28 May Why Are Accelerators Beneficial?
We’ve scoured the internet, spoken to alumni, and mulled over the question with our team: why are accelerators beneficial?
We know we love FounderFuel, but we’re biased – we’ve seen startups enter the program and transform in a matter of months. For any readers unsure of whether an accelerator program is the right fit for their company, we’ve boiled down responses into three reasons that you should apply.
This is important but difficult to understand without first experiencing an accelerator. Here goes nothing.
Accelerators are a fairly new construct, having originated due to a particular type of demand. In 2012, the number of global entrepreneurs reached 400 million. That’s approximately 20 million non-employer businesses. Naturally, the more entrepreneurs there are, the more difficult it is for startups to survive. We’ve all heard the 9 out of 10 success rate of startups. When an entrepreneur needs to devote a serious amount of time (during which they could be making $$$) in order to make their dream a reality, the deck is already stacked against them. Accelerators offer some financial leeway when first starting out, and a fast paced environment whose purpose is precisely to lower those odds against them. Simply put, demand for resources is greater than supply. Accelerators offer those resources quickly and efficiently.
The thing is though, is that accelerators do this in a special way. Besides all of the obvious and over-discussed perks (a few of which will be explained below, because, well, they’re important,) accelerators are special because they allow for a break in daily life. They are a rare experience because they allow a person to, in a way, forget their personhood. They require replacing ‘the self’ with ‘the company’ for a limited period of time. In devoting three months to rapidly scaling your dream, you are able to put everything else aside to make that dream a reality. You get to disappear from the world for awhile, having an excuse not to answer your loved ones calls (“mom, it’s only three months, I’ll call back later…”).
While this exercise in priority replacement precedes success, there can also be drawbacks. We anticipate this and combat it. We place an emphasis on taking care of yourself wherever possible, by organizing healthy activities such as weekly yoga classes in the building (photo below), introducing teams to Montreal by bike, and feeding everyone only the best of the best along the way.
Things move quickly. You can either succeed faster, pivot sooner, or swiftly realize that entrepreneurship isn’t for you.
We’ve seen folks from many different walks of life come through FounderFuel. From hungry students, to Apple employees who’ve quit their day jobs, to parents looking for a better way to support their families. By creating an environment that fosters tangible growth as quickly as possible, the three months of input put in by entrepreneurs has the potential to allow for much more significant output than otherwise possible.
[Unfortunately there’s no great synonym for network that begins with an ‘R’.]
This has been written about time and time again but for good reason. I would venture to say that this is the biggest value of FounderFuel. Not simply introductions due to well-connected partners behind the scenes, our network is comprised of alumni companies who refuse to forget their roots. We have three things working for us in the realm of community. The first is that all alums spent three months in Canada, bonding over how awesome it is to build a company here versus in the states. The second is that they were in Quebec, which (all things separation aside…) is a French niche of its own. The third, and most important, is that we work hard to make sure that this place feels like home and that the people within it feel like family. We host dinners once a week, drinks after work bi-weekly, and hang out in our (limited) free time. Accelerators are a place within which people change. Change, in our opinion, fosters the creation of strong bonds.
We know our value but that means nothing if you don’t too. We hope that this was helpful, but if you have any further questions feel free to reach out to us at firstname.lastname@example.org. And if you know you want in, apply today!