What do startups get out of 500's accelerator program?
13 Answers
Views • Upvoted by Dave McClure, I run http://500startups.com, a seed fund and incubator / accelerator program. Previously I've work… and César Salazar, Formerly a partner at 500 Startups
My take in terms of what we're trying to provide. My personal opinion is that we do a great job, but go talk to our customers...
For bonus points, here's what you won't get:
That's my take. I encourage anyone considering our program to find founders who have gone through it and get their take. Go watch Demo Day videos, fin companies you relate to, and ping the founders. They're a friendly lot and usually happy to help folks like yourself.
- Community - As some other answers have noted, and as our founders tell us, community is often the most valuable thing they get. Starting a company is a solitary and challenging endeavor. Working with a bunch of other people going through the same challenges helps.
- Advice - Early-stage startups usually have big risks/problems and it's not always clear where to focus limited resources. 500 provides access to a huge network of 500 founders (we've funded 500+ companies), mentors (Silicon Valley veterans), and 500 staff that have been through this before and can help.
- Curriculum - 500 brings in a wide variety of speakers on subjects like marketing, culture, startup accounting, user experience/user testing, mobile, etc.
- Hands-on Support - We work with companies directly on their business and product strategy, growth/metrics (via our awesome Growth team), and investor presentations. Startups live (some too literally) in our office for four months. This is a lot of face time and we want to help.
- Connections - Above and beyond the advice you receive from the 500 network, you will also have great opportunities to make useful connections on the business front. Between our official partners, ties to Valley tech companies, and the 500 Family it's not uncommon to see accelerator companies build relationships and strike partnerships that would not be possible at their size without 500.
- Fundraising - Demo Day is a great opportunity to get in front of a lot of investors. We also help companies connect directly with investors and simply being part of the program helps validate a business and open some doors.
- Potty Mouths - You will also learn to swear like a fucking sailor. Hey, I learned it from you Dave...
For bonus points, here's what you won't get:
- Someone to do it for you - Nobody can build your company for you. We can help, but you're responsible for your success.
- Someone to make sure you get value - Not all startups take advantage of what 500 has to offer. We assume you are adults and don't make you do anything. If you decide to code all day and ignore the program that will be your loss.
- Funding - You have to build a solid business and go out there and pitch it. We can provide advice, but getting into 500 is not a guarantee you'll raise a big round. We can help good companies get opportunities, but we're not in the business of polishing turds. If you shouldn't be funded you probably won't be just because you have the 500 stamp.
- Success - Most startups fail in general. Most of 500 startups fail. As much as we think we can add value, we can't make you a success and the hardest part is not getting in.
That's my take. I encourage anyone considering our program to find founders who have gone through it and get their take. Go watch Demo Day videos, fin companies you relate to, and ping the founders. They're a friendly lot and usually happy to help folks like yourself.
Views • Upvoted by Dave McClure, I run http://500startups.com, a seed fund and incubator / accelerator program. Previously I've work… and Christine Tsai
Call it Startup's MBA on steroids where you get:
- high dose of energy to overcome whatever challenge/s your startup may have
- great executable ideas to seize your startup's most promising opportunities
- a huge network of doers, believers and punching bags
- kick-ass founders - most often smarter than you are
- customers, yes early adopters within the network who will give you unfiltered feedback
- access to the most amazing founder/investor/supporte
r: Dave McClure - and much more that others people would add...
Views • Upvoted by Dave McClure, I run http://500startups.com, a seed fund and incubator / accelerator program. Previously I've work… and Christine Tsai
Having just finished the program, I'll speak from someone who's been through the process. Overall, I can't speak enough for how much I gained out of this program, the main points are listed below in order of value-add:
In other words, if you're reading this and seriously contemplating between 500 and another accelerator, stop right now. Go to the 500 apply page. You'll thank me later.
If you're lucky enough to get in, it will be a life-changing event that will help you achieve your goals. As Parker says, it won't do everything for you and it won't fix a bad business in the first place, but it will teach you how to diagnose your business, and if possible, help you find the path towards making your own greatness in the world.
- Batchmates - By far the most valuable asset of 500 is that it is co-location versus meeting twice a week for dinner like some other accelerators. We eat, live, and breathe not only our own startups but our batchmates' businesses as well. We learn from each other, exchange info on best practices, intro each other to investors, and basically form a startup mafia that will exist long past the program. Our company, Geekatoo, benefitted directly from talking with other batchmates... one piece of advice allowed us to get something quickly out and demonstrate traction before demo day. We also got lots more warm intros to investors beyond even the 500 network.
- Dave McClure - There's no denying that Dave has a knack for playing drill seargent until every half-assed customer acquisition strategy, every circuitous pitch, and every line of bullshit you tell yourself is ridden from your vocabulary. We were forced very early on to communicate clearly and effectively, always try to hold a room, establish an obsession towards key metrics, and to hold ourselves accountable for the logistics required to achieve greatness. Plus, he knows how to get someone's back. When shit went down with our batch video and techcrunch, atlantic wire, and a few other outlets had it out for us, he stood up for us and truly showed what #500strong meant.
- Social Proof - Fun experiment for early pre-profitability and/or pre-revenue startups. Try talking to investors before getting into 500. Try talking to them afterwards. You'll notice a change, believe me.
- Forcing Function - Demo days are becoming commonplace as startup accelerators pop-up left and right. But the fact that you know you have to get up there in 3 months and tell a shit-ton of people how fucking awesome you are puts your feet to the fire. I can't even tell you how much we accomplished in those last 3 months (though most of it was towards the end), but having that in our mind truly fomented an extremely positive transformation in our business. Knowing demo days were right around the corner gave us the focus we needed to get our act together, get traction in, refine the product and workflow, and go out there and actually convincingly tell investors we would be a good fit.
- Community - The past 3 months, I've gotten to know a ton of people not only from my batch but from previous ones, as well as a bunch of mentors. We played ping-pong, discussed strategy, played sports on the weekends, went out partying and getting into drunk user acquisition strategy sessions at 1am, stayed out late at the office with each other into the wee hours of the morning. I felt like I was part of something bigger than just our startup, and I know I can rely on the 500 family if I ever need advice, an intro, a place to crash, a drinking buddy in a foreign land, or anything else. Dave, Christine Tsai, George Kellerman, Parker Thompson, and the rest have truly built something that is larger than the sum of its parts.
In other words, if you're reading this and seriously contemplating between 500 and another accelerator, stop right now. Go to the 500 apply page. You'll thank me later.
If you're lucky enough to get in, it will be a life-changing event that will help you achieve your goals. As Parker says, it won't do everything for you and it won't fix a bad business in the first place, but it will teach you how to diagnose your business, and if possible, help you find the path towards making your own greatness in the world.
- Founders Network and Global Perspective: Dave's vision about bringing the best international founders to Silicon Valley might sound like a weird experiment to many, but this is by far the best takeout you will get by joining 500 Startups. The diversity of cultures, backgrounds and companies is so amazing that you will keep learning something new every single day. This is really visionary and a UNIQUE opportunity in Silicon Valley as well. 500 Startups is a real international family of founders and mentors and you will find friends/potential partners/ professional or personal relationships for life. Remember: Your network IS your net worth.
- 500 Startups is all about getting your ass to work. Hard work and super high intensity. No bullshit, no sugar coating and no fooling yourself. Every time you talk to someone at the office, either a Mentor, Partner or Dave himself there will be a challenge, question or suggestion that will basically get you back to work. It's always about "keeping your feet on the ground" and "getting dirty" while still dreaming big.
- 500 Startups Mentors Network: Perhaps another very unique takeout is how fast your mentors and potential investors network grows just by joining 500 Startups. Amazing mentors are willing to help all the time. If you are coming to Silicon Valley for the first time, this is something you will need and you will really appreciate since day number one. You will be overwhelmed by the amount of mentors posting office hours everyday, plus some amazing guests willing to share success and failure stories every week.
- You will learn how to pitch: That means, how to sale your product, vision and company like no one else. Might sound like this is "just another power point advice" but this is the real deal and it's as good as it gets. If it's your first time pitching you will learn from the best under great and delightful pressure, if you are confident about your pitching skills you will become a real pro. And Dave will scream -a lot- to you and the coolest part is: you will be thankful later.
Read more via: 5 things I wish I knew before 500 Startups
1. Awesome mentor network
2. Growth hacking and distribution
3. Co-working space
4. Pitch like a rock-star :)
5. Best batch mates ever!
1. Awesome mentor network
2. Growth hacking and distribution
3. Co-working space
4. Pitch like a rock-star :)
5. Best batch mates ever!
