You know that old saying, “Nothing ventured, nothing gained”... Well I live by those words everyday. And the best part is, I’m not alone.
As some of you may know, Ecopreneur recently completed the 6-week Blacks & Latinos in Tech (BLT) accelerator* program created by Rutgers University that launched the business to (literally) the next level. It allowed us to finally get the business to the point where we can generate revenue and eventually scale. In this reflection, I’m going to lay out my impressions of the program - the good, the bad, and what I think would’ve made it better.
Well, without further ado, here’s my reflection!
Overall, I thought the program was very good. I want to take a moment to give a special shoutout to Mukesh and Luz. They both helped run the accelerator and honestly, absolutely killed it! I couldn’t think of anybody else more fit to head this initiative. Now back to our regularly scheduled program…
Seriously though, I learned a lot while going through the accelerator. There was good advice passed around, the mentors were very helpful, and all around the value was 100% there. The small price you pay to access all of the information and resources this initiative has is priceless and well worth the value.
The specifics behind what I learned include: honing in on my messaging, further implementing automation systems, refining my technology user experience, cleaning up my pitch deck (it was disgusting!), defining my business model, and most importantly, understanding my WHY. And I emphasize the “why” because if you don’t understand this, you can’t build your business. Trust me, I’ve tried!
Unfortunately, I can’t talk about all of the amazing things without being realistic and pointing out a few flaws with the program. Don’t get me wrong, this shouldn’t sway you from considering applying for future cohorts but these are things to be aware of. I came up with a short list to simplify my thoughts:
- Very short program
- Not enough in-person interactions
- Wish I had more sessions in with my mentors
- Was not able to choose the mentors that directly fit my startup needs and synergies
Please keep in mind that this is my personal experience with it and can change for future cohorts to come. Also, we’re dealing with unprecedented times so that played a big factor.
Additionally, what I would’ve liked to add to the program was a detailed session about raising non-dilutive* funding for startups looking to bring in a little financial capital to jumpstart their company. Especially if you’re pre-revenue and literally coming in with just an idea.
All in all, there isn’t much else to say about the BLT initiative. I would say it is a strong pre-accelerator program all-around and helpful for clearly defining tangible goals and milestones. This also opens a gateway for you to either start making money from clients ASAP or get into a fancy accelerator program such as Techstars or Y Combinator. Or both!
My personal overall rating of BLT: 8.5/10
Lastly, I recommend BLT to people just starting out with an idea or are in the beginning stages of their startup journey. After all, nothing ventured, nothing gained right?
To my fellow underrepresented founders, godspeed!
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Appendix Definitions:
*Accelerator: Accelerators provide intensive and time-limited business support for cohorts of startups, aiming to get them ready for investment more quickly than traditional incubators.
*Non-Dilutive: Non-dilutive funding is any investment that does not include you relinquishing ownership of your firm. Loans, grants, licensing, royalty finance, vouchers, and tax credits are examples of non-dilutive options.
