What’s the difference?
BlueChilli is offering a new type of program: a scale-up accelerator. So what’s the difference between that and our award-winning startup accelerator?
Thinking about it from the partner’s side. Corporations are putting their name to a startup accelerator and a scale-up accelerator.
There are three important motives for corporate partners:
- to improve existing business processes,
- to explore new opportunities, and
- to showcase innovation.
And while the startup accelerator will go a long way towards achieving these objectives, we can take it a bit further.
A scale-up accelerator is an opportunity to connect existing startups with corporate partners that have similar missions.
Traction & Growth
BlueChilli’s startup accelerator is divided into two main sections: a product accelerator and an investment accelerator. The objective of the product section is traction, while the objective of the investment section is growth.
At the beginning of the Xcelerate bootcamp, Matt Johnson (Senior Product Manager at BlueChilli) described our product accelerator as a booster rocket. We take non-tech founders with an idea and provide the boost they need to reach the upper atmosphere (a product in market). That boost helps overcome the biggest barriers to startup failure by identifying a customer segment and building the right product for them.
That means a lot of hypotheses, customer research, experiments, MVPs, and looping cycles to minimise waste and maximise the speed of learning.
The measure of success of a startup idea is finding customers willing to pay. Traction from early adopters tells us that we have problem/solution fit and are on the way to product/market fit.
That’s how we take early stage startups from looking up at the stars and into orbit.
For the scale-up accelerator we are looking for startups that have already left the landing pad. These startups have a product in market, they have customers, and are generating revenue. They can already demonstrate traction.
Building a successful startup requires growth.
That is the focus of our scale-up accelerator.
We will take the scale-ups through growth metrics and strategies to move the needle in the right direction. We will cover what potential pilot partners and investors will be looking for in a pitch deck. And provide advisors and fellow founders to bounce ideas around with.
Drifting vs Accelerating
It’s better to get a few months of education and mentorship and support than it is to (keep) going it alone.
Founders move faster by being inspired and making commitments to goals and actions.
But the biggest unfair advantage a scale-up can get from participating in an accelerator is access to the corporate partner.
BlueChilli has been working with our partners, getting them to see possibilities, and adapting their processes to work in concert with the startup approach.
They are hungry for opportunities to improve existing business processes, to explore new opportunities, and to showcase innovation.
So corporate partners will be looking for products that can add value to their ecosystem. Something that could increase efficiency or change the way they do business; or make life easier for their suppliers; or delight their customers and users.
A scale-up accelerator is a two-way street: they want to know that the opportunity will help the startups to accelerate, grow, and scale.
If you’re a late-stage startup and can demonstrate traction, revenue, and growth opportunities, Amatil Xcelerate wants to know:
“How could Coca-Cola Amatil help scale your business?”