Let’s face it. We ALL have a great idea that we think could make money. Some of us have even taken the time to do research, perfect the idea, draft a business plan, get funding, and even make it market. What the majority of people who don’t follow through with their ideas attribute their lack of action to is the amount of time it takes to go from an idea to a minimal viable product (MVP).
As a result, MANY great ideas die from the hands of time. One of the sole purposes behind a startup accelerator program is to round up people with great ideas with those who have the means to support those ideas.
Most startup accelerators (or incubators) focus primarily around software/technology ideas and are willing to invest the time and the money to help people with dreams of being the next Microsoft, Apple, or Google or Facebook. The accelerator programs bring in speakers and mentors to encourage participants and serve as examples of what can be accomplished. They provide networking opportunities for the participants to possibly spread the word about your idea to the rest of the industry. Many well-known investors and venture capitalists frequent or even monetarily support startup accelerator programs in hopes to find and (finance) the next big thing.
Some of the top-tier startup accelerator programs include Y Combinator in California, TechStars in Colorado, and Capital Factory in Texas. Some of these well-known programs receive hundreds of applications, so your idea has to be special AND well thought out in order to make the cut. Major companies are taking notice of the talent that is born from startups and invest heavily in the programs and the participants futures.
One such company is Comcast and its Interactive Capital affiliate. As part of its deal with NBC universal, Comcast Interactive Capital has created a $20 million dollar fund in an attempt to bring in more minority led-startups into the startup culture.
Comcast Interactive Capital has teamed up directly with the DreamIt Ventures startup accelerator program in Philadelphia to create a special three month minority startup track for five minority-led startups that will provide brand building, business development, financial modeling, business plans, distribution and customer acquisitions. In addition, they will be provided with office space, working alongside the other startups selected and be provided with donated legal, accounting and administrative help. At the end of the three-month period, the startups will have the opportunity to pitch to venture capital and angel investors at a demo day in Philadelphia to secure further funding to create a sustainable business. This year, the application deadline is July 8th, and the program starts on September 9th.
So if you think you’re sitting on the next big tech company, but not sure where to start for advice, assistance…or funding, do your research into startup accelerator programs. If you have the talent and the time to cultivate your idea, these programs just may supply the rest of what it takes to take your idea to market quicker than you ever imagined.
“I’m a Husband, Father, Brotha and “Jack of All Tech” who is constantly giving folks the “Low Down” on technology on my blog BrothaTech. I also get my tech-writing hustle on via various tech-related sites all over the interwebz. My main tech topics include: mobile apps, smartphones, tablets and other mobile devices, social media and related web-tech. Yeah, I Tweet about tech (and some other stuff) too. Look me up @BrothaTech“