You have a great idea, so you start it up. Every founder knows that it’s hard to launch a successful startup. We’ve all heard stories about both startups who fail and startuppers who do it for networking. The truth is that turning a great idea into a profitable business is a difficult journey! Joining an accelerator might help you here and we wanted to put down some of the lessons we believe are relevant to do it.
You want to start a real business and accelerator advances your doings.
At the same time it equals a lot of work. It might happen that startups wait of being changed better after they join an accelerator. What actually happens is that they are given a better hook to catch a bigger fish!
Intense experience brings accelerated knowledge.
Be prepared that the way you think about the problem you want to solve may change more than once. The time you spend at the accelerator may feel overwhelming and intense at the same time. What it actually brings with it is that you get faster answers about the business problem and clearer view about actual business impact.
Take the courage and start creating raving fans as soon as you can.
Profitable business means speaking to actual customers. To start relationships with your customers, you need to get close to their stories. And you need to listen what they have to say. It of course depends on the field you’re in, but the accelerator might as well serve as the gateway to your future customers.
Accelerator should create as much value as you create value for customers.
Instead of choosing one that brings you more monetary value, go for the one that helps you get closer to your potential customer. Accelerators connected to certain fields bring you actual people with real cases. The sooner you get to know your customer, the better.
Know what you’re missing or where you need to improve.
Even if your mind acts like sponge for knowledge, it’s good to understand that opinions are different and that in the end, it’s your startup that you want to turn into a business. Mentors are useful only if you know what you need their input for.
Develop and help others develop.
You’re in it together with the teams a lot like you and completely different at the same time. You’re lucky to have other talented minds around you. They want to help you and giving feedback to other teams might just show you some advancement too.
These are our feelings after participating at the Nordea Nestholma Startup Accelerator. An intense time but what a ride!