For many entrepreneurs in the tech space, being a part of something larger has helped get business off the ground quicker than going at it alone—which is why more and more startups are turning to incubators and accelerators to help bridge the gap from concept to completion.
While business incubators have been around since the 1950s, this new breed of tech accelerator is becoming more and more mainstream by offering expert mentorship, resources like legal counsel and office space and, even in some cases, seed money. Today on ‘Dot Complicated with Randi Zuckerberg’ Jackie Trebilcock, the Managing Director of the New York Fashion Tech Lab, and Chike Ukaegbu, founder of StartUp52 discussed the business of tech accelerators.
CHIKE UKAEGBO“StartUp52 is the first diversity-focused accelerator in NYC.”
“If you don’t belong, you belong with us.”
“There’s a much bigger need for diversity in tech than ever thought.”
“StartUp52 has 20 startups that just started with us.”
“We had about 400 applications this round.”
“We look for a diversity profile. How diverse is the team, because diversity helps drive innovation.”
“I came from an environment that encouraged education. I was curious why this was such a disconnection for the youths in Harlem.”
“We had kids who didn’t know what ‘entrepreneur’ meant to going after VCs when the program ended.”
“This is not just a social impact game, diversity is also very profitable.”
“Women, minorities, the disabled, and veterans are all an untapped community in tech.”
“The moment you try to go too technical, you lose your audience.”
“People love numbers and successes. Talk about those.”
“We have a kickoff event that’s open to the public.”
“ Monday, Thursdays are two days focused on investors.”
“In July we have a community week where we do something for the community everyday.”
“We have a mentor who is focused on wellness. We encourage family and community and to be vulnerable with each other.”
“The tree does not make a forest. We understand the meaning of community.”
“We have 5 highschoolers and 20 college interns to alleviate some of the responsibilities for the entrepreneurs.”
“I’ve been in New York 14 years. I call Harlem home. The diversity here and richness of the people is more exciting than being out West.”
“We’ve attracted those who understand where we’re coming from—a community that understands itself.”
“Success for us is making sure the founders succeed and get what they need.”
“It’s important to find the right person who understands the community and empower them to do what they need to do.”
“I spent 5 years learning how to build something but no one taught me how to monetize that.”
“Finding a mentor is extremely important. Make sure there’s an organic relationship first.”
DISCOMELEE—“Entrepreneurship isn’t for the faint of heart. It takes a special person to go through that gauntlet.”
“You walk into investor meetings and say ‘video game’ they oftentimes say no.”
“Building your team is the hardest, but most important, part.”
“It’s important to increase your pool of advisors and mentors. It’s important to find an accelerator that works for you.”
QUARTOLIO—“I was exposed to information that I didn’t have.”
“Stay connected and stay informed. Reach back to others and let people know they exist.”
“We have fashion retail partners to work with us.”
“We work with only women for this program. We were founded by Springboard Enterprises, headed by Kay Koplovitz.”
“We have two wearable companies, 3D knitting—it’s quite diverse.”
“We have a database of many tech & fashion startups.”
“Our fashion retail partners are part of the acceptance process.”
“We’re always keeping in touch with the startups that didn’t make the cut. It might have just been the wrong time.”
“I’m very entrepreneurial and have a few startups in the fashion industry.”
“Demo Day is what our lab companies work towards. It’s a product pitch.”
“Startups get 6 minutes to pitch their product on Demo Day.”
“Hone the pitch and know your audience. How do you tell the story without too much text?”
“Day 1 we start off with orientation about what the founders can expect and how they can forge relationships with our retail partners.”
“We’re not all meeting in the same space every day.”
“We have a framework of curriculum.”
“We were founded to be able to give designers access to the fashion industry. We have a direct line of communication to retailers.”
“We’re there for each of the entrepreneurs and are there to help them.”
“NY Fashion Tech Lab was founded in 2014. Now there’s a lot less resistance to fashion and tech.”
“If there is a fashion or retail brand that not’s based in NYC, they have an office here.”
“Two of our founders from the Lab have been acquired.”
“A lot of our companies are B2B but some are B2C.”
“We have a large pool of mentors we match our founders to. It’s not an exact science, it takes a lot of time to find the right one.”
Join ‘Dot Complicated with Randi Zuckerberg’ next Wednesday, July 6th when CEO of FUBU and co-star of Shark Tank, Daymond John joins the show. Only on SiriusXM Business Channel 111 at 12pm ET/9am PT.
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