
Startup Accelerators
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Accelerator programs have become one of the most powerful and valuable resources for entrepreneurs seeking to learn rapidly, build powerful networks, raise capital, build their startups and do this at speed and scale. In recent years, the number of accelerator programs around the world has grown at an incredible rate, propelling startups such as AirBnB, Uber, DropBox, Reddit, and others -- many to billion-dollar valuations. The number of accelerators, the differences in accelerator program offerings and the unique benefits and costs of different accelerator locations makes choosing the right accelerator a challenge. Selecting the wrong accelerator, failing to be accepted in the right one, or not fully taking advantage of all the accelerator has to offer can be costly, sometimes fatal. With the stakes so high, entrepreneurs need to understand all their options, choose carefully and do the right things to maximize their chances of success.
Startup Accelerators is the go to guide for any entrepreneur, providing a firsthand look into the acceptance criteria and inner workings of different accelerator programs. Written by entrepreneurs for entrepreneurs, this indispensable resource explains what different accelerator programs offer, how to get accepted, what to do during the program, how to raise money during accelerators, what to do after the program ends, and much more. Packed with real-world case studies and advice from leading experts on startup accelerator programs, this one-stop resource provides step-by-step guidance on the entire accelerator process.
* Reveals how accelerators help founders navigate different challenges in the startup journey
* Describes the differences in the benefits and costs of different accelerator programs
* Explains how to prepare accelerator applications
* Discloses what actions to take during an accelerator to make the most of it
* Depicts case studies of entrepreneurs' accelerator applications, experiences and outcomes across different accelerators
* Features interviews with accelerator program managers, founders who went through accelerators, and investors in companies going through or having gone through accelerators
* Includes insightful data and reflections from entrepreneurship education researchers and academics
Startup Accelerators: A Field Guide will prove to be invaluable for startup founders considering or going through accelerators, as well as aspiring entrepreneurs, educators, and other startup accelerator stakeholders.
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Persons
NAOMI BIRDTHISTLE (PHD, MBS, BA Hons) is Associate Professor of Entrepreneurship and Business Innovation at Griffith University and is a visiting academic to Aalto University-Mikkeli campus. Naomi has published research on entrepreneurship education, entrepreneurial ecosystems, and family business management issues. Her research has received numerous awards including Emerald Literati awards, a best Doctoral Dissertation Award from the Family Firm Institute, and the Institute of Small Business and Entrepreneurship (ISBE) best paper in a conference track. Naomi has run her own consulting business and has worked in her family business in Ireland.
STEVE DUNN (MBA, BA) is CEO and cofounder of LEAPIN Digital Keys, a startup that delivers NB IoT smart access control solutions. Since its founding, Steve has led the startup through a number of different accelerators within Asia Pacific, USA, and Europe. He has also led the startup through several iterations and pivots with a variety of IoT technologies, to finally find product-market fit. Steve is a mentor and coach in university-based accelerators and incubators.
Content
- Cover
- Title Page
- Copyright
- Contents
- About the Authors
- Acknowledgments
- Preface
- Research for This Book
- How to Use This Book
- Introduction
- How Accelerator Programs Can Help Startups
- Accelerators versus Incubators, Investors, Government Programs, and Other StartupEcosystem Institutions
- Notes
- Chapter 1 The Emergence of Startup Accelerators
- Emergence
- Ascendance
- Expansion
- Impact
- Future
- Notes
- Chapter 2 What Happens in an Accelerator
- Accelerator Programs
- Accelerator Curriculums
- Accelerator Co-Working Spaces
- Accelerator Mentors
- Accelerator Program Managers
- Accelerator Weekly Check-In Sessions
- Accelerator Advisors
- Demo Day
- Case Study 1: LEAPIN Digital Keys and the H-Farm Deutsche Bank IoTAccelerator Program (Italy)
- Notes
- Chapter 3 Is Your Startup Ready for an Accelerator?
- What It Takes to Get into an Accelerator
- Accelerator Acceptance Criteria
- The Team
- The Product
- The Market
- Progress
- What Matters More: The Team, the Product, the Market, or Progress?
- Common Accelerator Turnoffs
- Incomplete, Error-Laden, Inconcise, or Vague Applications
- Too Early
- No Product/No Market or Bad Product/Bad Market
- Solo Founder/Inability to Lead
- Prohibitive Location
- Lying and/or Questionable Values
- Prohibitive Cap Table
- Lack of Persistence/Distraction/Half-Hearted Effort/Poor Past Decisions
- When Are You Ready for an Accelerator?
- Depends on the Accelerator
- Depends on Your Startup
- Can You Be Too Early or Too Late for an Accelerator?
- What If You Are Not Ready?
- Case Study 2: BroZone Inc. and the Founders Frontier Accelerator* (USA)
- Notes
- Chapter 4 How to Prepare the Accelerator Application
- Accelerator Acceptance Criteria versus the Accelerator Application
- The Accelerator Application Process
- The Accelerator Application Questionnaire
- Where to Find Accelerator Application Forms
- Elements or Sections of the Accelerator Application Questionnaire
- Company Overview
- What Accelerators Are Looking for in This Section
- Common Tips and Traps
- The Startup Website
- The Founders/Team
- What Accelerators Are Looking For in This Section
- Founding Team Talent
- Founding Team Functioning
- Founder Commitment
- Flexibility/Adaptability
- Common Tips and Traps
- Accelerator-Specific Founder Characteristics
- The Product/Idea
- What Accelerators Are Looking for in This Section
- Problem/Solution Fit
- MVP
- Product-Line Growth Path
- Product Risks
- Competition and Competitive Barriers
- Product/Market Fit
- Business Model
- Common Tips and Traps
- Getting Your First Piece of Traction
- Progress
- Equity
- Other Common Accelerator-Specific Criteria
- How Accelerator Applications Are Evaluated
- Case Study 3: LEAPIN Digital Keys' Journey through Three Different AcceleratorApplications (Italy, United States, and Germany)
- Notes
- Chapter 5 How to Handle the Accelerator Interview
- What Is an Accelerator Interview and Why Is It Important?
- The Interview Process and Interview Questions
- The Virtual Interview
- The Face-to-Face Interview
- Accelerator Interview Questions
- What Can Go Wrong in the Accelerator Interview
- Common Tips and Traps
- Do Your Research
- Overprepare
- Plan the Interview
- Start Off on the Right Footing
- Smile, Be Energizing and Show Personality
- Tell a Story/Know the Power of Story
- Be Concise
- Be Authentic
- Be Willing to Say You Don't Know
- Don't Get Defensive
- Know Your Data and Metrics
- Know Your Direct and Indirect Competition
- Be Prepared to Discuss Your Weaknesses
- Know Your Big Three and Make Sure They Are Understood and Remembered
- Be Congruent
- Rehearse, Rehearse, Rehearse
- Plan for the Unexpected
- Case Study 4: Listen Notes' Y Combinator Interview*47 (USA)
- Notes
- Chapter 6 Should You Give Up Equity to Get into an Accelerator?
- Equity as a Prerequisite to Getting into an Accelerator
- Giving Up Equity to an Accelerator
- Giving Up Equity to Multiple Accelerators
- What Else Do Founders Give Up in Accelerator Term Sheets?
- Key Elements of Accelerator Term Sheets
- Types of Securities (or Types of Shares)
- Valuation
- Anti-Dilution Provisions
- Founder Vesting
- Liquidation Preference
- Voting Rights
- Dividends
- Board of Directors
- Veto Rights or Protective Provisions
- Negotiating Accelerator Term Sheets
- Case Study 5: Impact of Signing Multiple Accelerator Agreements on aStartup's Capital-Raising Rounds
- Notes
- Chapter 7 Choosing an Accelerator Program
- Significance of the Decision to Participate in or Forgo Accelerator Programs
- Significance of the Accelerator Choice Decision
- What Makes Choosing an Accelerator So Challenging
- What Makes a Good Accelerator
- First, Do No Harm
- Seed Investment
- Accelerated Learning and Skills Development
- Accelerated Investment Readiness
- Accelerated Product Development
- Getting Legal Right from the Start
- Getting Strategy Right
- Exclusive Access to Investors, Customers, Strategic Partners, Cofounders
- An Effective Support Network
- Professionalism, Confidence, and Other Ancillary Benefits
- What Makes an Accelerator Right for a Startup
- How to Choose the Right Accelerator
- Understand What Makes a Good Accelerator
- Know Thyself
- Do the Investigative Work to Separate Reality from Spin
- Consider Alternate Sources of Benefits
- Case Study 6: An Unexpected Accelerator Experience
- Notes
- Chapter 8 How to Get the Most out of an Accelerator
- Plan Ahead
- Clarify Priorities and Plan Your Time
- Show That You Are Committed
- Go Fast
- Get Customer Discovery and Customer Validation Right
- Get Strategy Right
- Get Legal Right
- Get Investment Ready or Raise Investment
- Perfect Your Pitching, Storytelling, and Business Communication
- Building Your Network within the Network
- Resolve Any Difficult Issues
- Maximize Learning
- Case Study 7: One Co-Founder's Approach to Making the Mostof the Techstars Accelerator Experience
- Notes
- Chapter 9 What to Expect after the Accelerator Ends
- What Happens after the Accelerator Ends
- The Need to Maintain Momentum
- What to Do after the Accelerator
- Plan Ahead How You Will Maintain the Sense of Urgency
- Establish Ongoing Mentoring
- Keep Investors Engaged
- Keep Accelerator Organizers Engaged and Leverage Them Fully
- Nurture Existing Relationships/Make New Connections
- Look Forward, Not Sideways
- Notes
- Appendix: Founder Resource Directory
- Resource Directory Overview
- Part 1: Founder Reflections
- Founder Reflections Overview
- Founder Reflection #1
- Startup and Accelerator Overview
- Finding the Accelerator
- Accelerator Application and Accelerator Experience
- After the Accelerator
- Tips for Founders Considering Applying for an Accelerator
- Final Thoughts
- Founder Reflection #2
- Startup and Accelerator Overview
- Finding the Accelerator
- The Accelerator Application and Accelerator Experience
- After the Accelerator
- Tips for Founders Considering Applying for an Accelerator
- Founder Reflection #3
- Startup and Accelerator Overview
- Finding the Accelerator
- The Accelerator Application and Accelerator Experience
- After the Accelerator
- Tips for Founders Considering Applying for an Accelerator
- Final Thoughts
- Additional Founder Reflections
- Part 2: Accelerator Program Manager and Entrepreneurship Educator Reflections
- Accelerator Program Manager and Entrepreneurship Educator Reflections Overview
- Accelerator Program Manager Reflection #1
- Accelerator Overview
- Value of Accelerators
- Choosing an Accelerator
- The Accelerator Application
- The Accelerator Interview
- Accelerator Costs
- The Accelerator Curriculum
- Fundraising
- Networks
- Final Thoughts
- Accelerator Program Manager Reflection #2
- Accelerator Overview
- Value of Accelerators
- Choosing an Accelerator
- The Accelerator Application
- The Accelerator Interview
- Accelerator Costs
- The Accelerator Curriculum
- Fundraising
- Networks
- Final Thoughts
- Entrepreneurship Educator Reflection #1
- Entrepreneurship Educator Overview
- Entrepreneurship Education Approach
- Entrepreneurship Education Challenges
- Entrepreneurship Education at Universities
- Future of Entrepreneurship Education at Universities
- Entrepreneurship Education in Universities versus in Accelerators
- Entrepreneurship Education in Government Programs
- Entrepreneurship Educator Reflection #2
- Entrepreneurship Educator Overview
- Entrepreneurship Education Approach
- Entrepreneurship Education at Universities
- Entrepreneurship Education Challenges
- Future of Entrepreneurship Education at Universities
- Entrepreneurship Education in Universities versus in Accelerators
- Part 3: Curated Accelerator Resources
- Resources to Help Founders Choose the Right Accelerator
- Resources to Help Founders Prepare Accelerator Applications and Plan for the Start of an Accelerator
- Resources to Help Founders Navigate Key Stages of the Accelerator Experience
- Examples of Leading Accelerators Globally by Region
- Index
- EULA
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