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5 Reasons to Join a Startup Pre-accelerator

Date

2021 08 31

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“Although the number of startup support programs has been growing rapidly in recent years, it is often the case that innovative businesses still lack information about the benefits and differences between different measures“, says Gediminas Rumšas, the head “TechHub” pre-acceleration program, organized by the Agency for Science, Innovation and Technology (MITA) and Vilnius University (VU). What are the benefits of  participating in the pre-accelerator for startups and those with innovative ideas? 

Opportunity to test your idea without any risk

“A startup that participates in the pre-accelerator can evaluate his idea and understand whether it is worth the investment or not. It costs the team nothing except time. To avoid testing the idea for several years spending all their savings, the participants of the program, with the help of mentors and international experts, can do it in a few months,” says G. Rumšas. According to him, even if the idea turns out to be not as good, the teams can use the acquired knowledge to build another, more successful business. 

Mentoring and support from experts

"According to various studies, startups, with the help of mentors and other experts, grow up to 4 times faster. And rapid growth is a key condition for a startup’s survival. When creating a startup, its product needs to be tested in the market as soon as possible, and if is not working, it needs to be improved and changed. Those changes are easier to implement along with experienced professionals who have already tried this path and a community of entrepreneurs living in the same rhythm,” says the “TechHub” pre-accelerator manager. According to him, this program brings together a team of professionals and practitioners who have built businesses of their own.

Business development knowledge 

How to prepare a business plan, discover a target customer, refine competitors and present your idea to investors? The answers to all these questions can be found in just a few months. “Of course, programs may vary in length, but for example, “TechHub” pre-acceleration program includes 12-week training course, during witch participants refine the problem, value proposition, market size, business model, perform competitor analysis, develop a market entry strategy and continue to work consistently to find the best solutions for the development of a specific idea. This creates a solid foundation for startup growth and attracting investments,” says G. Rumšas. 

Meeting investors and business angels 

According to G. Rumšas, it is very important for the startups to feel support at the beginning of their business journey and to get all the advice possible: "It is necessary to feel that you are not alone in this ecosystem. That is something that you will definitely feel not only during lectures, consultations, but also during various events”. Both during and at the end of the program, startups present their ideas to investors and business angels, making it a great platform to grab the attention of potential investors. 

Pro bono and discounts 

Startup support programs often have a wide network of partners. Entrepreneurs who do not yet have sufficient resources, and in particular lack knowledge in certain areas, can take advantage of the services of partners such as law firms, intellectual property experts, professionals in different technology fields, or discounts on marketing or other services required. In addition, according to G. Rumšas, businesses in general are more lenient with startups and tend to give them additional discounts or benefits to help and support them in the business creation process.

The application process to the fourth cohort of the  „TechHub“ pre-accelerator will start on September 13th. Startups and those with innovative ideas are welcome to apply. During the program selected teams will participate in a three-month training course, in which they will develop their ideas, meet investors and business angels, gain business development knowledge, find new team members and receive services worth 25,000 Eur. 

You can also find out more about the program at the Pre-accelerator Info Day Event, during which the program manager dr. Gediminas Rumšas will present the content of the program in more detail, talk about the application process, benefits, mentors and prizes. During the event, all questions will also be answered by participants from previous cohorts. 


TechHub is a project implemented by the Agency for Science, Innovation and Technology (MITA) to help develop early-stage innovative business ideas, encourage intensive start-up growth and sustainable development of the entrepreneurial ecosystem. The aim of the project is to encourage researchers, scientists, students and businesses to develop innovative ideas, provide their teams with support and opportunities for intensive growth. We invite you to follow all project related news on Facebook and LinkedIn  as well as webpage

The project is funded by the European Regional Development Fund. No: 01.2.1-LVPA-V-842 “Inogeb LT”

 

Contact us:
Project Manager Gintarė Narakienė, +370 610 39339, gintare.narakiene@mita.lt
Communications Specialist Milda Vilčinskaitė, +370 679 90633, milda.vilcinskaite@mita.lt