There’s no better feeling than starting to see your passion-project come to fruition. You’ve had the lightbulb moment and set the foundations for your startup to come alive—but everyone needs a helping hand in what can be a confusing landscape. Even companies as impactful as Dropbox and AirBnB have benefited from a startup accelerator, and with the number of U.S. accelerators having increased by 50% from 2008 to 2014, it’s obvious that they’ve become quite popular.
Whether you’re baffled by risk management or don’t know where to start when it comes to training your staff, there’s a startup accelerator out there that can offer some assistance. A company that specialises in supporting young businesses, a startup accelerator guides you through the process of establishing your operation to ensure longevity and success; helping startups to make it past those notoriously challenging first five years. So what exactly is an accelerator, and why might you benefit from one? Here are 5 reasons why you should consider it.
Who are the best startup accelerators in Southeast Asia
Preparing your business for growth
An initial plan of action when it comes to building a business is key; integrating flexibility and adaptability into this plan is even more crucial. Particularly if your business qualifies to join a top-ranked accelerator, you will receive a detailed outline for growth structure and advice on product development.
They’re also likely to suggest software programmes you should implement to capitalise on opportunities and steer you clear of those you’ll outgrow as you expand your team. Depending on the nature of your business, accelerators will also be able to assess logistical elements of your daily operations and, ultimately, be able to recommend the most effective automated methods for you. Saving precious time on a CRM system, for example, can work wonders for your sales and marketing outcomes as you grow further into your trading lifecycle.
Helps with staff training
Knowing the best approach for transferring skills and knowledge to your team, along with all-important company principals, can be a hard task to perfect. It’s imperative in the early stages to really knuckle down on areas like customer development and sales. Startup accelerators have a wealth of knowledge behind them; honed from working with a myriad of clients who’ve presented a multitude of challenges. Take advantage of their expertise and expand your skillset to lead to effective strategic communications.
You can build the correct corporate infrastructure
While paving your own path can be a highly rewarding affair, it can also be extremely taxing to sustain motivation as you continue to move in new directions. Startup accelerators offer a unique medley of education, co-working communities, and specific technological insights to kickstart the growth of your business and establish a foolproof infrastructure.
When it comes to decision-making based on communication and network services, databases, content management, and security services, accelerators will have a backlog of tried and tested options to help you find the right fit. Building from the ground up requires resolutions at every stage, so making the correct decisions can be paramount to creating a lasting organisation.
You can get prepared for investment
Often considered one of the most worrisome elements of setting up a new business, accelerators can aid you in your search for an investor who is trustworthy, reliable, and has the best intents for your professional future. When seeking a venture capital firm, it’s essential to do your research and solidify your pitch before rushing ahead and asking for an investment. That’s when an accelerator firm can step in and offer guidance on your propositions; making sure that you don’t fall at the first hurdle.
Accelerators help build your network
Not only can startup accelerators help with finding your endeavor, but they can also be integral players in establishing a wider network. The idea of networking can seem daunting when first starting out, but with the right connections, you can boost the likelihood of beginning successfully and future-proofing your startup strategy. It can be easy to get trapped inside your own bubble when creating something new. Opening yourself up to other entrepreneurs through accelerator schemes can result in fruitful relationships and potential collaborations. Even if your initial few years of being up and running prove to be wildly prosperous, startups are infamously known for hitting stumbling blocks when getting started. Prepare your armour for these almost inevitable stages by joining up with an accelerator.