Preparing Your Small Business For An Accelerator Programme

You are a Small Business Owner considering enrolling your business in an accelerator programme.

What is a business accelerator programme? How do you determine if your business is ready for an accelerator programme?

How do you prepare your business for an accelerator programme? What does an accelerator programme look for in a business? Are there specific milestones your business must achieve before enrolling in an accelerator programme?

Which are the leading business accelerator programmes in Nigeria? How do you select the right accelerator programme for your business?

A business accelerator programme is an intensive, time-bound programme designed to propel an early-stage, high-growth potential business from where it is to where you want it to be. It provides resources, mentorship, networking and, sometimes, funding to help a business grow and scale quickly.

Think of it as a boot camp for intensive training for high-potential enterprises in various aspects of business development, such as marketing, finance and product development.

The range of resources and support include but are not limited to the following:

• Mentorship: Experienced entrepreneurs and industry experts guide you on strategy, marketing, fundraising, and more.

• Training: Workshops and boot camps equip you with essential skills in business development, finance and leadership.

• Networking: Connect with investors, partners and potential customers to build your network and access funding.

• Co-Working: Get access to shared workspaces and communities of like-minded entrepreneurs.

How To Know If Your Business Is Ready To Join An Accelerator Programme

In determining whether your business is ready for an accelerator programme, there are indicators to look for:

• Validation: You have a validated market need and a clear value proposition.

• Growth Potential: Your business has demonstrated traction and has the potential for rapid growth.

• Team: You have a strong and committed team with the relevant skills and experience.

• Funding: You are looking for funding to grow and/or scale your business.

• Commitment: You are prepared to dedicate significant time and effort to the programme.

How Do You Prepare Your Business For An Accelerator Programme?

In preparing your business to join an accelerator programme, your to-do list should include:

1. Identify Your Goals

Have clear objectives for what you want to achieve from the accelerator programme.

2. Refine Your Business Plan

Make sure your plan is clear, concise and well-researched, highlighting your value proposition, market potential and financial projections.

3. Sharpen Your Pitch

Develop a compelling pitch that succinctly captures the essence of your business and excites investors and mentors. Develop a concise story that captures the essence and potential of your business.

4. Gather Financial Data

Refine your financials. Organise your financial records. Understand them inside out and be prepared to discuss them confidently. Prepare financial statements and key performance indicators to demonstrate the progress of your business.

5. Do Your Research

Learn about different accelerator programmes and their criteria for accepting businesses to work with.

6. Networking

Build your network. Connect with other founders and startup communities to learn from their experiences and gain insights into the accelerator landscape. Seek out potential mentors for guidance and support.

What Does An Accelerator Programme Look For In A Business?

Accelerators typically look for businesses with:

1. A Strong Team

Founders with a demonstrated dedication to their vision and the ability to execute. Experienced, passionate and complementary team members. A capable team with relevant skills and experience.

2. A Clear Market Need

A well-defined problem your business solves with a unique and sustainable solution.

3. Innovation

Your product or service should offer a unique solution to a problem or address a new market need.

4. Growth Potential

A business with a clear market need, unique solution, and potential for significant impact. A growth-ready and scalable business model, in a position to grow rapidly with the right support.

5. Traction And Growth

Early adoption or revenue generation demonstrating market validation. Evidence of a clear path to growing and scaling. A validated product or service with consistent growth potential.

6. Investment Readiness

A clear understanding of your fundraising needs and a compelling investment story. A business that could attract investment from the accelerator’s network. You are looking for funding and connections to grow further.

7. Coachability

A willingness to learn, adapt and implement feedback is essential for growth. Being open to feedback and willing to pivot your strategy as needed.

Are there specific milestones your business should achieve before enrolling in an accelerator programme? Milestones vary depending on the programme.

Some may require minimum revenue or user engagement while others may focus on the stage of development or specific sector focus.

Research programme eligibility criteria carefully to ensure your business meets their expectations.

There are no set milestones, but most programmes prefer businesses with some traction, such as:

• Customer Base: Demonstrating market demand for your product or service. Validating your product-market fit.
• Early Revenue: Generating some revenue, even if it is minimal. Achieving certain revenue or user growth targets.
• Validating Assumptions: Proving your business model works through market research and customer feedback.

Top Business Accelerator Programmes In Nigeria

Which are the leading business accelerator programmes in Nigeria?

Some of the leading programmes include:

1. LBS-BOI Business Innovation Accelerator

The Lagos Business School and Bank of Industry Accelerator Programme provide training, mentorship and potential loan access to young entrepreneurs in high-growth businesses.

2. CcHUB

The Co-Creation Hub supports technology startups with incubation and acceleration programmes, offering funding, mentorship and access to networks.

3. Tony Elumelu Foundation

The Tony Elumelu Foundation Accelerator Programme offers entrepreneurship training and seed funding to early-stage businesses across Africa.

4. SME Growth Lab

Focuses on empowering businesses with digital skills, knowledge and community events to drive growth.

5. Business Builders Accelerator Academy

The Business Builders Accelerator Programme runs industry-specific accelerator programmes for growing businesses in various sectors.

What To Consider Before Choosing An Accelerator Programme For Your Business

In selecting the right accelerator programme for your business, the factors to consider must include:

1. Programme Structure

Choose a programme that aligns with your learning style and business needs. Ensure that the programme specialises in your industry or sector, and is aligned with your industry and business stage.

2. Your Unique Needs

Match your needs with the offerings. Look for programmes that provide specific resources and support your business needs.

3. Evaluate Mentors And Networks

Assess the programme’s network of investors, partners and alumni for potential connections. Consider the programme’s mentors and network to ensure they align with your goals. Evaluate the mentors; expertise and experience in your field.

4. Research Success Stories

See the types of businesses that have thrived in the programme previously.

5. Fits Your Budget

Compare programme fees and potential funding opportunities.

Keep in mind that the best accelerator programme for you is the one that is the best fit for your specific business needs and goals. Thoroughly research and compare programmes before applying. Speak with alumni, attend programme events and connect with programme staff to get a first-hand understanding of their offerings and fit
for your business.

Connect with the right programme to move your business from where it is to where you want it to be.

If your business is ready to join an accelerator programme, contact us today.

PLUS: Whenever you’re ready, here are ways you can work with us in starting, growing and scaling your business:

1. Do you want direct advisory and mentorship and would like to work with me one-on-one? 

The Accelerator, our exclusive 12-month programme, is for entrepreneurs who are looking to increase their profitability, create more balance in their lives and are ready to become wealthy by building self-managing, owner-independent businesses. Click here to apply now

2. Buy my book, click here

3. To visit our YouTube channel, click here

Photo by Christina Morillo

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