So, 2020 has been tough. With the recent turbulence and the uncertainties we face, it’s not surprising many of us are reassessing our options and our futures.
In particular, the question “is now a good time to start a business?” is Googled approx. 12,120,000,000 times per month, that’s every 0.6 seconds.
Countless articles discuss the positives that economic uncertainty can bring start-ups – increased investment, access to talent etc. Which is all well and good if you already know that your idea and business model are sound – but what if you don’t? Before you ask yourself about the best time to start a business, the first question must be, “will it work?”.
In which case, an Accelerator is your best bet. An entrepreneur coaching programme which explores your idea to build a robust business model that is ready to receive investment and launch. At the start of the programme, you will face that same question, “will it work”, but post-Accelerator, you should know the answer.
Joining an Accelerator is a crucial first step that in itself, must be carefully thought out. And like most life decisions, it’s best weighed up with a Pro-Con list.
NB, not all Accelerators are created equal. The below is clearly focused on how we, at BioCity, support entrepreneurs from early stage ideas though to investment. To read more about our approach – Accelerator vs. Incubator – What’s the difference and does it matter?
PROS
DEFINITIVE ANSWER.
You won’t know if that idea you’ve been sitting on will work or not until you try. An Accelerator offers you the opportunity to explore a business idea without the risks. Fully supported by expert coaches; you can find out if your business idea will work, without putting anything on the line – there’s nothing to lose.
SHARED EXPERIENCE.
You’ll be joining a cohort of likeminded people across the country who are trying to do the same thing as you – start a new life science of healthcare business. People who ‘get it’, who can cheer you along the way, commiserate after knocks and celebrate successes with you. (It won’t be you vs the world.)
NEW NETWORKS.
It’s not only the people on the programme. Joining the BioCity Accelerator puts you in the middle of the BioCity Collective, and there are a lot of beneficial new connections to make. As the saying goes, it’s not what you know, etc.
GET ANSWERS FROM PEOPLE WHO’VE BEEN THERE BEFORE.
Part of the BioCity Collective is a powerhouse of esteemed figures from the world of life sciences who altruistically give their time, advice and guidance to science entrepreneurs; called the Expert Network. They are ready to share practical support and solutions to the most complex of challenges.
NO FEES, NO SHARES, NO EQUITY AND NO BOARD SEATS.
You do not have to sign a contract to join the BioCity Accelerator. We do not take a percentage of your business; you are not committed to any lasting relationship with us. If you want to remain in the Collective and work with us to grow your business – great. But there are no obligations; you owe us nothing. (NB this is very unusual – some Accelerators take 5-10 percent pre-seed equity in participating start-ups.)
FREE.
The BioCity Accelerator is completely free to attend.
IT’S DIGITAL.
Our Accelerator is (now) run exclusively online. As long as you’ve got WiFi, you can join us from anywhere in the world.
INVESTMENT READY.
Investors love Accelerators. The principals on which the business is built have already been scrutinised throughout the programme. The customers have been discovered, the market analysed, and the growth strategy identified – all things potential investors need to know. This unofficial due diligence is particularly valuable when from a reputable source, like us.
Which leads us nicely onto the next point…
KUDOS.
Your choice of Accelerator matters. Joining an Accelerator unconsciously affiliates your business with the Accelerator in the minds of potential investors, partners and customers. Pick a good one and your new business will inherit your Accelerators’ kudos.
CONS.
YOU MAY DISCOVER YOU’RE NOT 100% RIGHT.
With our style of evidence-based entrepreneurship, we ask you to challenge every assumption. A lot of them might be wrong, so if you’re not prepared to pivot, and make some changes; our Accelerator is not for you.
HARD WORK.
It’s hard work; there’s no getting away from that. We will ask a lot of you, we will push you, and at times it won’t be easy; but it will be worth it.
TOUGH DECISIONS.
You might have to make some tough decisions. Once you know it can work, are you willing to give it a go and start your own business?
CONCLUSION.
So, the Pros have it. However, not all Accelerators are right for everybody, we hold half day taster sessions, ‘Commercialisation workshops’, to give you a light introduction to the key concepts you’ll learn during the Programme.
Following that we’ll invite you to join our Pre-Accelerator, a two and a half day event which delves deeper into the key entrepreneurial techniques you need to scrutinise and develop your business. As with all the things we do at BioCity, our job is to help science entrepreneurs launch and grow their businesses. We won’t advise you to join the Programme, if we don’t think you’ll get any value from it.
Those with the most promising business ideas are offered a place on the full eight-week Accelerator Programme.
Find out more about the BioCity Accelerator programme and upcoming workshops.
This article was written by Medilink EM Patron, BioCity.