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Startup accelerators & scouting great startups for them

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This was a presentation I had given at the Entrepreneurship Development Institute of India (EDI) on startup accelerators

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Startup accelerators & scouting great startups for them

  1. 1. STARTUP ACCELERATORS & scouting great startups for them Mohsin Bin Latheef 11 Feb 2015 | EDI
  2. 2. The problem with business incubation 2 There are over 7,500 business incubators around the world. Most of them fail. office / co-working spaces + nice furniture + phone / internet connection =nice cozy startup community ≠startup success
  3. 3. Accelerators make incubation better! 3 fixed cohort structure mentors + experts startup teams quick validation fail/succeed time limitation carrots funding goodies + +unvalidated business opportunity or idea better chances of startup success=
  4. 4. What should an accelerator provide? 4 start-up teams face-to-face meetings / mentoring matching + mentoring capacity building + business design 2 3 1 experts mentorsunvalidated business opportunity or idea facilitate connections 4 VALIDATED BUSINESS MODEL Is there a need? Who needs it? Is the user/customer looking for a solution? How will it make money? Is the b-model scalable?
  5. 5. Key components of accelerators 5 face-to-face meetings • by industry experts and “mentors” • focused meetings between start-up teams & ‘mentors’ to discuss the specific challenges that they face. • min 45 mins • connect beforehand capacity building + business design • Interactive + classroom sessions by experts to help the teams explore and discuss various aspects of their startup venture, proposed business model & its validation • get successful entrepreneurs to talk! matching + mentoring + evaluation • match synergies, people, goals and expectations between teams and mentors • “assign” mentors to teams based on feedback & mutual interest • monitor actively • evaluate continuously facilitate connections • connect teams with potential customers, channel partners & other resources (other than capital) • provide direct support through direct involvement as well 1 32 4
  6. 6. Accelerators vary 6 startup teams time carrots stage of team stage of idea/soln sector/industry structure weeks months years workshops/ bootcamps meetups residential mentors evaluation outcome funding space talent connects in-kind other idea validation product validation investment b-model validation days
  7. 7. Design your accelerator 7 startup teams time carrotsstructure outcome
  8. 8. 8 scouting plan outreach call for applications evaluation Scouting for teams P X M T P X M T Program Team External Mentors Media Technology Platform
  9. 9. 1. Scouting Plan Goal: Prepare for scouting awesome teams for your accelerator Process: 1. Map the ecosystem i. Find where your startups are: a. Make a spreadsheet with atleast 200 groups to reach out to. OCCs! b. What is the most effective way to get to them? ii. Where will you find the experts? a. Dig into the program team’s combined networks or hit Linkedin! b. Write to them – heads up + block dates iii. Where can you hold the events? iv. Who can offer the carrots (if they can be offered)? 2. Plan for scouting i. Collaterals (Emailer + Flyer + Brochure + Website) ii. Application form iii. Build partnerships for outreach – tie-up with everyone! Call them all “partners” P X M T2 to 3 months 9
  10. 10. 2. Call for applications P X M T Goals: 1. Receive maximum number of applications 2. Manage the application process efficiently Process: Either build the application portal into your website OR Use a technology platform with an online application form as well as an evaluation platform built in – F6S is our pick! Many other platforms exist. Seek a Pitch Deck! 30 - 45 days 10
  11. 11. 2. Outreach Scouting Media P X M T3 to 4 months - Get the application form ready - F6S - Emailing: SPAM everyone! - Roadshows / open houses/ meetups - Get word into the community of entrepreneus you’re targeting - Hackathons + bootcamps - Ideation sessions + workshops - Entrepreneurs in Residence (EIRs) - Social media: Facebook, Linkedin, Twitter, F6S, AngelList - Website - Press release - Get it on YourStory! Beg, bribe or buy them! 11
  12. 12. 3. Evaluation P M Goals: To select a well- balanced cohort of teams and to pick the best among the lot Process: 1. Preliminary screening based on application form 2. Secondary evaluation through telephonic & face-to-face conversations 3. Business plans or “booster plans” i. Set actionable targets ii. Continuously evaluate progress 4. Assign “Deal Champions” (from program team) to most promising teams – 5. Mentoring – seek inputs from mentors 6. Demo Day 30 - 45 days TX 12 Evaluation criteria: i. Team background, roles & commitment (30%) ii. Market opportunity + scalability of business (30%) iii. Stage of development of solution + traction so far (30%) iv. Gut feel (10%) v. For Demo Day: progress has been made so far?
  13. 13. Thank youmohsin@iimahd.ernet.in www.ciieindia.org 13

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