WTH is an Accelerator??
Shawn and I have mentioned a few times that we’re currently taking part in a business accelerator in order to grow SeamBLiSS into a successful business; however, we never explained what the heck that meant! So sorry about that, in retrospect. Well, no more keeping you in suspense – I’m here to give our readers super-quick crash course on what a business accelerator is and what it does.
Srsly, what’s an accelerator?
An accelerator is a multi-month program during which very early stage startups are given business instruction, access to mentors and a small amount of startup capital in exchange for a percentage of equity (usually comparatively small). At the end of the program, the founders typically present their business at an event called “Demo Day”, which is attended by investors. If investors are interested in the venture, they can start makin’ a deal 🙂
How do accelerators benefit the entrepreneur?
Accelerators give the following to the accepted entrepreneurs:
- Cash Money!! Well, in the form of an investment…
- Industry Connections
- Free office space, wifi, etc.
- Access to mentors (shout out to the fab Jennifer Crews!) and angel investors
- Legal and accounting advice
- Instruction on business concepts like operations management, product plans, etc.
- Feedback from real investors on decks and presentations
- The chance to collaborate with the other entrepreneurs and bounce ideas off one another
- Free food!!
If you’re an aspiring entrepreneur, look for accelerators that are in your geographic area and/or that are specific to your industry. Then get that business plan ready!! 🙂
Want to learn more about accelerators?
Check out SeamBLiSS’s accelerator, TechLaunch, based out of Clifton, NJ and Montclair State University. In fact, you can read this great article about TechLaunch from yesterday’s issue of the NJ Star Ledger – there’s a nice mention of SeamBLiSS in there!
Stay tuned for more updates on our “Adventures in Entrepreneurship”, especially as Demo Day approaches on November 1!!