
How to get into a startup accelerator mini guide WIP - HappyTorso
I recently started writing a mini guide for startups applying to accelerators, partly inspired by YC&#x27;s &quot;How to apply&quot; guide and other articles:<p>Part I:
http:&#x2F;&#x2F;medium.com&#x2F;numa-news&#x2F;how-to-get-into-a-startup-accelerator-4429da712d16<p>Part II:
http:&#x2F;&#x2F;medium.com&#x2F;numa-news&#x2F;how-to-get-into-a-startup-accelerator-part-ii-108b08eaa32c<p>I&#x27;m setting out to write Part III and I&#x27;m looking for feedback that would help improve the work in content and form.<p>I assume a few people here have gone through the process as founders and will have some precious first-hand experience to share, especially concerning in-person interviews. I mainly experienced it from the other side of the fence as an evaluator in European accelerators, I&#x27;d be keen to know if you see any major differences in approaching this topic in the US and other regions.
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jeffmould
I skimmed part I and will read it all later, but one piece of advice that
stuck out to me immediately, that I think is important, is the one where you
say "make sure you can afford it". This I believe is critical to success.

Two years ago I was accepted into an accelerator program close to my home.
While I did not have to move and was able to commute, it still placed a
financial burden on me.

A little background context first. Prior to the accelerator starting I had
been consulting during the day and working on the startup in my free time and
at night/weekends. While I had a little money in the bank and a cushion saved
for emergencies, that cushion was meant more for if the bottom falls out of my
world and I need to live for 6-7 months with absolutely no income. A little
over half of that "emergency" money was tied to non-cash assets that I was
willing to depart with (i.e. sell stocks) should my world collapse, but at the
same time was easily accessible and could be converted to cash fairly quickly.
While this money was separate from long-term retirement planning, and was
meant to be accessed with minimal tax burden, I had not intended for it to
subsidize my living just to join an accelerator. So my first decision was
whether to cash out some emergency money or not, so I could focus on the
accelerator and stop consulting.

The initial accelerator marketing stated a $10K stipend to each member.
However, after being accepted we were informed that this was actually going to
be disbursed at intervals. No big deal, but it did play a factor. We were also
told that the initial disbursement would be paid within 30 days of acceptance
(which just happened to coincide with the first day of the accelerator). So I
wasn't too worried and figured I could keep my emergency funds intact.

The start of the program comes and goes, however, there was no disbursements.
As weeks added up, I began questioning the partners as to when the money would
be disbursed. By this point I had practically burned through my cash savings
and was at the point where I had to make a decision. I could (a) cash out some
emergency funds; (b) take on a couple small consulting jobs to make ends meet
till the disbursement hit; or (c) quit the accelerator.

After the halfway point passed in the accelerator and two disbursement dates
had been missed, I put further pressure on the partners, but by this point I
was at the breaking point. I kept being told any day now. So I picked up a
couple small consulting jobs that I could do in a few hours here and there.

By now I had a bad taste in mouth with the program for the disbursements being
strung out this long and a complete lack of transparency on the partners
behalf. By the time the initial disbursement finally did come I had to use
that money to catch up on my bills and expenses that I had incurred directly
by participating in the accelerator. But that bad taste lingered even after
those disbursements, and when it became apparent that the demo day at the end
would not materialize, I ended up just dropping out entirely. I continued with
my startup, but had to go back to consulting to ensure my financial well-
being.

Money may not be able to buy happiness, but it can buy you a whole lot less
stress whether you realize it or not. And the less stress you have going on in
your outside life, the more you can focus on your startup life. The way this
situation played out added a stress that impacted my overall ability to focus
on my startup. So instead of being able to use the accelerator as a time to
put 100% into my startup, I was left to spending 75% of my time worrying about
and making sure I had money for bills and living expenses.

Long story short, don't count on the money from the program to make ends meet.
Be in a financial position to use that money more as a cushion so you don't
have to worry about your bills/living expenses.

~~~
HappyTorso
Thanks for sharing your experience and for this advice. Did you talk to any of
the alumni before applying or entering the program? I think founders should
not be shy in performing the same background checks that accelerators perform
on them.

~~~
jeffmould
Unfortunately I did not. But you are 100% right, we often here of investors
doing due diligence, but founders should not shy away from doing their own at
the same time. With that said, we were only the second cohort, and I do think
what happened with us was a result of multiple factors, so not sure how much
due diligence would have uncovered. Doesn't make it right, but it was not
entirely the accelerator's fault. In the end where they did fail the cohort
was on communication of what was going on.

~~~
HappyTorso
Just out of curiosity, is this accelerator still in business?

