Is startup accelerator [x] right for me?
Individuals thinking about applying to The Next 36 often ask me whether they should apply.
For a long time I found this question difficult to answer about any entrepreneurship program / accelerator / incubator.
Over the last few months, I’ve come to an answer that I currently give everyone, and it works for any accelerator.
Today, I tell the entrepreneur to base their decision primarily on WHO they get access to from the accelerator’s network: the list of operational staff, mentors/advisors and investors involved with the accelerator. This is because the most important resource an accelerator provides is its people.
The quality of an accelerator’s network represents the quality of operational advice you receive, capital you can access and customers you can get introduced to.
Moreover, the quality of the network is a signal for how strong the operational team is. The best operational teams will recruit the best talent into its network, which snowballs into an even stronger network over time.
Of course, the value of an accelerator’s network depends on your needs. For instance, a Digital Health startup may get more value out of a healthcare accelerator’s network (e.g. healthcare providers, hospitals, health insurance companies) than a more broad technology accelerator – although this is not always true.
Moreover, not every startup necessarily benefits from joining just any accelerator – or one at all. Every startup’s needs are different, and these needs change over time.
At the end of the day, the entrepreneur must reflect on what her existing needs are, and decide what she needs to best help her achieve the next key milestones.
If you do that right, you will make the right decision for yourself and your company – whether that involves an accelerator or not.