startup accellerators

Most Succesful Startup Accellerators in The World, What are They Doing Right

Nothing is easy at the beginning. There are processes and struggles but we can imitate from what is done and the lessons shared by successful Startup Accellerators in The World.

1. Solving real problems.

Spenser Skates, co-founder and CEO of Amplitude, says that the most important factor for a startup comes at the very beginning: figuring out exactly what problem your customers need you to solve.

In the early days of a startup, founders need to prioritize talking to potential customers and really understanding their problem so that they can help solve it. In fact, customer feedback has remained essential to Amplitude’s product development and company success.

2. Staying focused 

Will Canine, cofounder and CPO at Opentrons, has taken his company through two tech accelerators. The first was Hax, a hardware-focused accelerator based in Shenzhen, China. Then, Opentrons was accepted to Y Combinator, which is really what put the company on the launch pad.

“Probably our biggest learning that comes with it is focus. Having clear, concrete goals and a strategy for getting there keeps everyone in the company on the same page, working toward the same thing. “Once you feel the clarity of this type of focus–and see the huge advantages in productivity and progress it gives–you will never want to work any other way.

3. Leadership, values, and culture set you apart.

Having a great idea is only part of the battle, says Fred Stevens-Smith, cofounder and CEO of Rainforest QA. To make your company truly impressive, it’s all about the human element.

Another thing Stevens-Smith appreciated about the tech accelerator experience was simply the networking, learning, and camaraderie that came built in.  being a CEO is hard. Building a company is hard. For everyone. It’s easy when you’re inside the founder journey to think that you’re exceptionally bad compared to your peers, so it’s crucial to see that other founders are experiencing the same rollercoaster as you are.”

4. Be intentional about figuring out how to scale–in all aspects of the business.

The eventual goal of any startup is to grow, of course. To Vivek Ravisankar, cofounder & CEO of HackerRank, buckling down and learning how to scale has been critical.

“Agility is important at scale. It’s easy to do this when you are a three-person company, but how do you do this, and make sure people are aligned with the company proposition and values, when you are 100?

“Hiring people at scale. The bar is extremely high for the first 10 hires. The most important part is figuring out how to maintain this bar at scale.

“Customer love. When you’re first starting out, it’s extremely important to make 10 customers happy. But how do you do this for 100 customers, 500 customers, 1,000+ customers?”

The earlier you start thinking about how to scale your company, the better you’ll be able to grow. “These lessons were very instrumental in the early days of founding HackerRank,” says Ravisankar.

5. Pay attention to what people want, not just what you think they want.

The more transparent you are about what you’re trying to create, the more time you’ll have to gauge the reactions of your target audience. Segment cofounder and CEO Peter Reinhardt experienced this during his time for program Startup Accellerators.

6. Lean on your mentors. When you’ve made it, pay it forward.

Startup founders may feel like they have to bootstrap their companies all on their own. But you’ll get further if you embrace the power of mentorship and learn from those who’ve gone through the process before you.

Challenges and Opportunities for Startups during the Covid-19 Pandemic in Indonesia

Since the year 2019, the covid-19 pandemic has left the country’s economy devastated. Based on an article shared by CNBC Indonesia, Indonesia’s economic growth was halted by 2.97% (YoY) in 2020. On the other hand, the government has been working recklessly on giving its citizens their vaccine jabs so that the situation will soon recover. Based on the health ministry data, by September 2021, it is estimated that the total number of doses administered is at 100.7 million doses snd it is still growing.

Startups have emerged as key drivers of economic growth and job creation and are often catalysts for radical innovation. Based on an article in voxeu.org, in the US alone, Young firms like startups account for about 20% of employment. They also create almost half of new jobs on average across OECD countries (OECD 2016). Additionally, innovation by young firms contributes significantly to aggregate productivity growth, accounting for half of it in the US (Klenow and Li 2020).

Startups accelerators and incubators see startups as one thing that keeps the economy in a country moving. Apart from that, HUB.ID, as a startup program in Indonesia from Kominfo, sees the challenges that are faced by them as well. From the information that HUB.ID gathered, here are some challenges and opportunities that are expected in the pandemic:

  1. Government Relaxation that is prone to corruption and fraud

In the era of a slowed-down economy, the government frequently gives relaxation or even incentives to the citizens. In Indonesia, it was implemented by programs like Kartu Pekerja and credit relaxations. UNDP sees the government effort forced them to move fast to keep up with the pandemic. This, in turn, might cause compliance, oversight, and accountability measures to be weakened, making them more vulnerable to fraud.

2. Unemployment

Startups, like mentioned above, account for 20% of job creations. Take a look at the numbers for Indonesia’s unemployment rate. Quoted by Kompas with Data from Badan Pusat Statistik (BPS) Indonesia, unemployed people reached 8.75 million people. The numbers haven’t gotten better enough. 

Startup accelerators, incubators, and business matchmaking like HUB.ID is aware that the youth have to keep bringing innovative ideas, thus creating startups that can be birthed through HUB.ID or other acceleration programs so that these startups can create more job in the future.

3. Support existing and the creation of new firms

Pivoting and being flexible is one the things that make a business win or lose. The existing businesses have to see this pandemic as an opportunity to change how things have been done before. According to VoxEU, “startups can help the constraints created by difficult health or economic conditions, and respond to changing preferences and needs.”

As for new firms, numerous successful innovative startups have emerged from periods of crisis. The likes of Dropbox, Airbnb, Whatsapp, and Pinterest are the best examples.

4. Business Sustainability

Young business owners often pursue sustainability. They care about the future and the environment, and that’s a fact. So investing in them through this period is critical because it means more future employment and can help the government address environmental problems. HUB.ID already thought this through and has a tailored mentoring system for Government solutions to tackle issues that may arise in the future.

So those are the challenges and opportunities we are facing in the pandemic. Remember, it’s all about perspective. Even in the worst of times, you can always find a silver lining. HUB.ID, with its business matchmaking programs, is ready to assist your post-seed startups!