Inside the Accelerator Important steps before day 1

This is post #3 of the Inside theAcceleratorseries. To catch up with all of them, make sure tobookmark this link.

In the past couple of editions of ITA, weve started an in-depth journey into the operations of Memphis-based Seed Hatchery, a seed-level accelerator based in one of the poorest metro areas in the US.

Last week co-founder Eric Mathews told us about the selection process, from submission to acceptance. At the end he had made mention of something that I think is probably grossly overlooked what has to happen in the interim after selection and before a company starts with the cohort.

So it was time to pick Mathews brain. While Im certain that the requirements are different for every accelerator, the information that Mathews provided is probably a good indicator of what youd need to have settled before entering any program. For that matter, most of these are good tips to have handled once youve decided to move forward with your company, regardless of whether youre entering an accelerator program or not.

Who Are You?

Its very common that youll start a company with an idea, but not a name. In view of that, Mathews says that often times companies will apply with placeholder names. But once things are official and moving forward, its time to get serious about branding who you are.

So first thing being first, its time to pick a name and make it official. Youll need to the company registered underneath the legal entity that will protect both you and the company itself, setting up a layer of separation between the two. Not sure which way to go? A few months ago we too! k a look at the choices at hand and gathered some solid information about which direction to travel.

Why does it have to happen? First and foremost, its a psychological matter. Beyond that, though, Seed Hatchery is going to write a check and due to legalities that check cant be written to a person, it has to be written to a business. No company? No cash.

Prepare For Sacrifice

If youve ever been in a startup environment, then you know by now that its not all wine and roses. The high points are easily rivaled by the sacrifices that are made toward the end goal. With that in mind, there are big sacrifices that have to be made in order to prepare yourself for an accelerator of any length.

The founders need to clear their decks for 90 days. They need to attend all the experiences. To be a founder means to sacrifice. They need to talk to their spouses and significant others and be released to pursue startup greatness. If they dont open space to leverage the program fully, then they will have a hard time building a fundable business by Investor Day.

Get In Contact

Make certain that you have information ready that you want out to the public. Things such as your website, contact telephone numbers, email addresses and the like need to be prepared in advance of day 1 so that press, mentors and sponsors can reach your team.

Beyond that, though, make sure that you have at least a presentable one-paragraph description of you company. Though its likely to change, this paragraph will be the go-to for media, mentors and the public alike when it comes to learning about who you are and what you do.

Prepare For Launch

Think of this like moving in day in college, or the first day of summer campor day 1 at a new job. The first day at Seed Hatchery can be slightly overwhelming, as it is certain to be at any accelerator, but its full of the things that you need to know.

We give the teams the Launch Codes the information they need! to get into the Launchpad and make copies, get on wifi, etc. The Launchpad is the co-working space that LaunchMemphis and Seed Hatchery share for very early stage startups. Our founders [in the first cohort] didnt do any nesting for some reason no assigned desks or squatting occurred. I think it is a culture . . . Memphis is more digital nomad than digital nester.

Get Organized

In the copy of the email that Mathews sent to me, it very specifically says You should probably put my contact info into your mobile phones for the future. That is to say that you need to make certain that you have access to the information thats been given to you. Theres nothing worse than needing a number or email address at a critical time and not having it, but this step is often overlooked amid the hustle of everything else that surrounds you.

So thats it. Or at least thats the part thats on paper. Everyone has their own ways in which they prepare for a move of this nature and Im certain that every company has their own as well.

Next week well dive into the scheduling of Seed Hatchery. Im curious to know how it was decided, how the meetings and events were chosen and what each of them mean to the Seed Hatchery ecosystem as a whole. Ready to take the plunge? Applications for Seed Hatchery are open now.