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- Choosing relevant accelerator metrics KPIs
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Ruth Bergin and her team looked for a way to improve the process of writing performance reviews. Through the six weeks they developed GoldMint.
The reason an accelerator (more help) exists and its business model impact the way it selects and measures its KPIs. Some accelerators (more bonuses) (in very rare cases) charge startups a fee, so they can have skin in the game, others take equity and depend directly on the success of the startup, and some rely on government funding to drive positive change. Naturally, they all report different accelerator (published here) metrics KPIs to their stakeholders.
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They are used to inform and see how operations evolve, usually monthly, quarterly, or yearly. Lagging metrics help discover, understand, and predict future trends.
For university and NGO accelerators, success might have a different meaning when it comes to success metrics. University accelerators might be interested in vanity numbers, like how many startups apply to their programs.
Developing universal KPIs for accelerators can seem complicated due to their different purposes
For private and corporate accelerators (website), success might mean revenue. If this is the case, relevant metrics could focus on how many startups achieved enough revenue to leave the accelerator. For a fair comparison, accelerators must know how fast the average startup reaches that revenue on its own. And how much faster this happens through the accelerator’s program.
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They are the ones that keep stakeholders satisfied. They often fall in the performance or vanity categories.
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Starting an accelerator (https://aprel-vologda.ru/hack/?patch=8127) should be like starting any other business. It is all about defining a strategy (background, objectives, strategic approach, monitoring & KPIs). Accelerators that struggle with choosing success metrics (KPIs) should focus on three simple pillars: why, what and how. These pillars often trump complex management or strategy consulting frameworks, and they are a great way to ensure that all the stakeholders are aligned from the start, that the brand of the accelerator (click this link) is built with consistency across all messages, and that everyone in the team works toward the same end goal. Watch Simon Sinek’s TED talk, which is a very inspiring way to think about clarifying your strategy.
Its success lies first and foremost in the “whys” of the accelerator champions
Metrics reported by accelerators (you could try these out) usually depend on who their stakeholders are. University, private, corporate, NGO, and government programs have different types of metrics as their stakeholders look for different things in the data.
While NGO accelerators might focus on the number of jobs created by startups
To choose the correct KPIs for an accelerator, you must go back to basics. You must remember why an accelerator (read this) exists in the first place, and bear in mind a very clear definition of success.
Developing universal KPIs for accelerators can seem complicated due to their different purposes. But it is not mission impossible. It only requires perseverance, discipline, and the right tools.
For a fair comparison, accelerators must know how fast the average startup reaches that revenue on its own
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