6 Steps to Take Your Start-up Accelerator 100 Percent Virtual

by Zaara 01, Dec 2020

6 Steps to Take Your Start-up Accelerator 100 Percent Virtual

We are hearing and living with the deadly virus for four months, which has pneumonia-like signs, and today, much of the world, as we know, has come to a standstill. Because of the Coronavirus pandemic, more than 4 billion people around the world are in some sort of lockdown. The shutdown will be over someday, and the time will come to re-join our job, but given the complexity of the pandemic, everything is about to change now the entire world is turning into virtuality. Technology is improving with a four folded speed. Coping up with this fast-paced dynamic environment calls for rapid strategy changes in an organization.

Tips for Your Start-Up to Go Completely Virtual

Here are six specific things to consider when moving to a virtual start-up program. 

1. Substitution with Virtual Meeting

In-person communications are generally during interviews, and training programs. There is no ideal substitute for creating those one-to-one relationships, but video chats can be as similar to those. Sometimes, a simple community Skype call is used to cross the regional gaps during the interview. The next move is to create a reliable partnership over video calls. The video media is crucial, Audio calls are simple to default to, but the video will help build the connection between virtual founders and investors. Consistency is essential, too. Try to use a layout that first inspects with personal selves and emotional state, then what 's best in mind, then metric tracking.

2. Content Management

The second most powerful thing is about the tools and services you have. Luckily, there's already a lot of that online. Almost all startup programs have blogging members. You will be shocked to hear how much content the top accelerators are already freely sharing.  Write the content to reach out to more number of audiences. You may also perform breakout sessions on business models or industry. At Present, content is the queen, so be creative in it.

3.  Team Management

The centre of every great accelerator is the team which runs it. There is so much fancy content online to support distributed teams that is the easy part of this portion of the program. Build a system that makes it simple to be remote: frequent check-ins, team meetings where everyone else in the office wears headsets, online target tracking, attendance, feedback loops.  At the end of the virtual is all about communication.

4. Building Bonds

One of the long-lasting things that come out of an in-person start-up accelerator is a bond between soldiers.  Those relationships between the creator and the manager will make the whole system worth it for certain entrepreneurs. But how do you support the connective tissue without foosball, ping pong, or hours of happiness? Ok, why not try multiplayer gaming online, Slack networks, and social virtuals? Start your batch of rituals and practices early on. Ensure the feeling of security and belonging among the employees. Have one person in charge of that on the accelerator team. Do the icebreakers online from Day One. Encourage a weekly entertainment group or business book club evening. Encourage hobby, curiosity, or company relations. To perform this, there are lots of online tools available. You can even use the Watch Party function of Facebook to have a night shown on TV. Or host a happy hour weekly Friday over a video conference continuing from one batch to another.

5. Get Ready for Demo Day

And here it is. Your big day to showcase the start-ups on which you have spent your time and mentored it for months. But how can you go out with a bang without leasing a funky event venue? Demo days were overdue for disruption: Participants would be overwhelmed by the number of activities they need to attend.

6. Be Active and Follow Up

Post-program, you've mostly gone virtual but that shouldn't be the end of the partnership. Collect updates from your companies using an online form. Automate sending it quarterly, and connect it to your CRM. One example of this is Google Forms To Hubspot. Continue making video calls to check in with your founders as needed. Make considerate introductions via email. Think about ways you can add as much value as you can when you give email advice to the extent that you forget the need for a real call. Try network tools such as Signal, AngelList, and LinkedIn to support your startups with your connections. It has also never been easier to go completely virtual. Technology can make your work easier if it is used properly.

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