As I wrote earlier this week, I spent last week on the Startup circuit, at conferences like Slush in Helsinki, and HowtoWeb in Bucharest. What I found talking to startups from Finland, Sweden, Romania, Hungary, and Bulgaria was that, whether they know it or not, and whether they believe it or not, a lot of young companies need an accelerator. But a lot of people don’t even know what an accelerator really does, or why they need one.
Plus, a lot of companies I met with weren’t sure if now was the right time to join, or whether it might be too early or too late. So here we go: What StartupYard can do for you at any of these stages:
I have an idea, and a Co-Founder.
There are a lot of steps between hatching a brilliant product idea with a friend, and making that product a reality. StartupYard will first provide you with a concrete road map of the steps you need to take, and will take the most important ones with you. We will handle your incorporation as a company in the Czech Republic, the UK, and/or Delaware, we will prepare your legal agreements and advise you on copyright and trademark issues you may face, and we will provide you with accounting and tax preparation assistance.
Aside from technical issues, we and our mentors will prepare you for the realities of your market, following the principles of the lean methodology to help you find your product/market fit. We give you a very clear working idea of what a launch entails, and how you will be able to pursue a working growth strategy in the next half year. We will also show you how to satisfy investor questions, and seek investment from the right people; you’ll be talking to investors early, and you’ll learn what they’re looking for in you. In 3 months, you’ll go from an idea, to a working prototype, with a strong sense of where you’re going next, and what it takes to get there.
I have an idea, and no Co-Founder.
If your idea is good and our technical selection committee thinks it makes sense, we can help you find a technical or business co-founder, or help you figure out how to externalise your development in the initial phase of your project, if you are not development focused yourself.
I have a prototype.
We expect that all our teams will have a working prototype as soon as possible in the accelerator. As you begin to prototype, we will work with you hands-on to make sure that you are building something with investor appeal, a great market fit, and potential for real growth. We do this by working you through a process of defining and formalizing your “position statement,” your roadmap to what the product will mean to customers, and by having our technical and business mentors react to your work early and often, giving you feedback that will be extremely valuable later on.
Here our technical mentors can be of enormous help in showing you how to polish and complete your project at the highest level possible. Included among our mentors are proven experts in UI design, copywriting, coding, machine learning, and design. They’ll keep you on track.
I have a beta version.
With a product ready to be put into the wild for testing, you’ll be able to take advantage of the experience of our mentors, many of whom have been in this exact position before, more than once. Now you’ll have a real need for mentoring on best practices in PR, and product marketing, copywriting, UI design, and so-called “growth hacking” techniques. We have a stable of mentors who have a depth of experience in all those areas, and will be ready to show you how best to handle your product as it finds a test audience, and how best to use this opportunity to gather valuable data, and apply it to iterating your product, and preparing it for a full sail launch.
We work with you as much as we can outside your core competencies, stretching your comfort zone to include areas you will have to manage as a public company. If you’re good at something, we won’t interfere with that, but we will force you to work on areas of your business that you aren’t as comfortable with. Most important among these, we’ve found, is working your comfort level with PR, marketing, and sales. This stage, when you’re just beginning to look for customers, is vital in building your brand image, finding your product market fit, and fine-tuning your communication style. What kind of company are you? This is when you nail it down.
At this stage, you’ll also begin serious talk about raising capital, and we’ll prepare you to talk to investors about your ideas, hone your pitching skills, and connect you with the right investors, for the right type of investment. We don’t guarantee you’ll raise money, beyond what we invest in you. It is up to you and your team to get prepared as a company for an investment. But we’ll shape your expectations for that investment, realigning your hopes with reality, and putting you on the path to realistic, realizable goals.
Many angel investors these days don’t even talk to startups who haven’t been accelerated or incubated already. They don’t want to waste their time on unrealistic expectations. Our angels are used to working with startups like yours, and they’re confident that the accelerator has prepared you to seek investment.
I have users.
You’re already climbing the mountain, and that’s fantastic. StartupYard will help you learn from your ongoing experiences with new customers, and show you how to apply those lessons, and leverage that userbase into organic growth. Our mentors have been there, and they’ve done this before. Their experience will be to your advantage, as you will work with mentors in your specific market, as well as other markets, who have experienced failures and successes at early stage growth, and will help you to understand what type of growth you want, and how to get it.
Experience at this stage cannot be bought. It is earned by experiencing harsh realities. But the experience our mentors can confer may save you a lot of time and agony, and can make the difference between your company finding an audience and a path to growth, and stagnation.
The media exposure you will gain from StartupYard is important. We’re not Y-Combinator, and we won’t get you in Forbes magazine ( not yet anyway), but journalists and tech evangelists know us, and pay attention to the teams that come through the accelerator. Our mentors and contacts extend to global press connections, and a global product from StartupYard would have access to that network. You’ll meet members of the press, and you’ll have the chance to impress them. The networking opportunities we provide are no small benefit. They are key to your early success, and they will play a vital role later on. Use them, and keep using them- the more you do, the better off you’ll be.
I have paying customers
Startups sometimes assume that they’ve climbed the mountain already, if someone is willing to pay them for what they make. Not so. And we’ve found that companies that come to us with paying customers benefit just as much from the accelerator as those that don’t.
Now that you’ve got a few paying customers, you’re in a fantastic position for serious talks with investors, and capital injections that will feed this growth smartly and quickly. Our mentors can become your advisors, your valuable contacts, and perhaps even your clients, as you seek investment, think about expanding your team, and look for corporate and other potential partners.
Companies usually leave StartupYard with at least a few official advisors or advisory board members, from among our mentors, and these people are key to opening doors for you in all areas of your business. Aside from everything else we do, this is an opportunity that can’t be understated in importance. You’ll be forging those vital relationships with our help, and those relationships may just be your stepping stones to growth and success.