The Accelerator Conundrum: Navigating Your Path to Startup Success

Alright, let’s cut through the noise and get to the brutal truth of the startup accelerator world. Many entrepreneurs, starry-eyed and naive, leap headfirst into 3-month accelerator programs without truly understanding the long-term implications. It’s time for an incisive commentary, a necessary dissection.

1Mby1M Udemy Courses with Sramana Mitra: Financing

Raising money to build a startup is a huge challenge. To be able to raise any money at all, you must first understand how investors think. We have developed the following courses catering to entrepreneurs in different stages of their entrepreneurial journey.

The Myth About Seed Funding

By guest author Irina Patterson

We, at 1M/1M, have invested significant resources to dispel the myth about seed funding. We engaged with and interviewed some very successful entrepreneurs who bootstrapped multimillion dollar businesses without outside funding.

Here are just a few examples: Zoho [CEO Sridhar Vembu], RightNow [CEO Greg Gianforte], eClinicalWorks [CEO Girish Navani] ClubPlanet [CEO Andrew Fox] and Finisar [CEO Jerry Rawls].

These entrepreneurs kept building their technology and technology-enabled services businesses and kept validating, until they closed their first key customers. Then, some did take outside money and scaled their business into multimillion dollar companies.

But some of them never took outside money and still own 100% of their multimillion dollar ventures.

1M/1M supports bootstrapping. As long as an entrepreneurs have a place to live, money for food and serious work ethics, we can teach them how to build a multimillion dollar company, block by block. We don’t recommend they waste time looking for seed funding too soon. When they’re ready, we can advise them to do so, but not too early, not too soon.

Note: If you are considering becoming a 1M/1M premium member and would like to join our mailing list to receive ongoing information, please sign up here:

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MBA vs. 1M/1M, Let’s Do The Math

By guest author Irina Patterson

I recently read a book by Philip Delves Broughton called Ahead of the Curve – Two Years at Harvard Business School.

The book is about Philip’s firsthand experience at HBS during 2004-2006. The book is so sarcastic that, reportedly, it made Harvard very unhappy.

I enjoyed the book, but it also made me wonder if getting an MBA is worth the investment.

Philip left a job as a Paris correspondent for The Daily Telegraph (UK) to get his Harvard MBA in 2004. At the time he had a wife and a small son and his second son was born while he was at HBS. His school-related debt for the two years at HBS amounted to over $170,000.

When he graduated, Philip couldn’t get a job related to business. He writes for The Financial Times now. So, he went from being a writer to being … a writer. I am not sure that is what he had in mind when he applied to HBS.

In the book, among other things, Philip tells a story how he and his buddy started a media business while at HBS, how it didn’t go anywhere, and how the HBS entrepreneurship professor wasn’t of much help.

I don’t know if Philip still pursues entrepreneurship. If he does, I think he could appreciate our 1M/1M Premium Program.

After all, one year in 1M/1M  costs $1,000. One year at HBS cost Philip $85,000.

Note: If you are considering becoming a 1M/1M premium member and would like to join our mailing list to receive ongoing information, please sign up here:

How Do You Scale Mentoring?

By guest author Irina Patterson

To date, on this blog, we have interviewed more than 30 incubator managers and more than 40 angel investors, and all of them are looking for solutions to scalable and effective mentoring resources.

Most mentors are active or retired entrepreneurs, senior executives, and incubator managers themselves. Most seek not only emotional satisfaction from mentoring but also a return on their time (and often money) investment.

If you are a senior executive, your time is worth anywhere from $500 an hour and up. Mentors spend anywhere from two to 100 hours a year with each entrepreneur. So, they invest anywhere from $1,000 to $50,000 in each entrepreneur in terms of time.

Now, consider an alternative. The 1M/1M Premium Curriculum covers all the core groundwork on bootstrapping, positioning, market sizing, customer validation, financing, customer acquisition, team building, and so on. In addition, we have electives that are specific to industry segments like Web 3.0 and e-commerce, cloud computing, healthcare IT, online education, mobile and social apps, gaming, outsourcing, and more.

At 1M/1M, we ask each entrepreneur to spend at least 50 to 60 hours digesting the curriculum so that by the time they engage with a local, live mentor, they have already mastered the basics.

Once entrepreneurs know the basics, local mentors could do higher caliber coaching. This way, everyone stands to get greater return on their time (and money).

By everyone, we mean the entrepreneurs and their local mentors, the incubators and regional economic development organizations and, of course, the local and global communities at large.

Note: The 1M/1M team has invested significant resources to engage with and understand the challenges of the Incubator industry around the globe. You can sign up for our opt-in mailing list to get this information via email on an ongoing basis.

How Much Is An Entrepreneur’s Time Worth?

By guest author Irina Patterson

Ms. Sramana Mitra, the owner of this blog and founder of 1M/1M, interviewed hundreds of successful technology entrepreneurs, many of whom are her good friends.

All of them built successful multi-million dollar technology companies by trial and error. Many made mistakes that easily cost them a few million dollars in lengthy experiments. Many of them lost a few years here and there because of lack of knowledge or experience.

The 1M/1M Premium Program has been built on what has been learned from those multi-million dollar mistakes.

We strongly believe that if entrepreneurs follow the 1M/1M methodology, they will avoid such costly mistakes and save themselves a few years and a few million dollars.

Note: If you are considering becoming a 1M/1M premium member and would like to join our mailing list to receive ongoing information, please sign up here:

Does Your Region Experience Brain Drain Of Technology Entrepreneurs?

By guest author Irina Patterson

For the past three decades, serious technology entrepreneurs have come to Silicon Valley to seek help with their early-stage businesses. Ms. Sramana Mitra, the owner of this blog, founded the One Million by One Million program (1M/1M) so that they wouldn’t  need to come to Silicon Valley.

1M/1M is a global initiative that aims to nurture a million entrepreneurs worldwide reach a million dollars each in annual revenue and beyond by 2020, thereby creating a trillion dollars in global GDP and ten million jobs.

1M/1M supplements regional economic development resources with Silicon Valley’s expertise, methodology, and connections.

The 1M/1M platform allows entrepreneurs worldwide to stay home and get the same quality of help and connections that is available to those entrepreneurs based in Silicon Valley.

Being part of 1M/1M, entrepreneurs worldwide don’t have to spend money on relocation. They can even keep their day job until they are ready to work on their own business full time. When they succeed, they will contribute to their local economy, not Silicon Valley’s.

If you would like to learn more about the program, please join us at the next 1M/1M Strategy Roundtable any Thursday. Everyone is welcome.

Note: The 1M/1M team has invested significant resources to engage with and understand the challenges of the Incubator industry around the globe. You can sign up for our opt-in mailing list to get this information via email on an ongoing basis.

Business Incubator Series: Dave Knox, The Brandery, Cincinnati, Ohio (Part 1)

By guest authors Irina Patterson and Candice Arnold

I am talking to Dave Knox, one of the co-founders of the Brandery, which is a mentorship-driven 12-week business accelerator based in Cincinnati, Ohio. Founded in 2010, they are part of TechStars Network, have similar format, and offer early stage entrepreneurs $20,000 in financing. They particularly focus on startups where design, branding, and marketing can be a serious competitive advantage. >>>

Business Incubator Series: Micah Kotch, NYC ACRE At NYU-Poly, New York (Part 1)

By guest author Irina Patterson and Candice Arnold

I am talking to Micah Kotch, who serves as director of operations for NYC ACRE at NYU-Poly (the New York City Accelerator for a Clean and Renewable Economy). NYC ACRE is seeded by a four-year, $1.5 million grant from the NYSERDA (New York State Energy Research and Development Authority).

NYC ACRE was created in partnership with the  New York City Economic Development Corporation, the New York City Investment Fund, Columbia University, Pratt Institute, and NYU.

NYC ACRE is a subset of the NYU-Poly Varick Street Incubator, which Micah also helps to run. >>>

Business Incubator Series: Fred Hoch And Terry Howerton, TechNexus, Chicago, Illinois (Part 1)

By guest authors Irina Patterson and Candice Arnold

I am talking to the co-founders and managing partners of TechNexus Fred Hoch and Terry Howerton. TechNexus was originally developed by private investment and community support in Chicago in partnership with the Illinois Technology Association (ITA) to serve as a “clubhouse” for the local tech community, and it evolved into co-working space and incubator for Chicagoan entrepreneurs. >>>

Business Incubator Series: Diane Dimeff, eSpace: The Center for Space Entrepreneurship, Boulder, Colorado (Part 1)

By guest authors Irina Patterson and Vandana Upadhyay

I am talking to Diane Dimeff, who is the executive director of eSpace: The Center for Space Entrepreneurship in Boulder, Colorado.

The center’s mission is threefold: 1) to help aerospace entrepreneurs to start new companies, 2) to develops commercial applications from the innovative technologies created within these companies, and 3) by collaborating with industry, government, and academia to provide career opportunities for high school, community college, and university graduates. >>>

Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 1)

By guest authors Irina Patterson and Candice Arnold

I am talking to John Richards, co-founder and co-managing partner at BoomStartup, which is a mentorship-driven accelerator in Provo, Utah.

Irina: Hi, John. Where are you originally from?

John: I grew up in the Seattle area. Actually, I was born in Pennsylvania, and then my parents moved back to Seattle. I grew up in Seattle and had a long career in Seattle until I moved to Utah for the teaching position. >>>

Business Incubator Series: Mark Lieberman, Business Technology Center of Los Angeles County, California (Part 1)

By guest authors Irina Patterson and Candice Arnold

I am talking to Mark Lieberman, manager of regional economic development at the Community Development Commission of the County of Los Angeles. He has also been managing Business Technology Center of Los Angeles County for the past nine years. >>>

Business Incubator Series: John McIntyre, Citrix Startup Accelerator (Part 1)

By guest authors Irina Patterson and Candice Arnold

I am talking to John McIntyre, senior director at Citrix Startup Accelerator, which is an outgrowth of Citrix Labs, an internal research and innovation organization at Citrix with offices in Sydney (Australia) and Redmond (Washington), as well as a presence in Cambridge (UK), Santa Clara (California) and Fort Lauderdale (Florida).

Lunched in December 2010, Citrix Startup Accelerator is looking to invest and accelerate early stage businesses that are doing cutting-edge work in software technology, especially in the areas of mobile and cloud computing. They have a physical location in Santa Clara, but it’s a global program. They don’t want to be seen as exclusive to Silicon Valley. >>>

Seed Capital From Angel Investors: Pravin Gandhi, Seedfund – Mumbai, Bangalore, New Delhi, India (Part 1)

By guest authors Irina Patterson and Vandana Upadhyay

I am talking to Pravin Gandhi, a founding partner at Seedfund, which is one of the India’s leading early-stage venture capital funds, with operations in Mumbai, Bangalore and New Delhi.

Seedfund was founded in 2006 by Bharati Jacob, Mahesh Murthy, and Pravin Gandhi.  In 2010, they raised Seedfund II, which is a $54 million fund. The fund also runs its own incubator.

Irina: Hi, Pravin. Let’s start with your personal background. Where are you from and where did you receive your education? How did you arrive at this point in your life?

Pravin: I was born in Mumbai and did my schooling here. I did my undergraduate work at Cornell and then returned to India after I finished my undergraduate degree. Then I worked in a couple of companies because I really wanted to be an entrepreneur. >>>

Business Incubator Series: Bruce Wright And Molly Gilbert, Arizona Center for Innovation – Tucson (Part 1)

By guest authors Irina Patterson and Candice Arnold

I am talking to Bruce Wright and Molly Gilbert, both of whom are with the University of Arizona Office of University Research Parks (OURP).

Bruce Wright is associate vice president of OURP. He directs the office and serves as the CEO of the University of Arizona (U of A) Science and Technology Park and Arizona Bioscience Park. He is also president of both the Arizona Center for Innovation (AzCI) and the Campus Research Corporation (CRC).

Molly Gilbert is deputy director of OURP. She leads strategic initiatives there and serves as project manager for the Arizona Bioscience Park.

Our conversation is primarily focused on the Arizona Center for Innovation, the university’s technology business incubator. >>>

Business Incubator Series: Troy Henikoff, Excelerate Labs – Chicago, Illinois (Part 1)

By guest authors Irina Patterson and Candice Arnold

I am talking to Troy Henikoff, co-founder and CEO of Excelerate Labs, a Chicago-based intensive summer accelerator for startups. The program attracts dozens of mentors from around the country to work closely with, usually, ten teams of entrepreneurs. The 13-week program begins on June 1 and on August 31 culminates in an Investor Demo Day, where the entrepreneurs showcase their startups to more than 200 angel and venture investors. >>>