How to pace your start-up innings with an accelerator

If you are a cricket enthusiast, which should be a high probability scenario for an Indian, then you would have heard the phrase ‘accelerate the innings’ or ‘pace the innings’. The term is normally used when a newcomer is at the crease and is guided by a relatively experienced batsman at the other end. The commentary would be like this – he has worked hard so far and faced the hostility of the new ball. Now, it’s time for him to accelerate the innings to build a big score. The experience and the guidance of his senior partner at the other end will help him accelerate his innings.

Just like the senior partner at the other end of the crease, an accelerator programme will help you in building your startup company with the following benefits:

High-quality Connections

Since accelerators provide early-stage, seed funding, they are also committed to providing the best possible financial support to the entrepreneurs. They build upon their partner network of top investors –including advisors, venture capitalists and even companies to provide high-quality funding.

Specialised Programme Benefits

Funding is step one of the startup process. It’s like a new batsman opening his innings. How well you build on it is the real challenge. Normally, accelerators get products from top brands at no or discounted cost that can be leveraged to strengthen the startup ecosystem. These products or tools are in the fields of financial modelling, product design development, strategy, recruitment, distribution, marketing, sales, business development, financing etc., thereby making the business sustainable and scalable.

Mentoring

What, if you are peppered with short balls on a fast, bouncy pitch and despite your net practice, you are all at sea? This is where accelerators make the biggest contribution. Just like the more experienced partner across the pitch, they walk across to you, relate to the problems and issues faced by you and give you a possible solution to work on. They are deeply involved in your business as your success defines their success.

Normally, there are a few dedicated guides or mentors who are available 24/7 and share their experience not only on technical aspects but also on softer skills and areas that matter the most to help build teams, improve the emotional quotient and strive to create leaders.

Pacing

Is there a time frame to accelerate towards a sustainable business model? Of course, there is. There is a rigour, discipline, and madness attached to the programme, so that the entrepreneur and the team realise the pains and real-time challenges of running a business. The accelerator programme could range from a few weeks to a few months.

So, the big question then arises: how do you choose an accelerator?

This is a good question to ask considering that, in the wake of the startup frenzy gripping hold of India, there are many accelerators today. However, the answer is simple. If you find someone giving you the above four benefits along with a sound reputation with a record of having gotten things done, that should be your choice.

(Opinion piece by Nainesh Kapadia co-founder at ScaleMinds which is an early-stage, seed funding, mentorship and business development-driven accelerator for high-growth startups.)

Source: inc42