The hidden, but practical, benefits of participating in an accelerator program
And why it's exactly the time to register for the incoming program at the Galilee Accelerator
Accelerator programs are well known for providing guidance, networking opportunities, exposure to investors, and assistance in raising funds. However, for entrepreneurs who are debating whether to participate in an accelerator, it is worth considering the hidden, practical, and underappreciated benefits of an acceleration program. These can have a very significant impact on the growth and success of their startups.
It is well known that the initial stages of a new venture are the most critical and sensitive, during which many ventures fail and close. The hidden benefits of accelerators are especially evident in these stages, dealing with a significant share of the common reasons for failures at early stages (such as focus and vision, management of the entrepreneurial process, team weaknesses, value proposition market adaptation, and more).
Here, in a nutshell, is a look at the practical, behind-the-scenes benefits of participating in an accelerator program:
A safe space for experimentation and error - in the controlled environment of the accelerator, entrepreneurs can come up with ideas, test strategies and business models as much as they can think of, and receive feedback almost immediately, without the markets’ 'punishment'. The feedback will often be honest and direct, but that is precisely the advantage.
An accelerated learning curve - Learning in an accelerator is particularly efficient and effective - intensive, experiential, multidimensional, and most importantly - relevant to the entrepreneur and the venture. Not only they are exposed to industry knowledge that is not easy to obtain elsewhere, but they develop critical thinking and skills that are still applicable for the success of the venture long after the accelerator program ends. What usually takes months, if not years, to learn and internalize happens in a matter of weeks. Some of the topics are very difficult to find from other sources specifically when they are required in practice.
Access to hidden opportunities – A unique closeness is created among the participants due to being in a situation with similar challenges. Entrepreneurs often share information and opportunities with each other that are difficult to find in other ways. This includes access to suppliers (and commercial terms), consultants, and even employees with unique knowledge that would otherwise be difficult to be exposed to. An important tip for entrepreneurs is – make efforts and try to better connect with the other participants in the program.
Emotional reinforcement and support from the group – The closeness described in the previous section provides very high added value, especially on a personal and emotional level. Uncertainty, frequent changes, stress, and sometimes loneliness of the entrepreneur are not easy to deal with. Sharing with others who are in a similar situation is very strengthening. This can only be received from other entrepreneurs who are in a similar ‘distress’. An acceleration program that provides constant feedback, short deadlines and exposure to criticism allows for the development of mental resilience and the ability to deal with challenges and stress much better.
Increased focus and responsibility – If there is a major key to success in entrepreneurship, then it is focus. Dispersion and waste of resources (especially time) are at the root of the greatest dangers to the continued existence of the venture. The structured nature of acceleration programs forces entrepreneurs to focus on the more important goals, leading them on the clearer progress path. Checking progress, submitting tasks and reports supports entrepreneurs to take responsibility and thus significantly reduces their dropout throughout the program. Wasting time on what does not directly support the progress of the venture is reduced to the minimum possible.
Developing a new perspective – Many entrepreneurs have a very specific, sometimes fixed, perception regarding their idea and venture. Acceleration programs not only enable, but also make the entrepreneur see things from additional perspectives, provided (whether he wants it or not...) by the other participants, mentors, lecturers and others he will meet during the program. These enable the entrepreneur to discover new insights, new opportunities and unexpected solutions, sometimes even discover dangerous "blind spots". The entrepreneur leaves with a much broader and more realistic perspective.
Visibility and branding - Due to the multitude of activities included in acceleration programs, the venture gains significant exposure from the industry, partners, customers and potential investors. There are not many more cost-effective ways to achieve such an exposure, specifically as much of it might have a long digital presence over time. The mere fact of participating in an accelerator improves the venture ‘brand’ in the eyes of industry figures. Such ventures are perceived as having undergone improvement, filtering and refinement. In other words - with higher chances of success.
From my personal experience as a workshop facilitator for entrepreneurs in the fields of marketing and sales, I can attest that these benefits are realized within the framework of the Galil Accelerator https://galil-accelerator.org.il/he/, which is currently closing registration for the upcoming cycle.
Precisely now, considering the changing times and the hope of a return to normalcy in the north, ventures from the fields of Industry 4.0 who are interested in a fresh and significant push forward are invited to register for the unique program of the Galil Accelerator and contact the CEO of the accelerator – Mr. Memi Genosar by email - memig@braude.ac.il
This article has been authored by Moti Blau and was first published as a LinkedIn post by the Galil Accelerator.
Moti Blau - has been engaged in international sales and marketing in the technology and innovation industries for over 30 years. Moti delivers workshops and lectures in Israel and abroad, also at technology accelerators. Managing Director of Proxy Marketing Solutions Ltd., a training & consulting agency that focuses on the fields of international sales and marketing.
