How can accelerator programs help you secure funding for your tech innovation?

Consider offering flexibility in the duration of accelerator programs to cater to the varying needs of startups. While a typical program may last three to six months, providing options for shorter or longer engagements can better accommodate different business models and industries.

In my experience, I think founders can even start our exploring incubation programs. Although most of the incubation programs don’t provide capital, it a great way to start building the right networks. Back in 2013, when I was working on TalkingBookz, an audiobook company which off course wasn’t the initial ideas as it went through a few iterations. We raised our first check through the network of the program. Incubation programs will help throttle early iterations and then accelerator programs helps with the product market fit.

Having taken part in a handful of accelerators in my university and consulting days, I can highly recommend seeking them out. Accelerator programs condense entrepreneurial learning and are comparable to an applied MBA. They provide excellent networking, access to resources, expert mentoring, and rapid iteration, all backed by accountability. Accelerator programs, and especially the people behind them, are a primary reason as to why I have won international innovation awards and started then exited multiple businesses.

One thing that the Accelerator program helps is achieving product-market fit with potential customer introduction, product advisory, market insights from experts. Finding right product-market fit is major factor in startup success. A good accelerator can open new business opportunities and help in early pivots, if needed before wasting expensive time and resources of an entrepreneur.

Accelerator programs can provide a great way to deploy solutions/products in sector specific organizations/institutions and validate outcomes. It can help reduce the time wasted in trying to find partners for pilots. And speaking of healthcare in particular, it’s a good way to get through the red tape at healthcare organizations (leveraging existing relationships between the accelerator and the partner organizations), work out any kinks in integration and be able to generate/implement use case scenarios.

To help secure funding, accelerator programs can introduce participants to capital sources, including: * government grant programs (federal and local) * ecosystem / industry award programs * economic development de-risking funds * philanthropic funds/charitable foundations with a keen interest in the verticals served by the accelerator * sponsors / mentors who contribute to prize money * networking events with pre-seed / seed investors

If you are in a regulated industry (healthcare, Pharma, devices), getting insight from experienced strategists within those industries on how to build regulatory compliance early will add significant value to your venture. Failing to focus on building strong regulatory value up front can lead to major fundraising fails in the future. Reverse engineering a firm foundation of compliance is MUCH harder than building it up front. Leveraging the accelerator mentors and KOLs on this issue will exponentially enhance your product offering early on.

Joining an accelerator offers startups a powerful combination of resources. From access to a diverse network of investors to rigorous pitch training and milestone-driven growth, accelerators not only boost credibility but also enhance your chances of attracting investment. The mentorship and guidance received during the program can be invaluable, refining your business strategy and making it more appealing to potential investors. Plus, the demo days and investor showcases provide a direct platform to pitch your business to those seeking opportunities. However, remember that accelerators typically come at the cost of equity. So, choose the right one carefully and weigh the terms against the potential funding and support you'll receive.

Speaking from a healthcare perspective, where a lot of healthcare startups struggle are things like product validation (including, but not limited to clinical trials/publications), demonstrating measurable outcomes, proving the ROI, and attracting the first few customers. If a startup can address most of the above, then it is a bit easier (and not necessarily still easy) to raise capital. That’s where a good accelerator should be able to help - by providing access to KOLs, recognized institutions, and the necessary resources to help achieve the above mileposts.

Consider incorporating investor education and preparedness as an integral part of accelerator programs. Startups can benefit from gaining a deeper understanding of how investors think and evaluate opportunities.

Typically, Accelerator Programs are designed for startups which have all the below three elements: 1) Problem solution fit 2) Product Market fit 3) Business Model fit. 1) Problem solution fit ensures you are solving a real problem of the customer 2) Product market Fit ensures that you have customers that are ready to pay. 3) Business Model fit ensures you have all the elements of business in place to make sustainable business, can scale the business and have reliable revenue streams. If the startup has all three elements sorted, accelerators would help expedite the growth of the venture.

Ensure that your pitch deck covers essential elements. Emphasize your team's qualifications and accomplishments, demonstrating the collective skills and experience that set you apart.

To be selected in an accelerator, you need to combine an innovative idea that fits with their thematic, a real expertise in your field, some proof of your resilience and determination and some traction from customers or key opinion leaders.

Sometimes someone from an accelerator will contact you and ask you if you're interested in applying. Most of time, you have to do your own research to find an accelerator program that fit you goals and current needs. Be careful of deadlines. Most accelerator programs will want a team. A few will accept solo founders and help with cofounder matching.