Jumpstart Your Aerospace Business with an Accelerator
Approximately 10% of startups across industries fail from poor preparation and limited connections during their first year. If not the first year, then a couple of months or years later.
We know what you might be thinking – how can I avoid this from happening to me as an aerospace entrepreneur?
It all boils down to finding the right accelerator program. You’ve done the legwork – now it’s time to grow.
If your business is new to the aerospace industry, it can be a challenge trying to advance with limited knowledge of what potential investors are looking for. There are a plethora of funding options available and integral for your business. But you’ll need to know where to start.
Here’s how an accelerator program can help you.
If you seek mentorship, capital, and connections with potential investors, you might want to try a startup accelerator. At Starburst we help you reach new heights through our curated services. We take the best of traditional startup programs and pair them with our specialized aerospace innovation tactics. When you join, we help you explore your connections with corporate partners, mentors, and fundraising opportunities.
Incubator vs. Accelerator
Funding is fundamental. The steps you decide to take to benefit your business matter. You might be considering joining an incubator or accelerator program for just that.
Accelerators and incubators have different purposes and outcomes. Each caters to specific startups. Understanding the distinction can increase your chances of a profitable rollout. To help you gauge which program is best, we detail the specifics below.
Startup accelerators are best suited for companies with a minimum viable product or final product ready for market. Instead of waiting for your company to grow, we accelerate the process by giving you the tools needed for successful promotion.
Startup incubators offer the same tools as an accelerator. However, it is solely intended to help first-time entrepreneurs refine their business plans and build the company up. If you need help solving technical problems or design flaws and hope to learn how to retain a successful team, it might be best for you.
Is This a Viable Option?
This is inevitably the decision you need to make. With a few paying customers and confirmation of your validated product’s profitability, you qualify to apply. Unfortunately, the acceptance rate for most accelerators is lower, as thousands hope to utilize the services. The process is done in a few easy stages:
- Application: an aerospace application will ask for detailed information about your startup idea, company purpose, and team.
- Assessment: each team will be assessed on revenue, products or services offered, and whether it’s profitable to invest in.
- Interview: at this stage of the process, we guarantee the accelerator has interest; use this opportunity to tell them about your team, the product, and success rate.
- Evaluation: interviewees should provide documents, statements of revenue, and reviews made about the company.
- Acceptance: once you make it through the final evaluation stage, the accelerator can start finalizing details of the funding.
Hungry for a change? If you want to participate in an aerospace accelerator, turn to us at Starburst.