But whether you believe in the first, the second, or an entirely different thought than the two, you can be sure that accelerators are an integral part of the startup ecosystem.
“From AI to Cloud to IOT, today’s technologies require Bold Innovation. Take risks. Be tenacious. Collaborate.” Reggie Bradford, Senior Vice-President of Startup Ecosystem & Accelerator, Oracle
Here are why startups should consider joining an accelerator programme:
- Get mentorship A good accelerator programme is one that matches startups to the correct mentors through its network of top entrepreneurs, investors, and executives – industry experts that would be able to provide startups with guidance. Especially for first-time entrepreneurs, engaging with mentors who had experience the whole process before provides them with insights they need to be able to navigate the industry.
- Get access to resources
For startups – especially the early-stage startups – resources may be limited. From something as simple as a workspace to more complex ones like test markets, startups may find it difficult to get the resources that they need to develop their product. Accelerator programmes provide startups with access to the resources they need that would allow them to quickly develop their product, engage with industry partners, and even test out their product to initial customers.
- Become adept at business management
Sometimes it happens that a founder has a great product but has no idea on how to be an entrepreneur. Accelerator programmes teach startups founders business skills that would help them organise, manage, and develop not only their products but their team and business as well.
- Create a network
Startups can connect with like-minded individuals who are either also part of the programme or part of the accelerator network. The network startups build during the programme could potentially add long-term value to their business as it could become a pool for where startups can get partners, employees, and even customers.
- Learn how to and get funded
Accelerators can not only introduce startups to potential investors, they also assist startups by helping them ensure that their business is interesting, has the potential to be profitable, and that founders are able to highlight and capitalise on market opportunities.
An accelerator made by a former startup
Oracle used to be a startup. As such, they understand that there is a no one-size-fits-all solution for startups who want a piece of the global marketplace. In April 2016, the multinational computer technology enterprise launched the Oracle Startup Cloud Accelerator in Bangalore, India – an initiative that focusses on enterprise innovation through partnerships with startups.
This year, with 8 centers around the globe, the Oracle Startup Cloud Accelerator is going global. While the Bangalore center is on its second cohort, the new centers in Bristol (UK), Delhi-NCR, Mumbai, Paris, Sao Paolo, Singapore, and Tel Aviv are gearing up to accept their first cohort of startups.
With Singapore’s vibrant startup ecosystem, the programme give startups a great opportunity to be a part of the accelerator and leverage the benefits.
“Singapore is at a very exciting phase with more organic companies growing rapidly. And with Oracle Startup Cloud Accelerator coming in this region, it is a great opportunity for the startups here” said Lim Kang Song, MD, Singapore, Oracle
The Oracle Startup Cloud Accelerator is a next-generation acceleration initiative, with a focus on reimagining enterprise innovation through true partnerships with startups that foster co-development and co-innovation. Run by Oracle’s R&D team, the programme enables the startups peer-to-peer interactions, impart insights from experts, and provide mentorship and guidance, without taking equity.
“The cloud has incredible transformation potential, enabling SMBs to do things they have never been able to do before…to streamline business processes, gain access to a platform for innovation and digitise the customer experience,” said Francois Lancon, Senior VP, APAC, Oracle
The tailor-made approach ensures that the each startup undergoing it gets the mentorship and support that they need, as well as these programme elements:
- Customised curriculum
- Access to co-working space and amenities in the Oracle premises that allows them to share space and work alongside product development and sales teams
- Opportunities to engage with the over 400,000 Oracle customers
- Connection and engagement with investors.
“Accelerators that have a global footprint can bring in huge opportunities through active collaboration. Oracle’s global expansion will bring in the much needed exposure and resources for startups across the globe” said Sanket Atal, Group Vice President, Oracle
Source: e27.co