Why an Accelerator Could Be Right for Your Startup

Although there is some debate on whether or not startup accelerators really turn out the success stories they promise, new accelerators are popping up all over, and startup entrepreneurs are clamoring to get into one.

So, just how hard is it to get accepted by an accelerator? Is the application process onerous? Is it even worth the effort?

To find out, I talked to a few startup entrepreneurs about their accelerator experiences.

Kyle Judah

Kyle Judah and his partner Jason Woodward started their online venture, RecoVend, in August 2011 after seeing how inefficient, offline and noncollaborative the buying process was at colleges and universities. They created a streamlined platform for collaborative purchases for products and services for post-secondary schools.

As first-time entrepreneurs, the RecoVend founders knew they would need lots of mentoring to avoid the pitfalls in the early stages of a startup. “Applying to a startup accelerator helped us gain access to incredible mentors – entrepreneurs, investors, community members – who had all been there and done that before us, and helped us realize what we need to do to build and grow a successful company,” Judah says.

Straightforward Applications

Judah and Woodward applied to the Betaspring startup accelerator in Providence, R.I., after meeting the accelerator’s partners while participating in a startup pitch contest held at Babson College. “The application was fairly straightforward, just a Web application where you answer some questions about the founders, the company, the idea and your progress to date,” Judah explains. “They asked us to include some short videos talking about [ourselves] and the product. Once we applied, we were asked to come to the Betaspring Experience Day event, where we got to hear talks from some incredible Betaspring mentors.”

At the event, the founders had their first interview with a Betaspring partner and discussed the changes they were making to their product. They were asked back for a second, more in-depth interview with the other partners. Then came a final round of interviews where “they spent an hour doing a really deep dive into our product, vision and progress,” Judah says. “We were informed of our selection for the spring class the day before Christmas – the perfect gift!”

Impressing the Judges

If you live near St. Louis, Mo., you might take a look at Arch Grants, a startup accelerator that hopes to create a vibrant startup culture in the city, and also offers startup funding in the form of grants. Through a business plan competition, Arch Grants selects promising startups to receive $50,000. Many startup entrepreneurs are curious about what the judges at these competitions look for.

Brad Pittenger, the CEO of IT solutions provider XIOLINK, reviewed more than a dozen business plans as a recent Arch Grants judge. He says he focused his review primarily on the management team (Did the team members have experience that made them appropriate for the venture?); the concept (Does it make sense? Is it innovative?); and the presentation of ideas (Were they organized? Succinct? Did they understand the marketplace?). Of the 420 applicants from 11 different countries, 15 winners were chosen and awarded $50,000 each.

i/o Ventures