What accelerators are looking for in startups
Accelerators are becoming increasingly popular as governments and companies across the world are trying their best to create new jobs, come across the next big thing or be the reason the next facebook got off the ground. They usually offer a sum of money to help grow the startup(sometimes in exchange for percentage, sometimes not) some office space to work from and mentorship from several experienced people from the business and investing community. When applying for an accelerator program it is important to have done your research, the following are points which if you can explain and show that you are in control of will go along way to getting your startup off the ground and into an accelerator.
A strong team is vital for a product or service to be delivered swiftly to a market.
Try and detail as much as possible you are your co promoters skills and qualifications. The panel deciding whether or not you get accepted want to be backing a person or team that is as fully rounded and capable to achieve what they are attempting with their new business venture.
A minimum viable product
A product with only the essential components is useful to show off to the interview panel as it shows that you are capable of initiating development on your own and also gives them a real feel for what you will be trying to bring to market.
Nothing speaks more to an accelerator panel or even investors than validation, whether it be from people using your product or service and giving good feedback or even better real paying customers. The more customers you can show the better. At the end of the day a business has to make money and if youre not capable of that then you should be moving onto something else!
Target Market/Total available market
The size of the market you are targeting is also an important factor that investors and accelerators consider vitally important to the life of a business. Does the product or service you are making only have 1000 potential customers? If so then the price and profit you are charging must be worth while putting in the time to create and market your product. How much is your target market worth to your business if they all went out and bought your product or service.Does your target market tend to purchase the type of product or service you are offering frequently, sometimes or never?
Price and profit.
Are you charging enough for your product or service to keep your business running and generate a profit? If not then you might want to consider changing the price to include a healthy profit margin as otherwise you are turning yourself into a non profit organisation.
Route to market
How will you reach your target market? Where do they like to shop? Will they need convincing to buy your product or service? Can you easily get them to see and buy your product?
To recap. Make sure you do your best to understand the above and be able to answer any of the questions with confidence and proper statistics to back them up. If you can do that then you will be well prepared to take the world by storm.