Accelerator Program was launched as a pilot back in March 2016, the brief was to create and develop a One-to-Many Acceleration platform for pre-start entrepreneurs that over a three-month period would see them advance from the early embryo of a great idea, into:
- Having full clarity on their business concept
- Greater understanding of their target market
- An outline method of product or service delivery; and
- The basic idea of what it takes to start their business.
The success metrics of the programme fell into two key objectives for the delegates:
- Effectively and eloquently “pitch” live in front of a panel of real investors
- Demonstrate eligibility and suitability for Business Wales Accelerated Growth Programme Entrepreneur Programme.
The Accelerator programme delivery model was based upon facilitating practical, intellectual and emotional progress using a combination of:
- Key skills workshops, focussed on areas that would help refine and develop a business idea and prepare for a pitch presentation
- Smaller cohort mastermind/board groups that would allow shared knowledge and access to an experienced mentor, while providing a means of progress, review and accountability; and
- Access to regular trade missions to London, and the full range of start-up support offered at Welsh ICE.
On a practical level, the plan was to initially engage each delegate in:
- 6 half day workshops
- 3 mastermind board sessions
- 3 review sessions; and
- 3 trade missions.
Based upon the two success metrics stated above, and starting with over 40 applications received and applying the basic Business Wales Accelerated Growth Programme requirements in shortlisting, the pilot achieved great results:
- 12 candidates started the programme and 11 completed
- 9 have delivered investment pitches to date (82% success rate).
- 5 currently in direct discussions with investors
- 1 has received seed funding and have sales
- 1 has obtained funding from Finance Wales and is currently in development phase
- 1 is fully registered on the Business Wales Accelerated Growth Programme
- 5 have had Expressions of Interest Approved by Welsh Government
- 3 will receive diagnostics and be on-board by end of June, with the remainder choosing to hold back subject to further development work on their business plans and looking to progress in July.
All in all, the pilot has been a great success for the delegates, whose general consensus was they had achieved more traction and real progress in the 3 months with the programme, than they had the previous six, nine and in one case 18 months of trying on their own.
“The ability to achieve clarity and focus has been incredible”
“Helped me to identify weakness, and through masterminding, help resolve them”
“Having a sense of direction and clear structure meant I could work to milestones which Accelerator gave me and supported me to achieve”
“It doesn’t matter what stage you think you’re at, joining the Accelerator has a massive impact”
“You may think you are better off spending time in your business, but the Accelerator is time well spent ON your business and can help you move forward immensely.”
Welsh Ice - Innovation Centre for Startups in South Wales.