Make It Your Own
Remember there is no road map for entrepreneurship. Experts will respond well when you think outside the box and ask for things that aren't part of the standard program. The first day I showed up, I met with the program director to discuss every investor in their network, and I emailed all of them. By demo day, I already had over half my round subscribed, and successfully closed the round thereafter. –Brayden Olson, Recurrence, Inc
10. Perfect Your Commercialization Strategy
Gaining acceptance into an accelerator presumes you've demonstrated some level of product-market fit, meaning it's now time to perfect your commercialization strategy. Finding that perfect pricing balance between supply and demand will enable you to plant the seeds to build a very large company. During acceleration, make sure to test multiple prices and offer types. Consider bundling and subscriptions. –Obinna Ekezie, Wakanow.com
11. Don't Depend on Demo Day
Entrepreneurs generally imagine a room full of wealthy investors, ready to write large checks to whomever has the best pitch during demo day. The fact of the matter is, this isn't necessarily true. While demo day is a solid chance to meet a large number of potential investors, it should only make up a small fraction of your fundraising strategy. –Anthony Pezzotti, Knowzo.com
