As most of you know, startup accelerators help connect startup companies and investors by doing business partnerships for periods of time. When a startup company has a plan for collaboration in its mind, it must have those ‘special’ criteria that act as requirements. The most successful accelerators must possess those criteria. Here are the top 5 standards compiled by the HUB.id team from various sources.
1. They focus on collaborations.
They usually focus on collaboration between mentors and founders. It is important to note that for a startup company to flourish, they create impactful partnerships. The mentor’s ideas with the founders are aligned, and they know they are here to change the world.
Here on HUB.id, we’re looking for startups that have already acquired funding, so the mentoring that will take place will not be too basic. The inventors already had previous knowledge.
2. They strive for innovation.
They focus on innovation while staying true to inventors’ intent. Of course, they can pivot just a little but not do a drastic change because of a single accelerator’s needs. Here’s where integrity plays the most prominent role. You change, you waste.
3. Demo Days
The best startup accelerators routinely have their demo days where inventors can pitch their ideas to angel investors or investors in general. There are also days when inventors can learn the financial aspects of their business.
4. High Exit Rate
Numerous sources such as Forbes.com, gathering data from Crunchbase, ranked accelerators based on a metric called Exit numbers. According to betaboom.com, top accelerators like Techstar Boulder Accelerator even have an exit rate as high as 24.7%. One of the top accelerators, such as Y Combinator that birthed Reddit, Dropbox, and Airbnb for a total of 9.7% exit rate.
According to an article by newswise.com, in an environment where inventors can communicate openly with mentors and fellow inventors, they can help each other out. When working in an open space together, it was initially believed there would be competition among inventors. It turned out it was unlikely that they would’ve competed amongst them.
So those are the five main criteria for top startup accelerators by HUB.id. Do you think there are more not listed here in the article? Let us know in the comment section!