I'm joining an accelerator*, what should I look for?
I'm joining Antler, which is (sort of and not exactly) an accelerator to take my startup, Utopiops to a whole new level, specially as my competitors have already raised couple of millions of dollars which makes the competition hard for me as we're all more or less in the same stage.
What should I look for in such a program? Specially if you've had a similar experience, like YC, what's your best advise for me?
I guess you make sure you're prepared to know exactly what you want out of a specific conversation and that you give them all the context to give good advice.
Sometimes it's tough to give useful high-level advice without knowing the details.
Why did you pick Antler? Which office? What do you expect to gain from the program? (Capital, co-founder,...) Is this your first company? What type of company? (Asset light, heavy,..(
I've dealt with Antler SG office on a few occasions.
You need to be aware that only a very small amount of deals get funded after the initial 2-3 months. If you do get financed, the investment terms aren't great: 10% for 100k but you have to reimburse $40-50k of program fees. So basically you end with only $60k in cash. They will force you for all your equity to restart with vesting, so all the capital and effort that you already put into will be worth 0 on paper. Do note, you aren't allowed to shop around for capital for the first 6 months.
All of the above means Antler isn't a great place if you have already invested a significant amount of time and capital in your start up. If you have traction with your product, and it looks there is a good opportunity in the space (see fundraising of competition), I would in your case reach out to seed investors with a strategic hedge or that can offer some operational support.
However, if it's your first venture and you are struggling to really get started, to find a co-founder, etc .. Antler can be a good choice.
I've actually invested significantly in the product, unlike many others who join Antler and are usually at ideation stage.
Their offer is better than that at the moment, however this is my first experience and not really sure where to start from, and I think if everything goes as planned despite their small investment they might be able to help me down the road.
I assume you are joining the Sydney office, right? Can you elaborate on what you mean by "better" offer?
Well if it's your first experience,
(+) Leverage their brand to the maximum for your personal and company gain. Building credibility is hard after all.
(+) Leverage their investment network. If I were you, I will try to get close to their investors. If it doesn't work out this time, it will be easier on your 2th try.
(+) Get to know the individuals in the program, focus on the ones which have complimentary skills and have a like-minded building mindset.
Yes it's gonna be the Sydney office. I meant the investment is 190k if it happens not 100k.
Great points, notes taken.
I interviewed Michelle about her experience going through YC, which might be useful for you. here is the podcast link: https://wannabe-entrepreneur.com/episodes/196/
Thanks for sharing, definitely will help.
Money and connections
The connections are really important, depending on what you need. Are you looking for more rounds of VC or business connections? After you figure out what you need, then you can investigate if that accelerator has it. Be sure not to assume just because they are an "accelerator" that they have the right kind of connections for you. For example, an accelerator might have great VC connections in the auto industry, but if you're selling cookies, they might not be able to help much.
Before accepting, ask them the detailed questions and examples of how they helped similar companies to yours. Remember, you're giving away part of your company for $ + their "help", so make no assumptions on what that help is.
Fair enough, they're really important.