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Accelerators get startups to achieve.
Creating a successful startup takes entrepreneurship, drive, and innovation, but taking off with or without expert advice and mentoring can mean do-or-die for a business. A startup accelerator program can do just that. Help get a business off the ground, into the limelight, and even secure funding.
As opposed to VC funding, helpful nonetheless, an accelerator program brings a more holistic approach to the table, offering more services like mentoring, workshops, networking events, and 1:1 Q&A sessions, frequently tailored for a specific industry type or business.
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Governments supporting accelerators.
Governments have begun to take notice of these accelerators, interested in spurring economic development within the country or municipality. A variety of countries like Taiwan, the US, and Portugal have initiated these types of programs in the last ten years. They find these as means to offer a method to bring in innovation and entrepreneurship into a region or country.
To spur development, federal programs have provided resources directly to accelerators, supported by policymakers to connect innovators with resources. However, the connection between federal and accelerator programs has not always been seamless due to the lack of marketing efforts and ease of application from accelerator participants. From the side of the startup participants, recruitment may be selective based on specific criteria.
Government-lead or backed accelerators, aside from the added value content and tools provided to the companies involved, also need to manage quite a few other operational procedures: securing short-term visas for participants if there is international travel required, operating funds, long-term financial sustainability, centralized physical space for work, recruitment, and staffing.
SOSA’s accelerator program.
SOSA works with governments, cities, and municipal entities to push innovation, drive economic growth, and attract foreign investment through customized accelerator programs. Teams on both ends work together to construct and cultivate a targeted initiative for the companies participating.
During the accelerator program partnership, SOSA’s responsibilities include the operational aspect of administration and logistics and the core concern of delivering value-added content for the startups.
Each year, SOSA partners with the world’s leading corporations, identifying more than 2,000 technologies from around the world, enabling more than 400 business engagements between companies and tech startups, leading to dozens of strategic implementations and investments; An additional great value for startups participating in its governmental programs.
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What’s in an accelerator program:
• Global presence through SOSA residencies
Physical workspaces for startups along with professional assistance from a dedicated manager and the entire SOSA team. With SOSA locations in Tel Aviv, New York, and Frankfurt, startups can access and operate from the world's most strategic ecosystems.
• Scale up workshops
Sessions designed to give startups the tools and best practices needed in order to build a global company. These include workshops ranging from ‘how to pitch’, ‘how to reach a product market fit’, and ‘how to build a successful global company’.
• Access to SOSA’s network
Participating startups attend conferences, networking events, and one-on-one consultations with key stakeholders, VCs, investors, and multinational corporations, as well as introductions to innovation and R&D centers, academic researchers, and commercialization offices.
"Our goal at SOSA is to support economic development through government backed startup programs, by leveraging our deep roots in the leading global markets."
– Uzi Scheffer, CEO of SOSA
Zoom into an accelerator program - i2i.
Recently, SOSA and Taiwan’s Startup Terrace concluded their IP2 Scale Out Program, an accelerator program intended to help seven Taiwanese startups promote their international goals. The partnership with Taiwan through its Innovation to Industry (i2i) grew out of Taiwan’s largest IT research institute, a government-approved organization, home to Taiwan’s most prominent incubators. Its primary goal was to support IoT startups and provide hands-on insight on how to expand into the US market within 14 weeks.
Based on i2i’s companies’ needs and requests, a variety of events, activities, and sessions were assembled into a vibrant schedule that included the following:
• Lectures by industry leaders and scientists
• Got to market workshops
• Capital raising tactics and prep
• Sales and demand talks
• Meetings with leading consulting companies
• Lessons about PR and data analysis
• VC feedback
• Mentorship 1:1 sessions
Not to mention team building, happy hours, and daily access to the local SOSA team.
The key was recruiting motivated ventures, entrepreneurs, and service providers to contribute and deliver compelling content and real-world tools to the participating companies.
Participating in an accelerator | the startups perspective.
Cyber Particle, a plug-and-play cyber solution provider for SMBs healthcare institutions, participated in the i2i-SOSA accelerator partnership. The company uses a zero-trust strategy to strengthen the joint-defense shell in the health-cyber world. Healthcare providers adopting Cyber Particle’s solution can offload the burden of managing daily cyber protocols.
While participating in the accelerator program’s undertaking at SOSA’s NYC offices, Cyber Particle met reps from two local NYC-based hospitals, Mt Sinai and Jamaica Hospitals. Their management sat down with independent representatives from the medical industry, including Dr. Ying(Medical IT services), Dr. Ding(Medical IoT solutions), and Dr. Chen (Johnson and Johnson Laboratory), to collect valuable feedback.
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Currently, the Cyber Particle team is speeding up product validation in Taiwan. It will return to New York for POC and partnership discussions with Dr. Ying and Dr. Ding.
“Our original goals for this trip to NYC were to investigate the product-market-fit of our solution, to look for potential users for POC opportunities, and to look for potential partners to help us with landing in the US market. I think we have a pretty good result in such a short stay, and I am looking forward to returning to New York for our future business development.”
– Ares Cho, Cyber Particle CTO.
Following the program, Cyber Particles’ summarized their experience and singled out some of the beneficial outcomes:
• Clarifying their sales pitch to potential customers
• Realigning and refining the company’s presentation and messaging
• Review and repetition of company intro for faster and on-point delivery
• Becoming aware of Legal and HR considerations
• Deepening ties with fellow accelerator startups and establishing stronger ties
Being part of an accelerator program is a win-win for startups and governmental entities seeking innovation: new ideas, driven entrepreneurs, and open innovation solutions all under one roof. Aside from the tangible benefits, being part of a collaborative environment and ongoing interaction with other founders is a strong motivating force. It can later become a support environment long after the program ends.
Contact us to learn how SOSA can work with you to create a successful global accelerator program.
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