One Shot Application

Start-up accelerators and incubators are built for one purpose – to give birth to the next hot new start-up.

I’ve talked to a lot of just starting-out entrepreneurs over the years and based on my notes, over half of them won’t apply to accelerators until they have a working prototype or MVP. This refusal to apply, again, based on my written notes, is due to a fear of being turned away and blowing their one chance.

Here’s the deal: Very few accelerators will turn you away because you don’t have a prototype or MVP – if you have a strong team, a good idea, and a reasonably solid plan of how to take the first two or three steps in development.

I have yet to hear of any start-up accelerator or incubator that gives you just a single chance at applying. This isn’t Shark Tank – you don’t get just one chance. You are allowed back to pitch again next year if you have moved your idea forward sufficiently far enough.

The primary reason you will be rejected by a start-up accelerator or incubator?

Lack of preparation.

In any form.

Investors and partners in an accelerator are not looking at singular individual pieces. Investors and partners are looking at the whole package.

If you are well prepared and strong in some areas, but weak in others, acknowledge the weakness. Be humble and prepared to correct the weakness, and get ready for tough questions about that area. But above all, be prepared for them.

The second reason you will be rejected by a start-up accelerator or incubator?

You just don’t fit what the accelerator or incubator does.

Years ago, when accelerators first sprang up in the start-up ecosystem they weren’t choosy about what type of pitch they accepted – though most pitches were for mobile applications or SaaS.

Today, there are start-ups that specialize in biotech, alternative energy, hardware, SaaS, games, etc. Research your accelerator before you apply. Make sure your business idea fits with the target investments of the start-up accelerator.

The third reason you may be rejected by a start-up accelerator or incubator?

You just plain suck. But that goes back to the first reason. It’s easy to fix suck if you have enough preparation.