Recently, the Seed Accelerator Ranking’s Project came out with their 2017 tier rankings. The rankings put accelerators Y Combinator and Angel Pad at the top in the Platinum Plus Tier. Thirty total other companies were placed into tiers, ranging from Platinum Plus at the top and Bronze at the bottom. These rankings were done by academics hoping to help startups interested in accelerators gauge which ones are best and spot the differences. But, just because an accelerator is considered the best, doesn’t make it the best for you.
Here are some things to consider when trying to figure out which accelerator program is best for you.
What exactly are you getting?
Before you decide to join an accelerator, make sure you read through all of the agreements carefully to know exactly how much money you are getting and when. Also, be sure to note what the features of the accelerator are. Do you get mentors? Do you get classes? Are the tools provided going to be useful to you?
What exactly are you giving up?
Once again, make sure you read all of the legal and financial agreements so you know exactly how much equity you are giving up in your company to join the program. Also be sure to look for whether or not you can get that equity back if you drop out of the program.
Where exactly are you going?
Pay attention to where the accelerators you are applying to are located. Silicon Valley may seem like an awesome place to grow your business but if you are from the east coast, relocating your business half way across the country may not be in your best interest. Also, take note of the culture of where you are going. If you are used to office and cubicle life, it may be hard to shift your company into the culture of a more relaxed couches and ping pong tables sort of life.
Does the accelerator you’re applying to have adequate mentors for your business? Make sure that the people at the accelerator can actually help your startup.
Can you get in?
Read up on what each accelerator is looking for. There’s no point wasting your precious time and energy on accelerators that you don’t meet the requirements for. Some want upwards of a million dollars already raised; others want you to have a recommendation from within their organization. Make sure you know what they’re looking for before you apply.
Hopefully these tips help you find and get in to your dream startup seed accelerator.
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