As we continue our national tours helping build TVA and recruit amazing teams, we hope to share our learnings with the TVA community. Below are some highlights from the most recent event with GAN in Denver and Rise of the Rest!
First, the #RiseofTheRest tour with Steve Case:
Denver was the 2nd stop and 21st city. He gives away $100k in each city via a startup pitch competition. Our very own mentor Jacqueline Claudia with Love the Wild pitched! Steve continues to be an amazing steward of the startup movement and it's importance for every city in America. I was fortunate to have breakfast with Steve, Denver Mayor, Michael Hancock, Governor John Hickenlooper, Jim Deters from Galvanize, Erik Mitisik and few other influential folks across the state. It's clear Colorado and its leaders have prioritized entrepreneurship and that the results are real. Denver is the 2nd fastest growing metro for millennial in the country, one of the top 5 hubs for high growth companies, and they all credit it to the leadership who made it a priority here.
Global Accelerator Network: a network of 80 accelerators from around the world. Managing Directors gather once a year to discuss best practices, what's not working, and ultimately, how to provide the best possible support for startup founders.
- Attending an Accelerator Twice: A big question is if it ok. The real answer is "Yes, IF..." If the company really is progressing and hitting their goals. By definition, each program should help the company hit the next big milestone. If the company is still struggling with the same issues as the first program, it is most likely not a fit. Great examples of successful teams that have done it twice: Sphero and Revolar (both went through Techstars twice).
- Rolling Applications: Most MDs seem to feel extremely constrained by the one-a-year program schedule. Good validation for the Partner Program we're developing at TVA. Our goal is to provide similar terms
- Scale-up Accelerator: There is a huge need in the market for later stage support for founders. Doing some market research with several teams who went through GAN accelerators, it seems the real need is for companies already producing $1-2M ARR and the need is for the entire executive team to be able to unplug and truly define a strategy to make the next big leap. We'll be exploring launching a program around this for the Fall of 2017 in Telluride... Imagine ~2 weeks offsite with your executive team, 3 other teams at roughly the same stage, and a small group of truly world class mentors? Let us know if you're interested or have ideas!
- Alternative Financing Instruments: TVA is set to be one of the first accelerators in the world to offer a revenue loan type instrument for companies. The fact that we can target support for more modest growth companies seems to be something everyone gets excited about. I believe there is a true adjustment and alignment of resources in communities around the world which I'm calling the 80/20 flip - our current models are based on 80% ROI for investors and 20% impact in our communities. I believe that most communities, especially outside of the major markets, is almost exactly the opposite. Let's all recognize the reality that startups are a new form of education and economic development for communities, and that we don't need to rely on unicorns to drive success stories and impact.
- Managing Mentors: Most programs actually don't track mentor and team performance. The ones that do seem to have a real edge. Expect TVA to be implementing a standardized NPS score for both mentors and teams this year to help mentors get better and help teams be more coachable. I also led a session with the group called "Mentors are like Mushrooms." A bit shout out to my former co-founder Franck Nouyrigat who created the original version of this that we've been using for years!
- Diversity: Gender wise, TVA is way ahead of the pack. Huge props to Thea, Ashley and Jesse for the previous 3 years. However, we're still lacking on other aspects of diversity. Diversity of thought, perspective, skills, culture, and life experience is so important to driving true innovation and progress. Expect us to continue to prioritize this internally at TVA.
- International Founders: With programs like this to help with visas, opportunities to support teams from around the world is a huge opportunity for both the program and the community. Telluride is already full of global thinkers and problem solvers, and we'd love to help continue investing this by bringing in some teams from around the world.
The Entrepreneurs Journey: The Entrepreneurs Journey model lives on nearly 7yrs and counting. This model was literally what unlocked funding and drove our strategy to build and scale Startup Weekend, leading to UP Global, and the merger with Techstars. It also basically sums up my mental models for our strategy in Telluride as well. It was great to post on Facebook and see how many people are still using it around the world.