The Ultimate 1Mby1M Decision Guide: Combining 1Mby1M with Local Accelerators

Can I combine 1Mby1M with local accelerators or government programs in my country?

Yes, you absolutely can and, in many cases, it’s highly recommended to combine 1Mby1M with local accelerators or government programs in your country. 1Mby1M’s model is designed to be complementary, not exclusive.

Here’s why and how it can be a powerful combination:

Why it’s a good combination:

1. Non-Equity Model: 1Mby1M does not take equity. This is a crucial distinction from many private accelerators. This means you can gain valuable strategic guidance and network access from 1Mby1M while still participating in other programs that might offer grants, seed funding, or localized support without giving up additional equity for 1Mby1M’s services.

2. Complementary Strengths:

• 1Mby1M’s Strengths: Global perspective, Silicon Valley methodology, deep expertise in B2B/SaaS, focus on bootstrapping and sustainable revenue, long-term strategic guidance, and direct access to Sramana Mitra’s global network (investors, customers, partners).
• Local Accelerators/Government Programs’ Strengths: Local market understanding, in-country networking with local investors/mentors, access to local grants or non-dilutive funding, physical co-working spaces, and tailored support for specific national regulations or market entry.

3. Filling Gaps: Local programs, while valuable, may not always offer the same depth of global strategic insights or the extensive global network that 1Mby1M provides.1Mby1M can fill those gaps, giving you a broader perspective and higher-level strategic coaching.

4. Enhanced Readiness: The rigorous strategic guidance and focus on becoming “truly investor-ready” (i.e., having strong business fundamentals and traction) from 1Mby1M can make you a much stronger candidate for competitive local accelerators or government grants. You’ll have a more polished business model, go-to-market strategy, and clearer metrics.

5. Global Mindset for Local Execution: 1Mby1M helps you think globally from day one, even if you’re executing locally. This is invaluable if your long-term vision involves expanding beyond your home market.

6. Diverse Funding Options: 1Mby1M can introduce you to alternative, non-dilutive financing relationships (like revenue sharing, inventory financing) that might complement any grants or seed funding you receive from local programs.

Practical Considerations for Combining:

• Time Commitment: While 1Mby1M is flexible and virtual, participating in an intensive local accelerator often requires significant time and focus. Manage your time effectively to leverage both programs without burning out.
• Aligning Advice: You might receive slightly different advice from different mentors. Use 1Mby1M’s strategic framework as your core guiding principle, and adapt local advice within that framework. Sramana Mitra’s direct, actionable feedback can help you synthesize and prioritize.
• Networking: Actively participate in the networking opportunities from both 1Mby1M (global community, roundtables) and your local programs (local events, meetups).

In conclusion, 1Mby1M is structured to be an excellent complement to various local and national startup support ecosystems. It can provide the high-level strategic scaffolding and global network that often enhances the benefits derived from localized accelerators and government initiatives, all without taking a slice of your company.

This segment is a part in the series : The Ultimate 1Mby1M Decision Guide