Steve Hoffman, Co-Founder & CEO of San Francisco-based startup accelerator Founders Space, understands business, understands startups and understands innovation. He recently returned from a visit to Asia that included meeting with Taiwan’s Prime Minister Mao Chi-kuo. “Innovation isn’t confined to Silicon Valley,” Hoffman said when discussing international opportunities. “There are talented people and a high concentration of capital here, but there is a critical mass of creativity and capital in Beijing, Taipei, Seoul and other tech hubs,” he explained.
Silicon Valley is an international innovation resource. Governments, businesses, and research institutions throughout the world are acutely aware of and interested in the innovation that occurs in and enters global markets from Silicon Valley. Entrepreneurs are also aware and come from all over the world to establish businesses in Silicon Valley.
Because of the nature of the connected world, entrepreneurs do not have to always be in Silicon Valley to benefit from its influence. Entrepreneurs can come to Silicon Valley, build relationships with the local startup ecosystem, including Silicon Valley venture capitalists, and then return to their home states or countries bringing Silicon Valley influence and capital back to their teams. Startup accelerators and incubators in Silicon Valley are becoming the common path to success for startup CEOs to accomplish these objectives. When coming to Silicon Valley is not an option, entrepreneurs can connect to Silicon Valley startup accelerators that are expanding globally or connect to local startup ecosystems with connections to Silicon Valley.
Startup Accelerator Differentiation
Startup accelerators are beginning to differentiate in various ways. In addition to attending events at several Silicon Valley startup accelerators, I’ve had the opportunity to work with startups in three startup accelerators, Plug and Play Technology Center, Wearable World and Founders Space. Through those experiences it is clear each accelerator is different and has something unique to offer.
For example, most startup accelerators have a program that typically runs for around twelve weeks with events and official mentoring sessions one to three times a week and a pitch day at the end of the program. Founders Space, in contrast, has an accelerated accelerator accomplishing the same objectives in a shorter period of time. “Every weekday for an entire month we have people coming in to coach our entrepreneurs, to provide mentoring and to empower entrepreneurs,” said Hoffman. “They are able to come, network, learn and accomplish their objectives in a shorter period of time, which is critical if you’re coming from overseas and only have a 3-month visa.”
Advice for Entrepreneurs
Because of the many differences between startup accelerators, the best thing an entrepreneur can do is to first determine objectives that need to be accomplished for their company while in an accelerator. This means a bit of footwork is required outlining objectives. Spend more time deciding what you want from a startup accelerator than on what you want from your next car.
After determining objectives, find the startup accelerator that will provide the best match to those objectives. In the search for the appropriate accelerator the decision process should extend far beyond comparing web pages. Make time to connect either with the startup accelerator or with entrepreneurs who have participated in their programs before making a decision.
Once in Silicon Valley, review your objectives often to remain focused. It is your responsibility to get the most out of your accelerator experience.
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