Decide if an accelerator is right for your business

February 28, 2024

Evaluate If an Accelerator Suit Your Business Goals

Weigh all your alternatives, discuss your decision with advisors, mentors, and partners, and ensure the benefits outweigh the costs in equity, time, and money. No matter which direction you choose, keep your focus on taking your business to the next level for the best chance at achieving success. Consider these critical criteria: Strong team – Who will lead your business to success? Startup accelerators aren't just looking for solid product ideas. They are also looking for a strong, capable team with business-building skills and cohesive dynamics that can succeed past the accelerator. What is it in your founding team's background that gives them the unique insight needed to start the business? And how does their background equip them with the skills needed to build a successful business? Valuable concept – What value is your company going to create? Although your product does not yet need to be market-ready, you need to demonstrate why the concept is something people want. If not, startup accelerators won't show much interest. Competitive advantage – What sets your business apart? What makes you memorable? And equally important, can you describe your unique selling and value propositions in one or two sentences? Coachability – Will you follow expert opinions about your business, product, and growth? This is critical, and you can demonstrate it during your investor meetings by asking for advice on your current challenges and gathering other constructive feedback. Humility, too, can be an important asset when writing a successful application. Consider applying to The Center for Entrepreneurship's ScaleUp accelerator or the Startup Club. Both programs offer critical connections. The ScaleUp Accelerator is a 9-month program with group and individual sessions conducted with a selected mentor, providing access to key knowledge modules from marketing and sales to managing people and operations.

Learn More About Key Organizations

The Global Entrepreneurship Network is a global organization that operates in 180 countries, working on initiatives to help anyone, anywhere start and scale a business. The Ewing Marion Kauffman Foundation focuses on education and entrepreneurship, striving to create a society of economically independent individuals who are engaged citizens. They provide resources, research, and support programs for entrepreneurs at various stages. The US Department of State also plays a crucial role in supporting entrepreneurship through various initiatives and partnerships that aim to promote innovation and business growth in the US and abroad.