How the world's largest startup accelerator works
Once upon a time on Habré there was an article about how the Y Combinator works - generally recognized as the world's most successful startup accelerator. In fact, almost every accelerator works on such a model (small funds for life, mentoring, and Demo Days), and the success of YC is due rather to the incredible flair of its founders and an extensive network of contacts. I'm not trying to belittle Paul Graham, he is very cool, but YC has no particularly tricky system.
In this respect, another well-known accelerator, the Founder Institute, is much more interesting. The most successful to call him until it turns out. It exists only 4 years with kopeks, which is not enough for the venture capital industry. But the title of the largest can be awarded without problems. FI programs are now operating in 57 cities, on all five inhabited continents. As for success, according to their internal statistics, 89% of companies founded by graduates survive and successfully reach either the stage when they can slowly grow with their money, or raise investments. The most famous FI graduate in Russia is the educational project Udemy, the less successful ones: Gridblaze (sold out), www.zirtual.com , www.skimble.com , etc.
I hope this will serve as sufficient evidence for you that FI is not a dummy for fools. Because it is really very interesting and somewhere even a unique structure, which is somewhere in the middle between educational programs and full-fledged accelerators. And, most interestingly, the participants of the Founder Institute are not “startupers”. As a rule, people come to the program without any idea at all. If I managed to interest you, welcome to habrakat.
As I wrote above, the Founder Institute is approximately midway between the accelerators and the startup activities. The difference from the events is obvious: the program lasts three to four months, rather than a couple of days, and gives a tangible result in the form of clients or investment proposals. At the exit, projects should be ready to either develop at their own expense or raise investments. Investments by the way are not particularly welcome, therefore during the course a lot of time is spent on how to work on the bootstrap model.
')
Comparison with accelerators is more difficult. All the differences from companies like “500 strartups” or “BlackBox” are related to the fact that the Founder Institute prepares not projects, but people. The initial premise is that there are a huge number of great professionals who can and want to develop their own company, but constantly postpone the start. It is hampered by the need to leave a lucrative job, the lack of a good idea and a complete understanding of exactly how to come from the “want business” stage to profit in hard currency.
That is, the majority of people who participate in the program are cool professionals who do not even have a fully-fledged idea, not to mention a niche and team analysis. The idea of the project is born at the first stage, together with mentors.
All other features grow precisely from the fact of focus on a person. First, FI does not give money. Because what money, when there is nothing at all? On the contrary, the programs are always and in all locations paid. Moreover, the price is set not too high, so as not to create the feeling “for what kind of money do they bother?”. But at the same time, it is not too small to cut off people who have not yet confirmed their skills and professionalism by their income level. In Moscow, the course cost $ 900, in St. Petersburg and Tomsk there will be $ 700 and $ 450, respectively. The amounts are not particularly significant for a good developer or head of the department of an average company, but noticeable at the same time.
Secondly, even the most excellent professional does not necessarily become a good entrepreneur. At that scale, to which the founders of FI aspire, to conduct an interview with everyone is unreal. Therefore, they conduct entrance exams for "entrepreneurial readiness." This is such a hefty test, somewhat similar to tests for IQ and situational psychological testing, which assesses several factors that determine whether a person can become an entrepreneur. The test was written by sociologists based on research, so the set is quite interesting:
By the way, as seen in the picture, we have with you, the level of fluid intellegence is two times higher than that of the closest competitors in Silicon Valley. This is cool and says that Russian entrepreneurs are perfectly solving problems that they have never faced before. According to the words of the founder of FI, Adeo Ressi, it is fluid intellegence that most influences the scale of a company that an entrepreneur can develop. Well, ambition, of course.
Thirdly, FI has a very interesting model of stimulating mutual aid among graduates and mentors even after the end of the program. Like any accelerator, they take an option. In 3.5% of the Delaware corporation, which graduates open at the end of the program (on their own, but with a huge discount on lawyers, etc.). All of these options from all graduates add up to one common pot. And here is the most interesting thing. The Founder Institute takes only 40% of this total pot. Another 30% goes to mentors who taught during the program. And not all equally, and in accordance with the rating, in which graduates together choose the most useful mentors.
And the last 30% are distributed among the graduates themselves. That is, everyone who managed to get to the end of the program has a small share in the companies of "classmates". The success of one of them makes a profit for everyone else so that mutual assistance in this get-together is like in books about pioneers. After all, everyone wants money. ;)
All other components of FI are typical enough for a good accelerator: a large network of graduates around the world, mentors - only practices and increased investor attention to graduates of the program. In Russia, there is only one FI office in Moscow, and they are preparing to launch a program in St. Petersburg and Tomsk .
Posted by: Andrey Zheglov , lead marketer at Coffeelab Growth Team. Facebook
If you like, he would be happy to get an invite;)
In this respect, another well-known accelerator, the Founder Institute, is much more interesting. The most successful to call him until it turns out. It exists only 4 years with kopeks, which is not enough for the venture capital industry. But the title of the largest can be awarded without problems. FI programs are now operating in 57 cities, on all five inhabited continents. As for success, according to their internal statistics, 89% of companies founded by graduates survive and successfully reach either the stage when they can slowly grow with their money, or raise investments. The most famous FI graduate in Russia is the educational project Udemy, the less successful ones: Gridblaze (sold out), www.zirtual.com , www.skimble.com , etc.
I hope this will serve as sufficient evidence for you that FI is not a dummy for fools. Because it is really very interesting and somewhere even a unique structure, which is somewhere in the middle between educational programs and full-fledged accelerators. And, most interestingly, the participants of the Founder Institute are not “startupers”. As a rule, people come to the program without any idea at all. If I managed to interest you, welcome to habrakat.
As I wrote above, the Founder Institute is approximately midway between the accelerators and the startup activities. The difference from the events is obvious: the program lasts three to four months, rather than a couple of days, and gives a tangible result in the form of clients or investment proposals. At the exit, projects should be ready to either develop at their own expense or raise investments. Investments by the way are not particularly welcome, therefore during the course a lot of time is spent on how to work on the bootstrap model.
')
Comparison with accelerators is more difficult. All the differences from companies like “500 strartups” or “BlackBox” are related to the fact that the Founder Institute prepares not projects, but people. The initial premise is that there are a huge number of great professionals who can and want to develop their own company, but constantly postpone the start. It is hampered by the need to leave a lucrative job, the lack of a good idea and a complete understanding of exactly how to come from the “want business” stage to profit in hard currency.
That is, the majority of people who participate in the program are cool professionals who do not even have a fully-fledged idea, not to mention a niche and team analysis. The idea of the project is born at the first stage, together with mentors.
All other features grow precisely from the fact of focus on a person. First, FI does not give money. Because what money, when there is nothing at all? On the contrary, the programs are always and in all locations paid. Moreover, the price is set not too high, so as not to create the feeling “for what kind of money do they bother?”. But at the same time, it is not too small to cut off people who have not yet confirmed their skills and professionalism by their income level. In Moscow, the course cost $ 900, in St. Petersburg and Tomsk there will be $ 700 and $ 450, respectively. The amounts are not particularly significant for a good developer or head of the department of an average company, but noticeable at the same time.
Secondly, even the most excellent professional does not necessarily become a good entrepreneur. At that scale, to which the founders of FI aspire, to conduct an interview with everyone is unreal. Therefore, they conduct entrance exams for "entrepreneurial readiness." This is such a hefty test, somewhat similar to tests for IQ and situational psychological testing, which assesses several factors that determine whether a person can become an entrepreneur. The test was written by sociologists based on research, so the set is quite interesting:
By the way, as seen in the picture, we have with you, the level of fluid intellegence is two times higher than that of the closest competitors in Silicon Valley. This is cool and says that Russian entrepreneurs are perfectly solving problems that they have never faced before. According to the words of the founder of FI, Adeo Ressi, it is fluid intellegence that most influences the scale of a company that an entrepreneur can develop. Well, ambition, of course.
Thirdly, FI has a very interesting model of stimulating mutual aid among graduates and mentors even after the end of the program. Like any accelerator, they take an option. In 3.5% of the Delaware corporation, which graduates open at the end of the program (on their own, but with a huge discount on lawyers, etc.). All of these options from all graduates add up to one common pot. And here is the most interesting thing. The Founder Institute takes only 40% of this total pot. Another 30% goes to mentors who taught during the program. And not all equally, and in accordance with the rating, in which graduates together choose the most useful mentors.
And the last 30% are distributed among the graduates themselves. That is, everyone who managed to get to the end of the program has a small share in the companies of "classmates". The success of one of them makes a profit for everyone else so that mutual assistance in this get-together is like in books about pioneers. After all, everyone wants money. ;)
All other components of FI are typical enough for a good accelerator: a large network of graduates around the world, mentors - only practices and increased investor attention to graduates of the program. In Russia, there is only one FI office in Moscow, and they are preparing to launch a program in St. Petersburg and Tomsk .
Posted by: Andrey Zheglov , lead marketer at Coffeelab Growth Team. Facebook
If you like, he would be happy to get an invite;)
Source: https://habr.com/ru/post/214247/
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