Accelerating growth for a suite of startups or just one is a prevalent challenge. Entrepreneurs think a good idea is everything, but accelerators and incubators know the big picture. Creating the full roadmap to success is always desired but can be a challenge to execute as HBS says:
When leaders managing startup networks already know this, then that solves the problem, correct? Not always. They must communicate to founders, the idea people, all of the elements needed to scale over time and remain cash positive. What do analysts at CBInsights, when quoting the top 12 reasons for startup failure, rank as the #1 reason? At 38%, analysts at CBInsights quote ‘running out of capital’ as the top reason for startup failure.
Industry leaders cite teaching startup founders about the full needs over time as one of the largest assets accelerators and incubators can provide to avoid future issues that so many experience. Here are 3 ways to help your startups elude those challenges:
1. Communicate Early the Full Scope of Needs for Growth
Those needs run the full gamut from community and mentors to program management and funding resources. Many are often required in tandem so that those startups can scale quickly once they hit their full growth stage and start to take off. As the rocket takes off, it needs the fuel to keep ascending upwards to achieve success. As Capgemini shows, growth can scale quickly if executed well.
2. Introduce Entrepreneurs to Options They Can Choose From
Getting entrepreneurs to recognize and acknowledge the market needs is only the first step, albeit not a simple one. The full scope can be overwhelming to them, so have a list of contacts and providers that they can talk to, learn insights from, and then choose their top pick(s) once they recognize what fits their business to scale efficiently. Open doors for your startups so that they can power forward
3. Be Prepared to Put Out Fires for Them
Yes, that’s right. Put out fires. Even with recognizing the scope of future needs and identifying key people and providers to avoid future issues, challenges happen. They usually do. The unexpected issue is different for every start-up but occurs quickly and needs a steady hand with good sector connections to tackle that challenge. As Warren Buffet says, “You only have to do a few things right in your life so long as you don’t do too many things wrong.”
Avoiding these 3 challenges helps accelerators and incubators, companies and organizations increase their chances for success. To learn more or see how first-hand how OneValley’s PassportOS platform is now powering overing 200,000 startups, view our solutions or set up time for a brief talk.