How to Fail an Accelerator Program: A Simple Guide for Startups
In a column for Vector Associated Partner at Civitta, Olena Shershun compiled the most common mistakes that startups make while going through acceleration programs.
What an Acceleration Program Is For
An acceleration program typically helps startups achieve certain goals: deepen knowledge, find valuable connections, improve the product, and attract funding. If you manage to gain even one of these benefits, your participation in the accelerator can be considered successful.
However, if you leave the accelerator without knowledge or contacts, not to mention progress or funding, you may have wasted your time. And not just your own time.
Below is a list of things not to do during an acceleration program.
Common Mistakes During Acceleration
Mistake #1
Applying to every accelerator that appears in your news feed, or that friends or relatives recommend, thinking, "Anywhere is fine, what if we get in?" Don’t do this, as it’s a losing approach. Set a clear goal and understand what you want to gain from the accelerator. Perhaps you have challenges with your business model, finding new markets, improving technology, or optimizing processes. Carefully review the offerings and choose the program that best meets your needs.
Mistake #2
Disappearing halfway through the selection process. Imagine sitting at a roundtable in a meeting room with partners. At some point, you suddenly get up and leave without warning. That’s roughly how such behavior looks to accelerator organizers and can harm your reputation in the startup ecosystem.
Mistake #3
Ignoring the time requirements of the program and hoping things will "somehow work out." It’s far better to realistically assess your availability before hopping on the "accelerator train" than to stretch yourself across multiple tasks with no benefit.
Mistake #4
Sending random team members who will think, "What am I even doing here?" Accelerator sessions are organized by topic. What benefits your developers may not help your marketers. Engage your team selectively, optimizing effort and resources.
Mistake #5
Not researching the mentors you will meet, failing to prepare questions, ignoring feedback on your team’s work, or skipping meetings entirely. A mentor in an accelerator guides your startup toward results with advice and mentorship. I would call them the most important person who immerses themselves in your needs and helps you extract the most valuable insights from the information flow. High-quality interaction with mentors and the accelerator team at every stage will provide invaluable knowledge that AI cannot generate.
Mistake #6
Doing homework at the last minute and failing to update materials. While no one will grade you for forgetting your homework, independent work helps consolidate knowledge and organize what you’ve learned.
Mistake #7
Neglecting networking: never contacting successful founders, never asking questions, and never taking advantage of networking opportunities. Networking is considered the most valuable aspect and outcome of accelerators.
Conclusion
One crucial point: the most mistaken belief is thinking that an accelerator will solve your startup’s problems for you. It won’t. You will solve them. The accelerator provides guidance, shortcuts, and countless opportunities for further achievements. It’s a great chance to expand your network, gain useful knowledge and skills, compete for grants, and—quite likely—secure larger investments in the future.
