{"id":5794,"date":"2013-12-03T15:00:00","date_gmt":"2013-12-03T20:00:00","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=3701"},"modified":"2020-03-30T19:09:48","modified_gmt":"2020-03-30T23:09:48","slug":"understanding-tech-accelerators-works-best-business","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/understanding-tech-accelerators-works-best-business","title":{"rendered":"How to choose a tech accelerator for your startup"},"content":{"rendered":"

The number of startups trying to solve problems with innovative technology is growing rapidly. With that growth, we\u2019ve seen more technology accelerators looking to help those entrepreneurs by providing education, guidance and investment capital in exchange for a stake in their companies.<\/p>\n

It\u2019s important to note that there are many different types of tech accelerators to choose from. The most common and \u201ctraditional\u201d accelerators cater to very early stage companies. These programs, such as Y Combinator<\/a>, Techstars<\/a> and 500 Startups<\/a>, last approximately three months focusing on nurturing an idea until it is ready to pitch to investors during the final event of the program \u2014 demo day.<\/p>\n

In this article, we discuss several factors that can help determine which accelerator is right for your startup. These factors include:<\/p>\n

    \n
  1. The stage of your company<\/li>\n
  2. Human and financial resources available<\/li>\n
  3. Your management and working style<\/li>\n<\/ol>\n

    But the most important consideration is whether or not you can commit to the program<\/strong>. Accelerators can be a big resource commitment \u2014 taking tremendous amount of human and sometimes financial capital to get the full benefit of the program offering. If resources aren\u2019t available and you can\u2019t make the necessary commitment, an accelerator program may not be the right step for you.<\/p>\n

    Once you\u2019re ready to commit, choosing the right one for your business can be challenging as there are increasing numbers of accelerators in the marketplace. So how do you know which direction to go? Answer one simple question \u2013 What am I looking to get out of it?<\/strong> Outline your objectives for an accelerator and make sure you do your homework to figure out which one can best help you achieve your goals. Clearly defined goals and milestones, regardless of whether or not you participate in an accelerator, is essential to your success. An accelerator should be viewed as a tool to help you reach those goals \u2014 helping review early stage products or turn ideas into businesses.<\/p>\n

    Research the team running the program, evaluate the mentors and advisors to see what value they could bring to your business and don\u2019t forget to review the costs associated with the program. Often participants in an accelerator class will bond\u00a0and new business partnerships can be formed or new partners or team members can be found. Introductions to mentors, investors and even customers can also be an incredible benefit of an accelerator.<\/p>\n

    So, what\u2019s next after a successful launch of your product or service? How can you take your business to the next level? A strategic technology accelerator can often pick up where traditional accelerators leave off, providing access to a vertical market, such as real estate or healthcare. Strategic accelerators can also help companies that have completed a round or two of financing and can\u2019t benefit from a traditional accelerator. They provide education and mentorship components, but are more focused on helping their companies grow revenues through access and exposure to customers in that vertical.<\/p>\n

    Cultivating relationships with customers and tailoring products to fit their needs takes time. Strategic accelerators often have longer duration periods than traditional accelerators and may include more than one Demo Day throughout the program. Technology accelerators can add tremendous value to your business and help you take it to the next level. Choosing and picking the right one is critical. Make sure you choose the one that provides maximum benefits and can best help achieve the goals of your business. Most importantly, make sure you have the resources to fully commit to the program.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The number of startups trying to solve problems with innovative technology is growing rapidly. With that growth, we\u2019ve seen more technology accelerators looking to help those entrepreneurs by providing education, guidance and investment capital in exchange for a stake in their companies. It\u2019s important to note that there are many different types of tech accelerators […]<\/p>\n","protected":false},"author":1006,"featured_media":34021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-5794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"\nUnderstanding tech accelerators: Which works best for your business?<\/title>\n<meta name=\"description\" content=\"The number of startups trying to solve problems with innovative technology is growing rapidly. With that growth, we\u2019ve seen more technology accelerators\u2026\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wework.com\/ideas\/professional-development\/understanding-tech-accelerators-works-best-business\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to choose a tech accelerator for your startup\" \/>\n<meta property=\"og:description\" content=\"The number of startups trying to solve problems with innovative technology is growing rapidly. 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