ResVR CEO and founder Nathan Nasseri shares his unique perspective on the ins and outs of accelerator programs along with tips for early stage founders on how to navigate the process from start to finish.
For many startup founders, the prospect of joining an accelerator program can be both exciting and daunting. These intensive, time-limited initiatives promise to provide the guidance, resources, and connections needed to take a young business to new heights. However, with so many options available, each with its own unique focus and approach, choosing which accelerator to join can be a real challenge.
Enter Nathan Nasseri, CEO and founder of Calgary-based ResVR. Nasseri is a seasoned SaaS entrepreneur with a wealth of experience in Canada’s accelerator landscape as a graduate of multiple accelerator programs including Alberta Catalyzer, 500 Global, Antler, and the highly-regarded Creative Destruction Lab.
Nasseri’s extensive experience gives him a unique perspective on the benefits and pitfalls of accelerator programs, which he shares below alongside tips on how to pick the right accelerator for your startup, how to successfully apply to programs, and how to make the most of your accelerator experience.
How to choose the right accelerator for your early stage startup
Among the wide world of accelerator programs, it can be difficult to choose exactly which one’s right for you. Through his experience across multiple accelerators, Nasseri hones in on some key considerations that can help guide you in the right direction.
First, it’s important to consider the amount of time you’re both willing and able to commit. Accelerators often require a significant time investment from participants, which can be overwhelming and even undermine your business’s growth.
Nasseri remembers one accelerator program that required well over 20 hours a week of commitment, in addition to the 40-plus hours a week he was already spending growing ResVR. “It was pretty overwhelming—if I had a co-founder who lives in Calgary to share the workload with, it would’ve been a much better program to be a part of.”
If you’re a solo founder and/or are yet to hire other executives you can lean on, you may want to consider accelerators with more manageable workloads.
ResVR founder and CEO Nathan Nasseri
Nasseri also recommends not just researching an accelerator’s programs, but who’s actually behind it, as well as who will be serving as instructors or mentors. He reveals that many accelerators are actually conceived more as a way for investors to get early access to potentially lucrative investments, rather than as truly valuable learning experiences for founders.
Accelerators that are connected to public institutions or universities are more likely to meaningfully prioritize a founder-first experience. One of Nasseri’s favourite accelerator experiences was Creative Destruction Lab (CDL-Rockies), which is located at the University of Calgary’s Haskayne School of Business.
Another key choice founders have to make is whether to choose sector-specific accelerators or more generalized ones. Nasseri has yet to participate in a sector-specific program, but is now at a stage where he’s applying to at least a couple of them. He believes, as an early stage founder, particularly if you’re a first-time founder, it may be best to start with generalized accelerators for a few reasons.
These include that specialized programs tend to be more difficult to get into (because they have fewer slots) and, more importantly, there’s immense value in learning the ins and outs of startup strategy, how business is conducted in the innovation sector, and key skills for success. For example, Nasseri says that if you’ve never had any formal sales training, you will probably benefit greatly from an accelerator that offers some.
How to successfully apply to accelerator programs
So you’ve narrowed down a list of accelerators you’d love to join, but how do you actually get accepted by the powers that be? Nasseri’s number one advice is to be as prepared as you possibly can, even if you’re a newbie founder who secretly has little idea what they’re doing.
“Have a pitch deck that makes sense, practice your pitch, and understand exactly what your company is trying to do,” says Nasseri. “Don’t go in and admit, ‘yeah I don’t really know what I’m supposed to be doing, or I don’t have a clear vision of what my company is going to do.’”
In today’s golden era of startups, the bar for admission into good accelerator programs is higher than ever. “The competition is fierce,” he says. “You’re competing against hundreds of other competitors or companies that also want the same spot. Just be aware that most people actually get told, ‘sorry, there’s no room for you.’”
“Even if you get told no the first time, keep working hard and show that work. It’s not like they’re never going to take in more applications or more batches into their program.”
That said, don’t get discouraged by rejections—everyone gets them, including Nasseri. The first time he applied to Creative Destruction Lab, he had yet to even incorporate ResVR. The program rejected him, saying it was focused on established companies.
Seven months later, Nasseri was in the program.
“Even if you get told no the first time, keep working hard and show that work. It’s not like they’re never going to take in more applications or more batches into their accelerator program,” he says. “Accept you weren’t ready, or weren’t prepared, and decide that you’re going to prove them wrong.”
How to get the most out of accelerator programs
One of the key insights from Nasseri’s experience is the importance of approaching accelerator programs with an open mind, rather than specific expectations. He explains, “Don’t expect to go into any of these programs and get a specific result, like, ‘I’m going to do this program and end up meeting an investor,’ or ‘I’m going to do this program and end up meeting a customer,’ or ‘I’m going to completely change my business because of this program.'”
Setting realistic expectations and being open to unexpected opportunities is crucial, as Nasseri found accelerators’ true value often came from the connections made and lessons learned, rather than any predetermined outcomes.
“Be willing to listen, but if your gut is telling you that what you’re being told is wrong, or that it won’t work for you, don’t do something just because someone is telling you to do it.”
Nasseri also says that, even as they learn from others, founders should remember to trust their own expertise and instincts rather than blindly following every piece of advice they receive in an accelerator program. “Definitely be willing to listen, but if your gut is telling you that what you’re being told is wrong, or that it won’t work for you, don’t do something just because someone is telling you to do it.”
He emphasizes that, as a founder, you may actually be more of an expert in certain areas of your own business or industry than the mentors or advisors at an accelerator—particularly if it’s a more generalized one. Founders should be discerning and maintain trust in their own expertise to avoid getting sidetracked by well-meaning, but potentially misguided advice.
Finally, Nasseri highlights the value he got from prioritizing networking and connecting with other founders. He cites not just strictly business-related benefits, but emotional benefits, too. “It’s very lonely being an entrepreneur, especially an early stage founder, in that you’re not surrounded by people all the time and it’s very difficult for others who aren’t entrepreneurs, running a startup, or trying to build a company to understand what you’re going through.”
Go forth and accelerate
Navigating the world of accelerator programs can be a valuable, yet daunting, experience for startup founders. Ultimately, the accelerator journey is not a one-size-fits-all endeavour. As Nathan’s journey shows, the key is to approach these opportunities with intentionality and an open mindset. By carefully selecting programs that align with your company’s specific needs and stage of growth, you can help ensure you get the most out of your accelerator experience.
If you would like to learn more about ResVR, visit their website: ResVR.com
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