Getting into an (our) accelerator

I’m writing this post after the tough process of making decisions for Launch Pad Ignition and communicating the good and bad news to the companies that applied.  It was a very competitive process and we had a lot of great applicants, which made the decisions hard.  This year we added an advisory board to Ignition made up of investors – 2 NOLA, 2 NY, 2 SV.  They provided very valuable guidance and feedback and ultimately we made the decisions.

While its fresh, I want to share some thoughts on why some companies did or didn’t get in, so you can be better prepared to apply next year or to another accelerator.

You need:

  • Shovel-ready product development - even if you don’t have product yet, we need to have confidence you’re ready to hit the ground running.  If you’re not building or ready to build, you’re not ready.
  • Hustle and drive - the best way to communicate how good you are is to show that you are building this company anyway, with or without Ignition.  We had a founder who went from talking about his idea at our info session in December to having a prototype built before he finished interviewing. It was clear he was building this company with or without us, and this communicated a lot about his drive.

Deal breakers:

  • All founders not able to attend the whole program - last year we flexed on this a bit and learned why its so important for all founders to attend the entire program.  If you we’re able to commit to being in New Orleans for the whole program, we didn’t let you in.  The value of an accelerator is in being part of it, and if only one founder attends, it leads to companies not being calibrated.
  • Uncommitted founders – founders who still are working full-time or have a second company were a deal-breaker.  You may be able to bootstrap a company or self-fund it this way, but its not an appropriate structure for an accelerator or attractive to investors.  You may see it as a safety net, but we need you all-in.
  • Unable to communicate vision – several companies left us scratching our heads as to what they did or wanted to do, even after multiple interviews. You need to be able to communicate your vision succinctly.  Practice this with regular people. If they don’t understand it, simplify and refine.
  • Kitchen sink approach – take your core value proposition and then layer on everything else you might possibly build. Not a good approach.  Refine your core value to its core functionality. You can build up later. But you must have something core that makes people want to use your product.

We’re excited to be announcing our class Feb 13.  Hopefully this feedback is helpful to applicants who didn’t get in and to those who will be applying next year.

What TribeCon means to me

TribeCon is about the community I love, the tech community in New Orleans. Two things have inspired TribeCon for me more than anything else: First, the emergence of the grass-roots New Orleans tech community that picked itself up by its bootstraps on the heels of Katrina and realized that we had the both the opportunity and responsibility to shape this City’s future. This inspiration led to Net2NO, Launch Pad, the SXSW pilgrimage, GNO Code, and so many other groups. Second, after the death of my father, I examined everything I was doing, and decided it was time to follow the old entrepreneurs’ adage – do work you are passionate about.

Driven by these two things, in the back of the bus on the way back from SXSW in 2009 Adele, Tiffany and I had the spark of the idea to do a conference with the Voodoo Experience. We had no idea what we were getting into, but we pitched it to the community and pitched it to Voodoo and six months later were producing our first conference. It’s been such a great run to work with the amazing people involved in this event. Peter, Matt, Megan, Katy, Tiffany, Adele, Molly, Andrew, Melissa and many more people have given their time and energy to make this such a special event. Thank you guys, you are my Tribe!

I felt compeled to share my personal feelings here, if you have other questions, check out the interview on Silicon Bayou News.

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