An accelerator: is it the right move for my startup?
Now what?
That’s the question that continues to propel forward entrepreneurs worldwide. What can I do now? How can my product, my service, my app be improved? What’s the next step I can take to move my startup to the next level? When are we taking over the world?
If this is your startup current conundrum, an accelerator could be the right move.
An accelerator provides startups with a wide range of sources to advance their businesses, including funding, mentorship, office space, among many others. Enterprises that apply to be part of an accelerators are somewhat establish, be it with a product or prototype, but searching for that oomph factor.
Take Brands of Puerto Rico, a growing virtual marketplace for everything made in Puerto Rico, and a member of Generation Two at the Puerto Rico based accelerator Parallel18. For two years, Brands Of, has been constantly growing within the Island and its expats beyond the U.S., through word of mouth, festivals and social media. Though Brands of has mostly been a retailer to Puerto Rican made products -from food to clothing, to makeup and home decor- the company is expanding to subscription boxes, marketing, and promotions. With the services provided by P18, a growth that would’ve take years will be, well, accelerated.
Mentorship
Reaching out with a cold call or email to a person you admire in business takes courage…but that doesn’t mean it’d well received. Through an accelerator program, its participants get access to an impressive group of professionals willing to help with your doubts. P18 counts with over 20 mentors on different fields, such as education, law, IT and media.
Networking
Networking is more than working the room at cocktail party. It’s creating a group of like-minded individuals to bounce ideas off of, create partnerships and continue to grow your network.
An accelerator eases this process by providing a build-in network. Through events, activities, and growth-oriented programs the different participants get to interact and know the face behind the product. Entrepreneurs also witness how other
Funding
Money talks. And funding is, for many new companies, the most important consideration when applying for accelerators. Many give grant money or match up the raised capital while a part of program. The number almost doubles once the program is over as incentive to stay on the island. Also, funding can be allocated to housing during the duration of the program, which brings an important and often disregarded point: lifestyle.
Lifestyle
With a vast array of accelerators around the world, the decision of where to apply involves more than just funding and should not be taken lightly. The advantages to a big city, while tempting, are overshadowed by a higher cost of living and an already saturated market. Off the beaten path options are available to those seeking the advantages of startups.
With P18, startups will have the same access to funding, mentorship and networking while the entrepreneurs get to enjoy their downtime in a tropical paradise. Their motto #WorkHardPlayTropical is more than a hashtag, it’s a literal way of life. And with all the stress of exceeding your startup potential, downtime is as essential as work. Just look at Arianna Huffington and her own wellness startup, Thrive Global.
The process to apply for an accelerator varies, but it mostly involves doing what you know best: pitching your company and it what it does.
So why should you apply for an accelerator?
You don’t even know what you don’t know. An accelerator can guide you through the unknown with mentoring, networking and funding. It is not an easy decision but an accelerator presents an excellent opportunity to ease up on the trial and error process of success. Your enterprise would receive the attention from the business world while receiving funding and mentorship from a community of peers that will understand and, most importantly, respect your product.
This post was originally published in November 10th, 2016.