Startup Accelerator Top Ten Tips & Tricks
You’ve gotta be cruel to be kind, in the right measure
Cruel to be kind, it’s a very good sign
Cruel to be kind, means that I love you baby
(You’ve gotta be cruel)
You gotta be cruel to be kind
In life, tough love is usually a sure path to improvement. Sure, warm and fuzzy Oprah style encouragement goes a long way, but think of the times you heard brutally honest, Judge Judy style tough love from someone you respect. It hurts — but boy — it works.
Recently, we were fortunate enough to be invited to take part in the Village Digital Xperience Accelerator, run by Collective Campus in association with Village Roadshow, in Melbourne. This accelerator went for thirteen weeks, consisted of talks, events and courses in a hip, downtown co-working space, and culminating in a pitch to industry reps and potential investors. We’ve also been part of IDEABOOST, an excellent, ongoing accelerator with the Canadian Film Centre in Toronto, with — you guessed it — courses and mentors in a hip, downtown space, culminating in a pitch.
Trending AR VR Articles:
1. Ready Player One : How Close Are We?
All very valuable and all very much full of tough love. In many ways you’re torn down and built back up, and in hindsight there are a few things we wish we knew ahead of time. So — for those of you thinking of applying for an accelerator, incubator, cohort or any other startup programme — here are our top ten tips & tricks. As my Dad used to put it, ‘Don’t do as I do, do as I say’.
1. Opportunity Cost
Remember that every opportunity has a monetary cost, but along with it and just as important, an opportunity cost — especially if you’re all by yourself or with a co-founder. Of course, spending eight or ten weeks working on your business is an excellent investment — that’s why you joined the accelerator — but it still means that you’re not doing other things. Maybe it’s social media, maybe it’s chasing leads, perhaps its hiring that app developer. Many of these can wait, but at the very least make note of what you aren’t doing, and make sure it’s nothing fatal.
2. Monetary Cost
This may seem like a complete no-brainer, because any entrepreneur worth their salt are watching every single dollar every step of the way, but we would advise that you have a hard look at whether this once-in-a-lifetime opportunity is going to have you spending a lot more money than you can afford. For instance, for us to attend the Village Digital Xperience Accelerator, one of us had to fly to Melbourne each week, stay in an Airbnb, and Uber between the city and the airport. We also had to eat, although sometime coffee on it’s own was enough (See Tip #9). Think about your current spend and if that will be adversely affected in any way. No surprises is the key here.
3. Be Prepared
Yes, in many ways you’ve joined an accelerator to start from scratch, but take it from us — don’t start from scratch. You’re going to be asked for things like your unique value proposition, your market, your competitors, your path to revenue, etc. Get a jump on things by having something prepared. You can always edit what you have, but the discussion and learning are much more efficient if you at least have a framework.
4. Network, Network, Network
You need to look at every person involved in an accelerator as a potential client or partner down the road. Shake hands and hand out business cards to everyone. Often times you’ll find a business opportunity with one of the other startups, sometimes lightning will strike with one of the presenters, accelerator staff — anyone. You never know, one of the bearded waiters in that hip venue could end up being your next Brand Manager.
5. Two Birds, One Stone
If your accelerator is in a new city or even country — take the opportunity to piggy back some introductions or meetings with anyone you normally wouldn’t be able to meet in person. Also, check if there are any meet ups or trade shows going on. Yes, the accelerator on its own is plenty. Yes, you’ll be tired — but remember why you’re doing this in the first place!
6. Be Thick Skinned
Coming back to the concept of tough love, you need to be prepared to take criticism. Your idea is your dream and your baby — and people with a lot more knowledge and experience than you will find faults with your baby and might even cause you to wonder if you ever had a dream in the first place. Stay strong, don’t be defensive, and remember that this is a vital and necessary part of the process. Better the tough love and fierce criticism comes now, and allows you to refine your business surrounded by mentors and in the safety of an accelerator, than in the harsh glare of potential investors or clients. They’re called ‘incubators’ for a reason.
Put the scooter away. Ignore the giant novelty Scrabble board. Get to work.
7. Don’t Hog The Spotlight
We get it, you have a million questions, and yes, you want to take advantage of every mentor and presenter, but please remember — there are other companies in your accelerator and there’s also great benefit in hearing from them, and about their particular battles. Plus, you don’t want everyone rolling their eyes or groaning when you’re asking yet another follow up to your two part question and comment. I’ve seen (and heard) this happen, and it makes for a looooooong accelerator. Remember Roger Sterling’s advice, “I don’t know if anybody’s ever told you that half the time, this business comes down to ‘I don’t like that guy.’”
8. Treat It Like A Business
A lot of accelerators pride themselves on their fun, casual nature, alongside the actual learning and refining. You may find there’s a relaxed start time, or everyone is playing with Polaroid cameras or socializing in the well stocked food areas. Some people have probably become close and are hitting the bars until late. There’s no easier ‘tell’ on how committed someone is, or how serious they are about success, than how disciplined they are when they’re their own boss. Put the scooter away. Ignore the giant novelty Scrabble board. Get to work.
9. Treat Yo Self
This may be the Dad in me, but it’s very important with long days and possibly nights, meeting dozens of new people and trying to do everything at once — to stay healthy. Eat more than just the doughnuts. Drink a water for every coffee. Try to go for walks. Take it easy on the booze (even if it’s free), and sleep! You’ll take in more information and have better creative powers if you’re not battling influenza and a hangover. Also, sit in a good chair. You’ll thank us later.
10. Follow Up
Lastly, with such an intense and possibly life changing experience, you’re liable to not really take it all in until the days or weeks after it’s over. If there was a final prize and you won or not (it really doesn’t matter) — you’ll no doubt have a stack of business cards and a slew of new LinkedIn, Facebook and Instagram connections. This time is crucial — Carpe diem! Follow up on all the chats and discussions (See Tip #4). Stay relevant in people’s minds and let people know that you’re serious. Keep up the momentum.
In anyone’s life, tough love can come from many places: your parents, best friend, partner; what really matters is whether you’re mature enough to hear it, and what you do with it. It’s the same in business. With many entrepreneurs becoming celebrities (Gary Vee, we’re looking at you) and the entrepreneurial life so idealised in social media, it’s too easy to hear only that you’re a genius and of course with your idea you can’t possibly fail. But as we all know, the reality is that 90% of startups fail.
(For even more tips on startups in general, these are great resources: Straight Talk & The Startup Owner’s Manual)
Don’t get caught up in the haters, but you absolutely must listen to the very intelligent people who have been there before, and are giving you their most valuable commodity: their time. Take it as a compliment. They’re supposed to be cruel to be kind — it’s a very good sign.
At LENS, we believe streaming video should be clearer, faster and more economical.
Never download again.
