Aftermath — Virtual Accelerators
Part 3 of 3: What happens after the program?
Leveraging the experience for rapid growth and to attract investors.
OK — the Virtual Accelerator is done. You made it. What happens now?
Do you remember why you enrolled in the virtual accelerator in the first place?
Was it to become a better entrepreneur? To hone your company’s strategy? Find product-market-fit? Or was it to develop the perfect investor pitch? If you put the time and effort into lessons and assignments, then you probably ended up becoming a better entrepreneur with a sharper product, market and company — and able to tell a compelling story to investors.
Now what ?
You probably want to leverage what you’ve learned to grow fast and big, attract customers, employees and investors.
Not so fast. You missed something. And if you only realize it by the end of the virtual accelerator, it will be too late.
You’re being watched
From the very beginning, the coaches, instructors and mentors are watching you. Your peers are watching you. Even the accelerator management is watching you.
They’re watching, and they are talking to each other and to their colleagues. You’re making an impression — or at least you should be making an impression. Behind the scenes, these people may become some of your most important advocates and most important connections.
What do they see?
Every week, the mentors and coaches are unconsciously asking the same questions:
- Are you making progress?
- Are you focused?
- Can you deliver on the deadlines?
- Did you do the bare minimum or did you really try to nail the assignments each week?
- Were you at meetings on time, or were you late without explanation?
- Did you frequently have to flake on a meeting because you had a last minute fire to put out? Sure it happens, but it seems to happen to the most disorganized entrepreneurs.
- Can you listen to frank feedback — and take it well? Were you open to changing or adjusting some of your core assumptions and strategies?
- Are you a visionary? Can you articulate the big problem, the big market, and get us excited about how you’re going to conquer each?
If the answer to most of those questions is “yes”, then the coaches, mentors (and your peers) will be pretty excited about helping you. You’ve demonstrated a compelling venture, competence and credibility. They’ll want to connect you to potential customers, partners and investors.
But can they do it right?
What will they say about you?
Are they all clear on what your company does? The value proposition? The problem and the solution?
Every week, every meeting and every interaction is an opportunity for you to sharpen and reinforce your message. Do you have to remind everyone — even your mentor — what your company does?
You want them to get to know you and your venture. You want them talking about you and your startup, and you want them saying good things — the right things. So every interaction is an opportunity to make an impression — one that your virtual accelerator colleagues can remember and repeat.
So, be very aware that you are potentially building a relationship with people who can really help you long after you graduate from the virtual accelerator. In a way it is like an audition. And they have to walk away excited about your startup, and about you — so excited that they might risk their reputation by telling others in their valuable network.
The Long Virtual Chain
And that’s the real value of the virtual accelerator. Not just what you learn — but who you meet, and who you work with. Making it through a top quality virtual accelerator can be like getting an MBA from Harvard Business School. Sure, it can be a intensive experience, and you’ll learn valuable skills — but the network you develop will serve you for a very long time. It’s an alumni network of mentors, coaches, investors and kindred founders — who in turn will be able to connect you to others — a long chain that can reap benefits for decades.
But — it’s not a slam-dunk
Graduating from an accelerator — even the marquee brand name ones — is no guarantee of startup success. Yeah, it’s like getting an MBA, but it depends on what you learned and what you do with what you’ve learned.
Investors have mixed feelings about accelerator graduates, and are often cynical. This has less to do with the investors, and is more about how some founders behave. Like some MBA’s from Ivy League schools, these founders think they are entitled to attention and no-strings investment, merely because they graduated, and because of the pedigree of the program.
“[we avoid founders] who do the accelerator strut: ‘I’m too sexy for my shirt.’
The attitude is often somewhat contemptuous.”
Jim Goulka, Chairman and Managing Director for Arizona Tech Investors (ATI), Board Member at Angel Capital Association
Investors can be cynical. But don’t let that deter you. Investors value ventures that clearly have been through the rigors of an accelerator — with a well defined market, an innovative product, a crisp business model and financials that show vision and traction. And they value founders with talent and credibility.
Completing the virtual accelerator program can help transform your startup into a formidable venture that’s attractive for investors. Impressing the mentors, coaches, and colleagues by your performance during the program builds your credibility as a founder. In turn, this reputation will make its way to the people that matter: customers, partners and investors.
So before embarking on a virtual accelerator program — understand that it’s not just about learning, or about developing your startup idea. You’re being watched. And your discipline, credibility and reputation are on display. Know this before you start, or else it’s too late.
This is part 3 of a 3 part series on Virtual Accelerators for startup founder’s and entrepreneurs.
Part 1 — Overview of virtual accelerators
Part 2 — The Fog of War — what happens during the typical program, when things get intense
CJ Cornell is a 6x founder/entrepreneur with 3 exits; a university entrepreneurship professor, the author of 3 books, and published research papers on entrepreneurship and innovation. Over the past 20 years, he’s also been a veteran mentor and coach at 3 startup accelerators, 2 incubators, and at 9 virtual accelerators.
He is the author of the bestselling “The Age of Metapreneurship — A Journey into the Future of Entrepreneurship.”
And the upcoming “The Startup Brain Trust — A Guidebook for Startups, Entrepreneurs, and the Mentors that Help them Become Great.”
Follow him @cjcornell or visit: www.cjcornell.com
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