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Startups

14 International Accelerators Speak Out on the Top 4 Components for Startup Success

Source | Entrepreneur : By Michael Houlihan & Bonnie Harvey

If anyone could unravel the mystery of why some startups succeed and others fail, it would be the business accelerators. They have a front-row seat with real-world experience. Their reputation is on the line, and rapid turnover is not their friend. They have a vested interest in seeing their clients succeed.

Over the past three months, we have conducted a survey of 14 international business accelerators. With their experience, what was their take on startup success and failure? Over the next few months we will be publishing the results of that study.

Our first question was, “What are the most important qualities successful startup founders possess?” Interestingly, with such a wide range of international respondents, the answers were quite similar.

1. Work/Action

As Alyse Daunis, Program Manager, of Launch Alaska says, “Startups need doers. Doers live for building things and executing. Founders who execute intelligently and quickly are more likely to succeed.”

“In the early days, the founder(s) need to be hands-on with all parts of the business — the technology, sales, finances, etc. It is inevitable that they will need to do things outside their comfort zone and do them at least well enough to get others to buy in,” says Elza Seregelyi, director of L-SPARK Canadian Business Accelerator.

Eric Mathews, founder and CEO, of Start Co adds, “… action removes doubt.  A startup’s main advantage is speed of learning. You learn what works and doesn’t work when you take action, run tests, get feedback, and iterate. You can’t be an entrepreneur in an armchair — you must do.”

And Greg Wright, founder, of HATCH pitch says, “(Maintaining) a relentless focus on doing whatever it takes (acting, not talking).”

Read On….

 

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