Updated: Sep 16, 2019
During each of the accelerators I went through, many investors/mentors advised us about things we should be doing during the program to help us stand out as 'investor ready'. Here is a short list of some of these 'things';
●Be punctual to all happenings/events/sessions.
●Be the first person to arrive at the shared office space where the accelerator is being held every morning, and be the last one to leave at the end of the day.
●Be well-presented (we didn't have to have to wear suits, but we should always look professional.)
●Be full of enthusiasm at every moment during the program.
●Be willing to step out our comfort zone and jump through hoops. (If the program managers asked for a volunteer to do a task, or to come out the front of the class to answer a question, then we should put our hand up for it first. If the program managers asked us to call 100 potential customers to survey about your product, we should call 200 people, and we should do it immediately, and tell the program managers as soon as we are finished.
●Show amazing progress each week during your weekly CEO report sessions.
●Be prepared with an answer immediately for how much money we want to raise from the investors, and for what equity.
One mentor suggested, that in order to determine how much money we want to raise/ask investors for, we should ask ourselves some questions like below;
●Who will help you get to your first 1000 sales?
●Will you have a partnership with a leading company that will get you a deal to sell your product nationally?
●Perhaps you need to employ a professional salesperson because you don’t have sales skills and you’ve never done sales before?
●How much are you going to pay that salesperson?
●How much is it for things like superannuation payments and insurance to employ someone?
●Perhaps you need to take a sales skills course so you can do it yourself?
●Perhaps you are ready to get out on the road and sell door-to-door yourself, but you don’t have a car?
●Perhaps you need to employ an expert in business negotiations to get you hardware sales deals or manufacturing partnerships so they can set up and sign off on contracts with other companies?
●Perhaps you want to pay for some advertising, online marketing, and SEO so that people can learn about your app and download it from the online stores?
●Perhaps you need to pay IT developers and engineers to finish building your product so that you can launch it and start selling it? How much are IT developers?
●Will you need to pay other consultants or lawyers to prepare all the legal agreements for manufacturing, employees, app terms and conditions, etc.?
●Will you need to pay patent attorneys to prepare a patent application to protect your idea?
●How will you spend the stipend of the accelerator? Will it go all on living expenses, or will you spend all of it on developing your product?