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.

Announcing Launch Pad Ignition

I am excited today to announce Launch Pad Ignition, our new startup accelerator program.

This is the culmination of several years of planning and preparation, and we are particularly excited to be launching as a part of the TechStars Network, and by extension the Obama administration’s new Startup America Initiative.

Ignition has been a personal passion project. The conversation started a year ago, after I wrote my open letter to David Cohen (see, they really work).  Andrew Hyde has been a huge supporter and Taylor Davidson has been instrumental in helping us model this out and make it happen. Thank you to the fantastic mentors who have already committed to being onboard.  If you’re interested, please contact me. I’m excited to be working with my co-founders of Barre Tanguis, Will Donaldson, Peter Bodenheimer and Mark Graffagnini, this really is like a startup itself.

An exciting leap for the New Orleans startup ecosystem, Ignition creates a framework to help founders refine their product offering, invigorate their business plans, and raise funding to fuel their growth.  So, if you are a startup in New Orleans, or willing to move to New Orleans to accelerate the growth of your company, definitely check out the info and get your application in before March 18.

Learn more about Launch Pad Ignition, the TechStars Network, and Startup America.  See more detailed information in our press release. We are proud to be playing a role in accelerating entrepreneurship.  Startups, start your engines!

« Older Entries