Bright Red Triangle’s Accelerator programme is funded by Santander Universities.
Startup Accelerators have been popping up all over the country recently, and we are glad to say that Bright Red Triangle has been forging the way since 2007. We are really proud of our Accelerator alumni which include Sydney Chasin who launched Healthy Crop, a healthy snack company now based in New York, and the founders of the successful production company High Tide Media, Alex Porter-Smith and Eathan Currie, to name a few.
The end of June saw the 2019 cohort being welcomed, coffee injected and ideas ready to be tested, broken and reassembled. There have been laughs and despair but one thing we guarantee is that the entrepreneurs will be closer to achieving their business goals.
So why would a start-up join an accelerator?
Often people are entering the accelerator with a seed of an idea or are at the very early stage of launching, so validation is still very much at the forefront of the entrepreneur’s mind.
We start this process in a very simple way. Sharing the idea with fellow members often generates some of the best feedback and brings everyone up to speed. It’s amazing how much this helps if you have had the idea in your own head for such a long time.
Perfecting your pitch is one of the most crucial elements in starting a business. The assumption is that you need a pitch for investment, which is true but there are so many other situations where a pitch is required; finding customers, persuading employees, involving influencers, entering competitions, and so many more. So it’s crucially important you hone the skills and practise under pressure in front of the cohort.
Week 4 of the Accelerator was all about perfecting the pitch. Speed pitching, a little like speed dating but instead of selling yourself you are selling your business idea in one minute, ten times in a row, to everyone in the room. It may sound a little crazy but the more you repeat yourself the more succinct you become. Try it! Can you pitch your idea in 60 seconds?
Accountability and peer support
There is something special that forms in an Accelerator. I am still trying to put my finger on exactly what that is. But one thing I know is friendships are formed and much like friendship, honesty and respect is of the utmost importance. This allows for business problems to be shared in a safe environment and solved as a group. Entrepreneurship can be a lonely journey, feeling other people are helping and you are helping others with your experience can have a wonderful impact on your business.
Ultimately everyone has the same goal: to achieve success
Why is it called an Accelerator? We are trying to speed the business process up and help you get to market quickly and successfully. If we are to achieve this, accountability is key.
It is not just the facilitators that help you become accountable but also the people around you. Setting weekly goals and giving a progress reporting to the group every week helps us achieve accountability.