Honest advice from a seasoned accelerator portfolio manager
There is a sea of information out there on how to get accepted into an accelerator program, how to pitch your startup, and how to avoid losing the majority stake in the process. I am here to provide a few insights on how to actually choose which accelerator to join, and how to get the most out of it once you do, especially if it’s your first accelerator rodeo.
Warning: May include some accelerator locker-room talk, reader discretion is advised.
How to choose the right accelerator for you
Assuming you understand what your startup needs at this stage, you’ll be choosing from the accelerators that closely match those needs. With deal terms being equal (protect your equity at all costs!), it really comes down to one thing…
Brand awareness
Yes, if you’re considering several accelerators, just choose the strongest brand name. Unfortunately, this still matters to investors and potential partners, and your startup can get a serious boost just from having a top tier accelerator logo in your pitch deck.
However, be wary of accelerators that accept anyone and everyone (there are plenty of high-profile accelerators guilty of this). Their reputation precedes them, and their portfolio projects quickly lose preferential treatment on the market, so being associated with them may not necessarily make your project stand out as much as you’d hope. You’d often hear the following exchange between investment managers:
- “This startup has XYZ Capital in their captable"
- “Yeah, but XYZ just takes anyone. Remember they had that tacky NFT project that went bust”
Ask for references!
Seriously, it’s shocking how many startups don’t do this. Speak to alumni. Accelerators often have a couple of success stories ready to sell you, but that alone is not enough. Reach out to startups in your field to see if the program actually helped them.
You’ve joined an accelerator, now what?
Be proactive
The worst thing you can do is sit back and relax. Now is the time to grab every opportunity available and track every deliverable that was promised to you. Think of the accelerator as a restaurant menu, the food selection is there, but it won’t magically appear on your plate. You’ve gotta ask for it. And get the waiter’s attention, because there are 30+ of you founders and only 1-2 overworked waiters portfolio managers. Which brings me to the next tip…
Be pushy
Yes, we hate that guy, but guess what? You will be dealt with first because we want to get you off our backs. Keep in mind, you’re giving up your company’s stake here, it’s no time or place to be shy. Not only will you get your answers sooner, but you will also be on our minds anytime a limited opportunity arises.
- “We have 3 slots for this pitch session at ABC conference, whom should we invite from our portfolio?”
- “This guy. He’s always texting me asking when we will put him in front of investors, we have to give him something.”
Share your updates and needs!
It’s astounding how many startup founders expect the accelerator team to read their minds and predict their needs at a given point in time. Got shortlisted for an award? Planning to attend a Web3 summit in Dubai? Need infrastructure partners to do a pilot? Tell us! Chances are, we can accelerate whatever you’ve got in the pipeline. Be it a marketing boost for your award recognition, introducing you to investors in person at a conference, or partnering with the right infrastructure providers to support you.
Think of it as being in a relationship. You want to openly communicate with your partner about your needs and expectations, not assume they know what you have in mind and get all pissy when those expectations aren’t met. The more you share, the easier you make it for your partner (aka portfolio manager) to meet your needs.
Tell us if you’re struggling.
We’ve seen it all, from 180-degree pivots to startups completely folding. We’ve also seen 90% of the founders conceal the fact that they’re struggling until it’s too late for us to do anything about it.
So don’t hesitate to tell us if you’re having trouble fundraising and are running out of cash, need to switch to a new legal entity, or are struggling to get a licence in a new geography. And tell us early on! We’ll make it our top priority to get you in front of investors, introduce you to trusted legal experts, or connect you with founders who have “been there, done that” and can assist you. The sooner we know your pain points, the higher are the chances of us being able to help. *Make the accelerator team work for you! *
Even if your requests are not included in the acceleration program, remember that we are invested in your startup’s success and will go beyond our written commitments to support you.
Don’t underestimate your fellow cohort participants
Connect and network with the other startups in the accelerator. Your accelerator will normally have a dedicated space where founders can interact. Share your blurb, your updates, offer your services, and ask for anything you need! There would typically be founders who are a few steps ahead of you, who will be happy to provide feedback, help with introductions, and offer some guidance. Ask the cohort to vote for your product on ProductHunt, or explore collaborations to combine your offerings for your end users. Who knows, there may even be a potential client there who’s interested in your b2b product.
Be pleasant to work with
Your best chances of getting preferential treatment is being a pleasant person to work with. What does this mean? Transparency, open and regular communication, showing appreciation, a positive attitude, and staying engaged throughout the acceleration program. Also acknowledging that the accelerator team is often stretched thin. If you’re receptive and understanding, you’ll be the first founder to be offered ad-hoc opportunities, as well as long-term benefits beyond the accelerator program. This ranges from follow-on investment offers, extension on the accelerator’s services, and other support beyond the outlined accelerator commitments and timelines. Make us want to help you.
Don’t put all your eggs in one basket
Do not drop the ball on your startup development outside of the accelerator program. This is actually the time to start hustling harder and revving up your business development, fundraising, product launches, marketing, etc. In fact, your activities outside of the accelerator might be a make-or-break factor that determines your acceleration success. The accelerator can only amplify and accelerate whatever it is you’re working on. Plus, there is only so much an accelerator can give you, and no one knows what your startup needs better than you do. Stay active on all fronts, because the more you do outside of the accelerator, the more the accelerator can do for you. Reach out to those partners, then have the accelerator nudge them to prioritise your project. Pitch to VCs, and ask the accelerator to gain honest feedback from them, so you can rework your pitch. Launch that new feature, receive that accreditation, and ask the accelerator to make your milestones newsworthy.
Post-acceleration
Join the alumni network
Once the program is over, don’t lose touch. Most accelerators offer alumni networks where new opportunities are shared. You might not be top priority anymore, but there are still valuable perks like pitch sessions or partner deals.
Stay in touch with your portfolio manager
Keep your main point of contact in the loop—they could connect you with future investors or partners. These people want you to succeed and will likely continue supporting you, especially if your asks are low-effort.
Final thoughts
Accelerators can only fast-track your progress and enhance the success that you were already headed for. It’s not a magic pill that will suddenly make your product appealing to end users and your business model seductive to investors. They can bring tremendous value if used right, but it is you who has to do the work. As with most things in life, it is what you make of it.
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