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Know who to talk to, 2017’s seed accelerators ranked

(ENTREPRENEUR) 2017 seed accelerators were ranked based on a variety of categories and given scores to let start-ups know where to look and who to talk to.

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Seed accelerators announced

The Seed Accelerator Rankings Project has just released its 2017 rankings.

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For entrepreneurs considering an accelerator program, SARP’s data is a great resource for comparing relative performance of accelerators.

The rundown

Topping the list are Bay Area accelerators AngelPad and Y Combinator. Second place winners, or Platinum medalists, include The Alchemist, Amplify LA, TechStars, and more. All data used in these rankings is measured as of December 31, 2016.

Hundreds of accelerators have popped up in the past few years, each with vastly different program structures and business objectives.

SARP uses several metrics to determine an accelerator’s overall performance, from achievements and employee happiness to sensitive financial data. The rankings are intended to help guide entrepreneurs in their journey to find the right accelerator for their company.

To rank these accelerators, in addition to confidential hard data provided by accelerators, SARP surveyed founders of startups who graduated from the accelerator programs.

The goal of accelerators is to set startups up for long-term success.

However, because many accelerators have only been around a few years, SARP had to find ways to determine leading indicators of success. This involved interviewing venture capitalists, angel investors, and accelerator program directors to collect data on a comprehensive array of metrics.

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These ranking factors include:

Valuation: This is determined when a firm has a priced round. Mean and median valuations were measured.

Qualified Exit: This happens when a startup issues an IPO or is acquired for more than $5 million above the amount of capital they’ve raised.

Qualified Fundraising: This refers to when a startup raises at least $200K in funding, and is an early indicator of potential for long-term success. Ranking took into consideration the percent of alumni companies that had a qualified raise within 12 months of graduating, the percent that have had a qualified raise to date, and the mean and median amounts raised by these two time periods.

Survival: This is the percentage of startups still in business. Since startups are volatile by nature, SARP considered survival at 12, 24 and 36 months after a program end. This controversial metric was weighted lower than others.

Founder Satisfaction: This was measured using a survey of entrepreneurs who have graduated from the accelerator programs, asking them if they would repeat the program and whether or not they would recommend it to a friend. Responses were calculated via the Net Promoter Score (NPS) method: a 0-10 scale that determines Promoters, Detractors and Passives. An NPS score is the percentage of promoters minus the percentage of detractors.

Alumni Network: This refers to the number of startups that have graduated from the accelerator program. A large alumni network supports future business development and can significantly contribute to a startup’s progress and long-term success.

Fair measurements

SARP weighted metrics within categories, then weighted the categories to determine overall scores.

For increased accuracy, scores were adjusted to account for the various stages companies were in upon entering their accelerator program.

#Accelerators

Helen Irias is a Staff Writer at The American Genius with a degree in English Literature from University of California, Santa Barbara. She works in marketing in Silicon Valley and hopes to one day publish a comically self-deprecating memoir that people bring up at dinner parties to make themselves sound interesting.

Business Entrepreneur

Cowrkr gives you accountability while you work solo

(ENTREPRENEUR NEWS) Being accountable for your own accountability is a tall order. Join Cowrkr and let someone else do it for you.

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My boyfriend and I have always had a great appreciation for film and television, as well as the writing that goes into it. We always talk about different project ideas, but never get too far in execution with the busyness of real life.

Last night, I finally thought of a way that we can help each other bring our projects to completion, and that is simply by holding each other accountable. I suggest that each week we could have a new task that is due by 10 p.m. Sunday night.

We both have ideas for scripts, so the plan is to start off with having a plot synopsis and character list due the first week, having an outline due the second week, and so on. This will not only help keep us on track but will also help in terms of formatting ideas.

While I’m grateful that this little plan has come together, I know that most people aren’t working on similar projects to people they are close with. Therefore, they may need to look elsewhere for accountability.

Now freelancers and entrepreneurs have the opportunity to be matched with a fellow freelancer or entrepreneur to help hold each other accountable for their respective projects. Meet Cowrkr.

“This is an initiative to help makers keep themselves socially accountable by getting them to build publicly,” says cowrkr developers.

Users sign up and give some info regarding what project they’re working on and what they’re shipping. It works by connecting two makers at a time and cowrkr works to help each maker keep the other accountable until each project is completed.

Once a project has been completed, the makers then end their accountability relationship. When their next project comes along, they will then be assigned a different maker.

Cowrkr’s website does not give a ton of insight as to how the algorithms and matching systems work, but it is an intriguing idea for freelancers and entrepreneurs looking to take their individual projects to the next level.

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Business Entrepreneur

The top 10 startup cities in America

(ENTREPRENEUR NEWS) If you’re thinking about launching a startup anytime soon you may want to check out this list on the top 10 cities for startups.

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The digital revolution is in full swing, and some cities are setting themselves up to capitalize upon these innovations by supporting startups.

In order to “better understand the U.S. cities driving the digital revolution,” several groups have come together to rank which cities are making the most of the tech startup boom.

The U.S. Chamber of Commerce, 1776, the U.S. Chamber Technology Engagement Center, and FreeEnterprise.com have teamed up to publish a report called Innovation That Matters (ITM).

The report analyzes and ranks U.S. cities on such factors as startup capital, the connectivity of startups, startup culture, the availability of worker talent and specialization, and more. Data was taken from surveys of entrepreneurs and businesspeople, startups, and leaders in public and private sectors.

J.D. Harrison, senior director of strategic communications at the U.S. Chamber of Commerce says that the “digital revolution has the potential to make winners of some cities and leave others behind.”

The study aims to find out which cities “embrace this shift to a digital economy and actively support technology startups,” arguing that these cities “will be the best positioned to unleash the power of high-impact innovation and cultivate vibrant, thriving communities.”

The top ten ranking cities are as follows:

10) Portland, Oregon because every city needs a nickname, has been dubbed the Silicon Forest, referencing its leadership in green tech.

9) New York City, New York. The largest tech hub on the east coast.

8) Seattle, Washington. Home to Amazon.com and several other tech firms, with Microsoft’s headquarters in nearby Redmond.

7) Dallas, Texas. Dtown moved up significantly by increasing startup connectivity and tapping into a large, diverse workforce.

6) Atlanta, Georgia. The “most improved” city on the ITM list, moving up 15 places to number six due to a surge in financial, educational, and health tech industries.

5) Austin,Texas. Home of The American Genius, Austin has become a “haven for tech-savvy millennials seeking good-paying job opportunities.” Besides hosting many tech startups, Austin still has a relatively affordable cost of living.

4) San Diego, California. San Diego is full of cybersecurity, Big Data, robotics, and software startups.

3)Philadelphia, Pennsylvania. Also known as Philicon Alley, moved up from number eight by deregulating and becoming more business-friendly.

2) San Francisco Bay Area. The Bay also ranked number two last year. The seaside neighbor to the Silicon Valley has been doing a great job attracting seed funding these days.

1) Boston, Massachusetts. This is the second year in a row that Boston has topped this list, due to its large number of startups and robust entrepreneur population.

How does your city rank?

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Business Entrepreneur

Customer surveys tell more than just satisfaction

(ENTREPRENEUR NEWS) While they can be annoying for the consumer and cost time for the company, customer feedback surveys are crucial to your business.

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While Richard Dawson, Louie Anderson, and Steve Harvey may not be able to personally help you with customer service, what they have in common can. Surveys, and personalized follow-up attention in general, help clients and consumers know that they mean something to your business.

For the sake of this article (and the fast-paced, technological world we live in) I am going to be speaking about surveys. However, I want to share this anecdote first.

I used to work front desk at a salon and part of my job was to follow up with new guests about a week after their appointment.

Now, most of the time, my calls went to voicemail, which were never returned; but every once in awhile a human answered.

After going through the spiel of why I was calling, I could almost always sense a sound of surprise from the other line before the person answered my question. One conversation in particular left me realizing how important this seemingly useless task was.

I called an older woman and asked her about a recent appointment she had at the salon. She thanked me for calling and then went into detail about how great the appointment was and how much getting her hair done meant to her.

Before we hung up she said, “thank you again for calling. A salon has never done this before.” It then hit me like a ton of bricks just how significant something as small as a callback is.

If you have the time, definitely make those callbacks to clients as it could be very meaningful. However, it’s understandable that most of us may not have the time in our schedule for personalized phone calls.

So if that’s the case, don’t forget about surveys. I know most of them will either go to spam or go unanswered, but the mere fact that you’re sending it out shows clients and customers that you care about their business.

And, for those surveys that do receive responses, it can be extremely beneficial for your company as you can get insight into what works and what doesn’t. There’s really no disadvantage to this tactic, so remember to make time for that follow up with existing clients rather than just focusing on getting new ones.

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