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If successful: "ALL BECAUSE OF 500 Startups. YOU'RE WELCOME, PEON!"
If unsuccessful: "LOL TRY HARDER #sorrynotsorry"
At least you know what you're getting into, I suppose...
They don't have time for anything including your start up.
"We give you all the resources you need to succeed. However, connecting the dots – and staying afloat in the swimming pool – is completely up to you."
Avon , Mary Kay , and Am Way give you resources too. This sounds really sketchy and I hope start ups see what they are getting into before they join.
Yeah, apparently they're too busy to even answer email because their "getting sh*t done"
"No investor or accelerator can make a startup any better or worse than it already is"
I believe the author was trying to convey just b/c your startup is accepted to 500 does not guarantee you any success Your team, your product, your will to win will make your startup succeed. 500 just gives you access to making all that happen in one place. It's up to you to see through with your plan and that doesn't always mean coming out with your head above water.
At least they're upfront about it.
When you sign on with an accelerator like 500 Startups, basically what you get is a stamp of approval from a known brand on the investment scene and, therefore, access to other investors who might participate in your seed round. The rest of the trappings are to keep up the perceived value of that stamp of endorsement. It's not all that different than going to college — it's still on you to make something of your education, even if it comes from a well-known school.
Besides, entrepreneurs who would let an investor tell them how to run their business obviously don't know what they are doing ... and investors (even well-meaning ones) who act like they have the answers are either lying or delusional. There are no answers.
That said, a more progressive accelerator might be able to leverage some economies of scale by providing things like centralized HR, PR, legal, and accounting services to their portfolio companies.
500 Startups, Y Combinator, and the other ones that are supposed to be "rockstars" really are not that big of a deal. If you look at their overall success rate it's not that great as opposed to bootstrapping or using the lean start up method yourself. Yes, you don't get to go to the "cool parties" but if your business is good it can succeed without all the multilevel style marketing from these incubators. Check out start up weekend or other options first before looking at incubators. There are so many places to get mentors and advice. Most people I have spoken to that were in an incubator got nothing but burned.
