5 Things To Know When Approaching An Accelerator

If you live in Vancouver and are considering applying to join a startup accelerator, you need to check out this event tomrrow at GrowLab. But first read this article from the weekend on TechCrunch.

The GrowLab hosted event promises to answer the question: Is an accelerator right for me?

GrowLab founders and portfolio companies will be there to share some insights and personal experiences that will hopefully help you determine if applying to an accelerator is the right move for your startup.

In your prereading assignment over on TechCrunch, Jon Paris - CEO and co-founder of Astrid To-Do - lists the five things that he shares with prospective entrepreneurs interested in applying to accelerators (Paris participated in AngelPad and immediately raised a successful seed round from Google Ventures). Here's a sample:

In addition to the giving up meaningful equity there are other downsides to consider before participating in an incubator. Most have a schedule that’s built on a demo near the end of the program. While many companies view that external structure as helpful, others can find that working with such a timeline damages their business.

The long lead up to D-Day could mean a delay in fundraising or product lunch, which in turn can translate into missed opportunities. There are other potential pitfalls, from committing too quickly and prematurely to an idea, to trying to scale before properly understanding a market and the company’s place in it. And with any robust community, there’s the danger of succumbing to groupthink. Founders need to remember they understand their market better than anyone.