With the success of Mark Zuckerburg and many other entrepreneurs, forming a startup is no longer limited to college students looking to change the world. The technology is available today, if you have the right idea and are determined, you can build the next big thing.
Unfortunately, the journey from idea to marketable product is challenging. For a rookie entrepreneur building your network and knowing how to determine if someone is taking advantage of you are two of the toughest lessons for anyone to learn.
In light of the increased interest in entrepreneurship, many investors, businesses—and other relevant parties—have begun forming accelerators as a way to help aspiring entrepreneurs rapidly execute their ideas in sheltered environments. Although the concept is novel and in many cases entrepreneurs greatly benefit, accelerators aren’t for everyone.
In this guide, discover the evaluation process, and key considerations, to determine whether an accelerator is a good fit for your startup. If it is, I’ll also have some tips on how to increase your chances of getting accepted.
What Is an Accelerator?
One of the hottest topics in the entrepreneurial space today are accelerators because they are associated with providing aspiring entrepreneurs with all the resources they need to get their projects going, without requiring the individual to build up their own networks over an extended period of time. The most common characteristics of accelerators are that they provide participants with: capital, mentors, a community of like minded peers, and much more. As the name implies, accelerators are intended to help entrepreneurs from day one ramp up their companies.
Accelerators are intended for startups to achieve rapid growth—with most sessions typically lasting either three or six months.
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