How to Know if Your EdTech Startup Is Ready for a Bootcamp, Public Benefit, or Early-Stage Accelerator?

There are lots of similarities between bootcamps, incubators, accelerators, and other startup programs. Knowing the difference between each program is key to understanding which one is right for your startup, and importantly, at what stage it can make the most impact on your progress. 

But first, before we get into the different qualities of each program, ask yourself: “Why do you want to join a startup program or how do you even know if your startup is ready?”

Your motivation for taking part and the stage of your startup are the two most important determinants of success for participation (and even admission) to a startup program. 

Some common motivations that startup founders share include market validation, mentorship, access to capital, brand awareness, and a solid growth strategy. How well a startup program matches your motivations will often determine what kind of program is right for you.

Pick a Program That Fits with Your Motivations, Stage, and Industry 

First, one way to match your motivation with a program is to understand if the program has demonstrated a clear path to help you validate your idea (if you haven’t reached product-market fit yet) or if you have a market for your product how it can help you reach further into that market. If the program can’t demonstrate how it’s going to help you do that, then it’s probably not for your company. 

Second, some programs take equity, and this, in turn, could limit your growth with poor advice or the wrong mentors, so proceed with caution with these programs. Ask to speak with past participants, research their progress, what they learned, and if they think the benefits gained were equal to or more than the value of the equity stake taken by the program.

Third, be wary of being seduced by the prestige of the brands associated with a  startup program: if the program doesn’t have a good track record of building successful companies that look like yours, then keep looking. It’s pretty easy to do your research and see which business models, industry verticals, stages of companies, or types of teams most benefit from participating.

One way to limit your risk of a bad program choice is by selecting a shorter program or choosing one that doesn’t take equity at all. Another way is to make sure it will help you tackle a specific challenge or validate your progress by giving you access to a relevant network or teaching you a specific skill set, such as fundraising. 

The StartEd EdTech Hyper Accelerator

Are you ready move to the next level of growth? Our world-renowned accelerator program will help you get ready to transform your business.

Bootcamp, Public Benefit Program, or Early-Stage Accelerator: Which Model is Right for EdTech Startups? 

While there are certainly several similarities between incubators, accelerators, and other startup programs, you should consider their differences before applying. Educational technology startups have unique needs that may require you to think a little differently about which kind of program is right for your startup.

Getting Started? Bootcamps Could be a Good Fit

Have little experience in founding and growing a company? These programs are a good way for a solo entrepreneur with very little experience to learn what starting and growing a business requires. They usually last a weekend or a few weeks at most and are either free or accessible for a small fee. However, they tend to be heavy on content and light on mentorship. Startup Weekend and YC’s Startup School are great examples.

Impact-Oriented? Consider a Public Benefit Program

Because learning and education are considered public goods in many communities, consider a public benefit program that provides social and impact-oriented entrepreneurs with the tools they need to expand their business. While some businesses avoid their social responsibility, those with a social mission often need to be more business savvy or be mindful of unique regulatory opportunities and challenges that other technology companies won’t ever face.

These programs tend to stress the importance of the non-financial outcomes of their mission and that of the entrepreneurs they support. They also tend to draw mentors from both the for-profit and not-for-profit sectors, while often incorporating as a not-for-profit or public benefit corporation themselves. Camelback Ventures and 4.0 Schools are great examples.

Seeing Traction and Ready to Grow? Consider Early-Stage Accelerators 

Early-Stage, aka Seed or Growth, Accelerators are a specific length (typically 12-24 weeks), require immersion in a cohort, and tend to be focused on technology entrepreneurs. Most require participating companies to have some level of traction or product-market fit, but not necessarily revenue. 

Early-Stage Accelerators offer founders the opportunity to learn the strategies and methodologies that have been successfully applied by seasoned innovators while expanding their network of industry stakeholders around them. 

Early-Stage accelerators can help grow the value of your company in a short period of time and can be an ideal gateway to funding, particularly for companies where the founders are new to the industry, institutional fundraising, or a geo-specific startup ecosystem. 

Finally, more important than funding, these accelerators often provide access to expertise, influence, strategic advice, talent, and market validation via admission and participation in the program.

Assess Program Design: How to Compare Your Options

Now that you’re closer to deciding which kind of program is right for you and you’ve narrowed your choices to a few candidates, you’ll need to compare how each program’s elements stack up against each other and best fit your needs. 

There are some common elements to compare across programs: program directors’ expertise, number of participants by cohort, clarity on goal setting, seniority and relevance of mentor network, workshops for hands-on problem solving, pitch practice and Demo Day, focus on fundraising vs general mentorship, and publicity. 

Participation Logistics 

How many startup participants are in your program cohort? Too few and you’ll not get enough exposure to different startup problem types, too many and you won’t have enough personalized attention to your startup. At StartEd we find that no greater than 12 participants per cohort is ideal. Ask if you can find out who your Program Director will be and meet them to find out about their experience. 

Networking

Educational technology companies have unique network needs, and we find that many founders are under-networked -- the ecosystem is complex and founders aren’t aware of the key players in the industry. Finding a network of mentors that understand and appreciate the problem you are solving is key to having a productive one on one conversation. These relationships often will last a lifetime and can be critical to growth through various stages of your startup---from early, seed, growth, to market dominance and exit. 

Workshops

What kind of workshops does the program offer? At a minimum, fundraising, market-entry, growth, and product strategy are the relevant elements to look for. It’s not good enough to get a few presentations from experts; look for the opportunity to have your objectives workshopped to find gaps in your strategy or business model. 

Demo Day and Publicity

Growing and evolving your startup requires lots of pitching to incrementally hone your pitch and customize it to a given audience. Don’t underestimate the importance of developing an effective pitch and knowing how to deliver it like it’s fresh each time, answer objections, and common questions. Your program should support you on this journey and be able to bring the broadest relevant audience to hear it.

Finally, It’s Your Journey

As many founders will tell you, starting and growing your company will be one of the hardest journeys you’ll ever make, but also one of the most rewarding. 

So whether you need to get your idea off the ground, reach product-market fit, get more traction, or get to the next level of growth -- be clear about your motivations, select the right kind of program that matches those motivations, take your time to do the research, and be sure to compare a few programs.