The current scenario is the best time for you to leverage technology, resources and knowledge if you are in the startup space. A key initiative that has become a positive trend is the concept of startup accelerators that help startups develop world class products and solutions.
A look at what are ‘accelerators’ & what do they do:
Although they are a relatively new phenomenon, accelerators have garnered intense interest from the private and public sectors both in the domestic and international markets. They are best described as programs that help entrepreneurs bring their technologies, ideas, or products into the marketplace and ideally lead entrepreneurs to develop viable businesses.
The accelerator phenomenon has been cited as a key contributor to the rate of business startup success. Accelerators select and invite a small group of entrepreneurs to startup boot camps, providing mentoring, resources, and, most important, industry connections during these programs. Successful graduates leave with the next stage of funding or revenue in hand, and all graduates leave with a small percentage of their company’s equity ceded to the accelerator.
Accelerators address the funding gap for startups and the information gap for would be investors by acting as network brokers. They reduce search costs for angel funders and venture capitalists while creating a pipeline of vetted technologies for the market. By concentrating resources through seed funding, access to investment networks, and intensive mentoring, accelerators are able to identify “winning” ideas more quickly and help those startups grow.
So if you have a startup, how can you benefit from an accelerator program? Here’s your guide to knowing its advantages.
- High value mentorship: Mentorship is crucial in the early stages of setting up a business. High value business mentorship by professionals and leaders is key because it reduces the time cycles that one would have to otherwise spend reinventing the wheel. Additionally, mentorship by experienced professionals can help startups refine solutions to key business problems, and in many cases provide clarity about the business problem itself.
- Access to market: Organizations who run accelerators typically have a large network of partners and customers who can be leveraged by the startups. If the Accelerator offers this access to meet customers or even get advice from potential customers, it would be highly valuable.
- Great for mentorship: Depending on the accelerator program, often the mentors are the biggest added value that startups receive. This is especially true if they provide you with great mentors in your industry. Many times these mentors will open up doors for you that you didn’t even know existed.
How can India Accelerator help you if you are a startup:
Looking for a startup accelerator that can foster rapid growth and provide you with the right kind of access to resources and mentorship? India Accelerator is there to do this and more for your dream business.