Taking a leap: applying to an accelerator and uprooting your life
The wind on your face, the thrill running on your veins, you look out to playground ready to jump and feel invincible. Remember those days? That feeling before jumping, before finally taking that leap, is still incomparable. But once we grow, it’s harder to jump, especially if the leap means uprooting your life for a business you’re still working hard on.
Yet, that’s what entrepreneurs all over the world do when applying to accelerators outside of their home base, opening to the possibility of running their business elsewhere. If you are considering applying to an incubator or accelerator, here’s what you need to consider.
What about my personal life?
Leaving your life behind when you’re young and single sounds like the start of a great movie, anything can happen in your adventure. But leaving once you’ve started to settle on your ways, got married and/or started a family is harder. You will make the sacrifice for programs that can bring real benefits to your company and in places in which your family and friends can have an amazing time.
A great support system can help you grow internationally. Create your support system and take the leap.
Before applying to any incubator or accelerator, make sure you’re considering how long they are. Parallel18, for example, runs for 20 weeks twice a year. And, let’s face it, Puerto Rico has everything you and your crew need to make that time go by super fast.
If for some reason, your family is unable to join you make sure you have the necessary support system to take care of their needs back home. Learn how to delegate, both in life and work. Fabiany Lima, a P18 Gen.2 alumnae and founder of the children’s learning app TimoKids, said it best “Everything that I can give away, delegate, I do.” Lima, a Brazilian entrepreneur, is the mother of twins and CEO of her company. She has participated in several accelerators in addition to P18. Her support system has made it possible to grow her business in different countries and stay in Puerto Rico to continue her company’s growth.
Toying with the idea of being in an accelerator program will help you decide what’s truly important in your life. Everything else can be taken care of through your loved ones, a hired service, even technology. And if you love Puerto Rico, as you probably will, and decide to relocate and take advantage of the numerous tax benefits for your company, the scouting process will be done and it’d be an easier transition.
It’s not all about funding
Funding is a great reason to apply to an accelerator, but it should not be the only one. Programs offer different perks and fulfill different needs. An accelerator like P18 will provide your team tools to achieve the level of success you’ve been working for. Mentorship from the best in the business, an invaluable network that you’ll continue to carry with you long after the program is done. In a survey conducted among the third cohort, the founders almost unanimously agreed that mentorship has been the greatest resource so far, even if it was not the original reason for their application.
Participating in an accelerator program will put you in touch with many other entrepreneurs whose area of expertise will be wildly different from yours. Your team can learn from theirs and vice versa. You’ll finally have someone that understand the crazy amount of work and sacrifices that goes into a startup business. At best, you’ll able to create lasting partnership that will mutually benefit both of your growing business. At worst, you’d have someone who will understand why you need to work at 11 p.m. on a Saturday night. This is one of the main benefits o an accelerator, the community you create. In words of Grace Stanat, one of P18 Mentors “This community, what you have here, is everything.”
More than a founder
Being an entrepreneur is a way of life, but it is not the only thing that defines you. If you’re a female entrepreneur with children, a partner, both, or none it can feel overwhelming to uproot your life for a few months. But it shouldn’t deter from applying to an accelerator.
In Puerto Rico, you will have access to resources that will help facilitate your time on the island. Your partner would be able to work remotely. For the children -of all ages!- Puerto Rico offers natural resources, schools and parks that will help facilitate their time on the island, if you decide to bring them.
Concerned about safety? Puerto Ricans are well-known for their hospitality, so you’ll have no trouble making friends that will help you identify the best areas to live and have a healthy lifestyle. So it doesn’t matter if you’re a woman traveling alone, with family or with a team, you’ll always find someone willing to help and make the transition seamless.
Sign you up?
If you’re serious about applying to an accelerator, you need to ask yourself first and foremost, is an accelerator the best move for your business? Detach your emotions from your business, is it ready for more? Does it need guidance from an expert to get to ever evasive next level?
If the accelerator is the right move, how will your business benefit from participating in the program? Yes, money is amazing, we all need it, but if funding is all the program offers and you still have no idea what to do next, how does that work in your favor? How will you know how to make the most out of that funding? Never forget: more money, more problems. Write down your startup needs and look for a program that will help you advance. Remember that world-class mentorship and an expert network in varied fields could be more helpful in the long run both for your business and personal life.
Use the time between the application and selection process to put your ducks in a row. And then get ready to succeed.
