To help founders navigate the accelerator space, we reached out to thought leaders from top programs across the Southeast region to share their insights on who might benefit the most from accelerators….and who might want to take a different path.
First Things First: Ask Some Questions
Joining an accelerator means committing fully to the program, which often includes relocating temporarily and devoting significant time to workshops, mentoring sessions, and networking events. Hannah Turner, Program Director at Atlanta-based Cox Cleantech Accelerator Powered by gener8tor, advises founders to consider whether they can prioritize the program above other obligations.
“If you have a full-time job, are you willing to prioritize the accelerator program? Most programming takes place during work hours. If you have a family, are you willing to temporarily move to the city where the accelerator program is held?” Turner told Hypepotamus.
Also, it is crucial to ask questions around who the team members are who run the accelerator program you are looking at joining.
“Do you think you’ll benefit from the program team, especially the Managing Director? You’ll be spending a lot of time with them,” Turner added.
Matthew Jaeh, Managing Director at Techstars Alabama Energytech Accelerator emphasized that founders should be ready to leave everything behind for a few months. “Are you and your team ready to commit to leaving everything behind for 13 weeks and 100% focusing on growing your company?”
Who Thrives In An Accelerator?
Not all founders necessarily need to go through a well-known accelerator program. According to Turner, founders who are “eager to learn and move quickly” tend to benefit the most.
“Founders also benefit the most from accelerators when they go “all in.” Take advantage of the network, set up as many meetings as you can with mentors, grab drinks with your fellow founders, practice your pitch over and over again, etc.,” she added.
Bob Irwin, Executive Director of the Charlotte-based program Joules Accelerator, added that successful founders are those who are “good listeners,” those who “work well with advisors,” and those that “take an active role in working with their assigned advisors.” These founders are open to feedback, collaborative, and proactive in leveraging the resources available to them.
Should Some Founders Skip The Startup Accelerator Track?
Despite the appeal of accelerators, there are times when founders should consider alternative paths. Irwin warns that if a company’s technology is still in the early stages, an incubator or national lab might be a better fit.
“Depending on their technology readiness level, they may want to consider an incubator,” Irwin added, stressing the importance of having a clear value proposition before jumping into an accelerator.
Likewise, Jaeh believes that founders shouldn’t apply if they “can’t dedicate 100% of [their] time” to the program, which can mean relocating and focusing entirely on the company’s growth over a short period.
Finding The Right Startup Accelerator Fit
For founders with clear goals, a scalable product, and a readiness to fully engage, finding the accelerator is key. The structure, network, and values of an accelerator program can vary widely, making it essential for founders to ensure the program aligns with their goals.
Jaeh encourages founders to assess whether the program’s network, partner companies, and leadership team fit their style. For instance, founders should look at “what kinds of programming the accelerator will offer, who is in their network, and if the managing team fits your personal style.”
Miguel Granier, Managing Director at the newly-launched Cox Cleantech Accelerator by gener8tor in Atlanta, also emphasizes the importance of understanding how the accelerator’s business model aligns with the startup’s vision.
“If it is an equity-based business accelerator, you want to make sure you’re aligned with how investors plan to make their money back,” Granier explained.
Startup Accelerator Resources
Founders can travel across the country — or even across the globe — to find the right accelerator that fits their needs. But the Southeast region is ripe with programs, including industry-specific ones for fintech, cleantech, and B2B companies. Hypepotamus updates a list of programs throughout the region, available here.