Ben Hatten
I'm in charge of the school network for EverFi and a die hard Notre Dame fan.
3 Keys to Getting Into Launch Box Digital (or any other Accelerator)
I just read Natty Zola’s blog post on her advice on getting into Techstars, and it inspired me to write one myself. This past summer, we took part in Launch Box Digital, its along the same lines of the other accelerators across the country such as Y-Combinator, TechStars, or DreamIt. We absolutely loved the experience and recommend any entrepreneur to apply to one/all of them. Both Zach (my co-founder) and I considered it the most fun summer we have ever had.
Right now all the applications are coming due and if you are like us, you are very anxious during the application process and are desperate for advice. With that, here are my tips for getting accepted into an accelerator. If you have any follow up questions or want to chat about it, leave a comment and I’d be happy to follow up with you off-line.
So here are my three key things to keep in mind when applying to the venture accelerators:
1. Be Hungry – Remember that you are competing with hundreds of other people for the few spots. Don’t think you can just submit your application and be done with it. If the accelerator has a webinar, watch it. If they have a meet and greet event, go to it (i.e. Techstars for a day). Do everything you can to get know the advisors so your application stands out. We reached out to the head of Launch Box two months before they even started accepting applications.
2. Be Coachable – Understand that your product/company is going to go through a ton of iterations. The accelerators are going to accept you for your team; they are primarily making a bet on the team not the product. There was one team in Launch Box that launched an entirely different product over the summer, and its been a success. When you start talking with the mentors, make sure you convey that you’ll listen to their advice. The mentors are people who have a lot more experience/successes than you have, so when they want to help you with your company, listen. If during the interview process, you convey that you know everything already, you’re not going to get in.
3. Be willing to take a risk - When applying to an accelerator, you are going to need to take a risk. You are going to have to quit your job and you’re going to have embrace the start up lifestyle. The guys running the accelerators are going to want to see you’re committed. Understand that the 20k they give you is not going to be enough to live comfortably. If you’re not willing to make some sacrifices, don’t waste your time in applying.
And finally, if you apply and don’t get in, don’t view it as a sign that your start up is going to fail. There was a company in Launch Box this past summer that didn’t get in the first year they applied, replied the next year and got in. Currently they are the most successful company of the class.
