Recently, a column of a well-known foreign technology blog published an article. Every week, entrepreneurs or investors anonymously publish articles in this column to share their thoughts on entrepreneurship
This week’s article is as follows< br/> There have been many articles about incubators and accelerators in the entrepreneurial circle. There is a consensus in these articles that entrepreneurs should use this opportunity to do more research to be responsible for their own companies. I have just completed a business accelerator program, and I found that I did not do enough research. If I were given another chance, I would definitely ask the accelerator manager many questions, such as the following
Do you have any entrepreneurial experience? Do you have the qualifications and qualifications to give advice to my new startup?
Many people say that there are too many business incubators now, so it seems that anyone can become a business accelerator manager. So this is the most important question. Because only entrepreneurs will understand entrepreneurs. They understand each other's struggles and understand the problems. So if the manager himself has no actual entrepreneurial experience, then I don’t think he is qualified to give advice.
Do you have a close relationship with investors and entrepreneurial mentors? Do you often stay with your mentors?
Can the big names in the circle help you? This is still the position of entrepreneurial mentor. It's just another title on their business card. This question must be asked repeatedly, especially to those entrepreneurs who have participated in this incubator before. How do they feel about the relationship between themselves and their entrepreneurial mentors? Many entrepreneurial activities will invite some well-known figures, but they only briefly show up. It disappeared below. So this issue must be clarified.
How did the last round of accelerator programs turn out?
This question must be asked no matter how managers answer it because it is related to the development of your company and your equity, so you have to make sure it is worth it.
Do you have other projects and jobs or is this accelerator your full-time job?
If this business incubator is not this manager’s full-time job then you need to ask the next question why not? Of course manager They will definitely give you a high-sounding reason, but you have to keep a clear mind to see if it is really the case and see if the reason really makes sense.
How many hours do you work per week? How is your team? How do you structure your team?
This question gives you access to the entire team at the accelerator. As an entrepreneur, the working hours per week are generally between 1 and 2 hours. This is a normal intensity of work, but you can’t expect people in accelerators to also work at this intensity. Don’t be surprised, most likely working from 9 to 5.
Which companies in your accelerator did not make it to the end?
If the manager tells you that there are indeed such companies you need to find these people and ask them what happened and what is wrong with it.
What is happening with the companies that were previously at your event? Has anyone received investment? Can you give an example?
If they are unwilling to give an example then that is a red flag. This information should be public, although there are sometimes exceptions. This information can help you confirm whether the incubator can really help you.
What can I get from this event?
If someone simply said that it is easy to get investment here. If someone says that then it seems to me to be a dangerous warning. Compared with these irresponsible promises, practical answers will be much more reliable, such as personal networks, etc.
What will our activities involve in the coming weeks?
This question is important because you go to the accelerator to learn.
Can you introduce me to a startup mentor now?
If the manager of a business accelerator tells you that a certain mentor is inconvenient, you need to ask why, because many times these mentors are on the list but are not actually available. It won't appear.
Can we take a look?
If this accelerator is within the global accelerator network, then there should be no problem. They all have relatively standard documents. If they are not in this alliance, you need to look at it. Read their (term sheets) because I’ve seen a lot of them that are very unprofessional.
In addition, as the last part of the survey, you should ask other entrepreneurs who participated in this accelerator event, such as the following questions: Will you still participate in this enterprise acceleration program? Is there any specific reason? Do you think this company What are the advantages and disadvantages of each? Do you think this activity is worth giving up part of your equity? How do you think this activity will help your performance in the market?
So if you find something similar that is not allowed to give up, Don’t stop there with the questions you’re happy with because your ultimate goal is to accelerate your startup and that’s the most critical thing.
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