Six Ways to Determine the Right Startup Acceleration Program

There are many options that can be done to make a startup business thrive. Getting funding is certainly one of them. However, not all startups are able to get access to investors.

In addition to funding, not all startups are also equipped with Knowledge and a good business model in building a business. To answer this, the accelerator program becomes an option that is worth trying.

In Indonesia, there are many startup acceleration programs, for example 1000 Startup, Bekraf for Pre-Startup (Bekup), GnB Accelerator, Plug and Play Indonesia, up to Grab Ventures Velocity (GVV) belongs to Grab.

Basically, the accelerator program aims to accelerate startup growth. For the President Grab Indonesia Ridzki Kramadibrata, the accelerator program is not only to encourage startup growth, but also to maximize their potential and have a broad impact.

Generally, startup acceleration program providers will provide additional support in the form of: mentoring, corporate data, and the wider network. The targeted startup funding category and status depends on the program's vision and mission.

For those of you who are interested in following it, DailySocial summarizes six ways to determine the right acceleration program for your startup needs. Check out the review as we quoted from Foresight:

Research before choosing

Given that there are many choices, it's a good idea to dig up information on the targeted programs. Each program must have a different focus and criteria. This will help to be able to determine a program that is close to your needs.

For example, the second batch of GVV which was just launched a few months ago is looking for startups with funding status post seeds and will focus on innovation and problem solving in agriculture and micro-enterprise empowerment.

In the previous generation of GVV, there are no specific criteria, either from funding status, business category, or the focus of the problem to be resolved.

As another example, Digitaraya Powered by Google Developers Launchpad held a one-month training program in order to produce quality startups every month. Startups are looking for startups that are ready to get Series A investment.

The most important thing is not to choose an accelerated program based on the thoughts of your friends or relatives. Choose according to the needs and the situation at hand. Also, think of accelerators as your long-term partners in building future business.

Think when choosing a local accelerator

Some accelerators concentrate their activities on a particular city. So it is not surprising that domicile is one of the criteria in several programs. The Surabaya Startup Program, for example, prioritizes residents with a Surabaya ID card.

What does this have to do with it? When you choose an accelerator program in a city that is different from your business location, it means that you need to move temporarily. It could be the program according to what you want. However, this decision will affect the life and sustainability of your startup.

"If you want to optimize your company's success in the long term, you need to know if the local accelerator chosen is the best option to achieve that."

Match is important

The match in question can include the focus or business model and funding status of the startup. You know that not all accelerators offer the same criteria.

There are accelerators that do not limit the startup category, there are also those that have a focus on a particular industry or business vertical. In addition, some accelerators prefer startups in the early stages (seed), but other accelerators prioritize startups that already have a business model and traction.

Why is this important? Every company and investor has its own expectations and achievements. Accelerators targeting startups with funding status post seeds may want them toleverage company assets and increase growth.

You also need to pay attention to how the accelerator describes the program, how the program stands, who the mentors are. This will answer whether this program is suitable for your startup.

Accelerator determines experience

Joining an acceleration program gives you the opportunity to meet, learn, and ask for input and advice from accelerators who are important players in the startup ecosystem.

In person, you will interact with them on a daily basis and will certainly be an important part of your acceleration experience. They will also assist you in making decisions.

Therefore, you need to really pay attention to whatever they say about this program. What are they looking for in entrepreneurs? What are their expectations? How do they define success?

VP Strategy & Business Development at Digitaraya Nicole Yap once said that the acceleration program was obtained from the results of their study which showed that startups often ask for what they need, so accelerators don't always provide tools what startups need.

“We strongly believe that success is absolutely in the hands of the startup itself. We want to be in journey This is done by providing the best form of support, so that startups can finally feel connected to each other and can collaborate further," said Nicole.

Find out the experiences of program alumni

This is the easiest way to find out about your experience while participating in an accelerated program. You can talk to program alumni to find out about their journey through the program.

Even so, you don't have to 'swallow' it whole because alumni opinions can be biased. The experience may not necessarily be relevant to the startup you are building because the verticals and business models can be different.

Don't chase valuation

When you're doing a fundraising round, it's best not to optimize your valuation, but rather the factors that can help drive your startup's success. This also applies to accelerators.

A good accelerator might offer a deal to invest less and take up more of the company's holdings. This is because they help to speed up your company compared to other startups.

Accelerators are not for all companies. Then, do it leverage effectively, and they will be the best partner for your business. Make sure you stay careful in evaluating, and choose wisely.