A start up founder can find multiple avenues when it comes to scaling up his/her venture. There are myriad opportunities to get funding and support – meetup groups to engaging VC funds. Another, increasingly popular way to scale up or grow the start-up is to join an accelerator platform. Let us first see what a start-up accelerator is:
Start-up accelerators are normally fixed-term, structured, time bound and merit-based program that provide mentorship & training, and culminate with a demo day. Though, accelerators can be of different types, however, majority of them get start-ups to apply for three to four months, and during this time they provide the start-ups space to work along with mentorship, guidance and investor support. The support provided is in return for a stake or equity of the start-up, and ranges from 2-10 percent.
Many of the start-ups are unable to scale up due to wrong advice, lack of good mentor guidance, dearth in domain specific expert advice and other aspects of businesses related to finance, operation, distribution, marketing and compliance. A start-up accelerator helps in all the above mentioned aspects.
So, how a start-up accelerator does assists start-ups to grow and scale in short span of three to four months.
It provides an opportunity to work with a top company, learn from their expertise, get easy and cheap access to their customers, make contact with prestigious investors, entrepreneurs and mentors, refine their business model and product through continuous technical and design support, and thus boost the likelihood of attracting investments either at the demo day or in the future.
Many of the accelerators also provide capital to the start-ups which they can use to refine their products, buy necessary technologies, hire new employees and thus go into the higher gear right at the inception of the program. Further, most of the accelerators assign an experienced mentor to the start-up’s guide who provides advice and helps to gain high-quality connection with experts, CXOs, alumni etc. There are a few material benefits too which are provided by the accelerators’ partners.
Thus, a start-up accelerator can be an exciting and amazing platform to speed up in early days.
Some of the top accelerators in the world are Y Combinator, Techstars and Brandery.
With the increased emphasis of the Indian government on start-ups and digital India, along with the high potential of the east, there is bound to be increase in the number of quality start-ups in this region. With the objective to help these start-ups, we have started a dedicated accelerator platform called Brandshoots Ventures. The idea is to bridge the gap between all the stakeholders – entrepreneurs, industry experts, mentors, talent pool, HNIs etc. – and nurture the shortlisted start-ups. The shortlisted startups will get a platform to interact with successful entrepreneurs, industry mentors and domain experts to address their problem and challenges at a very early stage and get suitable guidance to fine tune their growth road map.