Stories from the front line: what Startups value most in Accelerators
What they get out of ‘Office Hours’, group lunches, others on the programme, their first meeting with mentors, mentor slots and other events.
Short periods of intensive development for a small number of carefully selected teams are turning ideas into marketable propositions: ‘Accelerators’ bring these teams together to work alongside one another, and they provide structured support and a wealth of mentors. I asked some Startups what was their magic.
“The weekly session with the Accelerator staff [known as ‘Office hours’], who always asked you:
What have you achieved in the last week?
What are you planning to do next?
What is stopping you?
What have you learned?
This forced you for example to think about what were the bottlenecks; and sometimes they would offer answers, and sometimes not.
“Monday’s group lunches were valuable – where each team had five minutes in which to give an update about their project; followed by a speaker – often an entrepreneur who talked about his or her own experience in developing their project.
“Talking to other people on the programme – people who were working beside me, or who were working with a similar technology but a different system (there was one who was one or two years ahead of me in terms of stage of development), or who were working in the same field and with interesting technologies.
“Mentor meetings were extremely valuable. At the initial speed-dating meeting, the mentors were in groups of two, three or four, and each team had five to ten minutes to present their project – to each group of mentors, and then got responses, advice or contacts from each mentor – exhausting but great!
“On offer were two or three slots with mentors most weeks. They gave us advice, contacts and evaluation. One told us how to approach one potential user, who to talk to, what to say and how to say what we had to tell them. Another introduced me to someone who in turn introduced me to the business development manager in a potential user organisation.
[There is now a different approach: a weekly meeting of staff considers the current mentoring needs of teams, and potential matches from the mentor bank, all or most of whose members are known to someone in the staff team.
Mentors are now divided into those whose contribution can be expected to relate to a single problem and those who are longer-term contributors; and those whose main experience is in investment join the teams for ‘Office hours’ only in the final third of the programme.]
“Every Tuesday a different ‘mentor’ would give a talk about their special interest: design, social impact, investment, marketing, pricing etc – the most valuable of these for me was marketing.
The comments are from meetings I had with participants in a Bethnal Green Ventures Accelerator programme in 2013. I would very much like to hear others’ experience about what they got out of Accelerators (mailto:email@example.com).
See also at ‘Applied Creativity’ http://johnwhatmore.com:
I interview the ‘best mentor’ in Startupbootcamp’s FinTech Accelerator
In and out frequently, he steadily evolved his role by offering the wealth and breadth of experience of a life-time’s work in a top bank – clarifying progress and problems, acting as a sounding board, offering experienced insights, and marshalling help. http://wp.me/p3beJt-9P Dec 2014
I am a fly on the wall at an Accelerator’s Mentor Day
The day provided the programme’s entrepreneurs a free-form opportunity to meet mentors and for them to learn something about each other. It suggested to me five different mentor roles. http://wp.me/p3beJt-8N Sept 2014
Three pieces of Pixie Dust: Bethnal Green Ventures ‘accelerates’ six new social enterprises
Pervasive mentoring, proximity (to one another – getting people to interact on their own terms) and pressure to deliver – but all created by a leader with empathy, experience and contacts – with top people who have ‘done it before’ http://wp.me/p3beJt-2i Sept 2012
Good Incubation: the craft of supporting early-stage [social] ventures
Models, methods and types of venture, together with some views about the future.
www.nesta.org.uk/publications/good-incubation April 2014