Which Accelerator Program should I join

By: Vikas Raina

Science defines acceleration as a change in speed or direction. There is no acceleration if there is no change in speed or direction. Most of the accelerator programs work on the same principle. They help startups accelerate from being a vehicle driving on an inner-city road to an express freeway. We believe that whether you are an early stage startup or have raised Series-A or B funding, you should consider being part of an accelerator program if the opportunity arises. There is always that elusive next level that a good accelerator program can help you achieve.

We started our Oracle startup accelerator program in Mumbai about a year back. Since then we have met many startups across India and one of the common question we are asked is – I too want to join accelerator program. Which one should I join?

This is a very interesting question and we put it right back at the startup – What do you want to achieve by joining an accelerator program?

Oracle’s startup accelerator program is a global program that brings together enterprise expertise and startup ingenuity but surely this program is not meant for every startup and is true for every other accelerator program. Here is low down on what a startup should be aware of before signing up for a accelerator program:

Should I care about the branding of the accelerator?

All sorts of entities, Corporates, VC firms and even individuals back accelerator programs. As a first rule, explore about the people running the accelerator program. Learn more about the startups that the accelerator program has groomed. Not every accelerator program is meant for every startup so do due diligence and talk to alumni of the accelerator program. Advantage is that being part of a credible accelerator program gives you street cred and validation. A well-known and branded accelerator attracts lots of interest from top notch investors and corporate partners too.

I need support and mentoring or maybe not

You need to be clear on what kind of mentoring is important to you. Is it the product mentoring owing to the complex nature of your product or mostly Business or Investment mentoring? Every Accelerator program will have its own strengths and weaknesses when it comes to mentoring. Very few like Oracle startup accelerator program can offer both Technical and Business mentoring improving your product as well as helping you in becoming a better entrepreneur.

Would you open the doors of Startup ecosystem for me?

One of the key success metric of any accelerator program is – How much they help the startup integrate with the startup world, be it mentors or capital or customer connects or even with other startups. A good accelerator program should help startups achieve network introduction with all three of vertices of the startup ecosystem triangle. Without these connections, the startup picture remains incomplete. If these elements are not present in what the accelerator program is offering, you might want to step back and take another look at applying for the program.

 Equity or free resources?

Some accelerator programs offer funding in return for equity while other offer free resources. Many founders believe that putting in equity adds skin in the game for the accelerator and they are more driven to help startup succeed. Contrarian view is that accelerator should focus on providing tools to the startup to succeed and not become stakeholders, which can skew the vision. If an accelerator program invests in your startup, it becomes prudent to know about the investors and their motivation. There should be alignment with your vision otherwise, things can come apart quickly.

What happens after the cohort ends?

Most of the accelerator programs offer alumni support and partnership. Consider joining those accelerator programs whose alumni can help you reach out to skillful Developers, Investors, and potential customers. Do your homework and find as much about alumni as possible. After all, it is mostly the alumni that decide the success and growth metrics of an accelerator.

Do I need to re-locate?

Most accelerator programs offer coworking space that requires a mandatory presence. This may mean moving to a different city for 3-6 months or traveling long distances. As a startup founder, this may become a challenge.

Do I have enough resources?

Balance out the offerings of the accelerator with the operational expenses you might have to bear. Look at opportunities of expanding to a new geography or market for your product.

I have no time and have thousand other things to attend.

Accelerator programs conduct mentoring sessions, investor meets, Demo day and many other similar themed events as part of the curriculum. All this requires participation by the founders. For some of the entrepreneurs, this can be a lot of extra work and frankly, not everyone is cut out for it.

Entrepreneurs cannot expect accelerator programs to help them optimally if they cannot participate in such activities, which sometimes can feel like army training routine. Therefore, if you are considering joining an accelerator program, you should ensure that you can devote time to such events and your business would not suffer because of it. To be honest, these programs bring spotlight on the accelerator programs too.

If the founder does not have enough time, he should have the necessary people in the team who can be allotted to attend these meetups and sessions.

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In summary, majority of startups fail and so do Accelerator programs. Joining an accelerator program is no guarantee for success; In fact, it might be a dangerous idea to assume that being part of accelerator program, even if the best in the world would automatically result in startup success. However, if you select the right program, It helps you build a valuable network of customer connects, mentors and Investors. You never know which ecosystem partner will help you when and where.