What Happens Inside a Startup Accelerator

A Story of ProductLead Growing with InnovX Business Accelerator

3 months of an intensive business boot camp or 13 weeks of mentorship or 91 days of pitch perfecting sessions – whichever way you want to put it, ProductLead crossed the finish line of an amazing startup accelerator, InnovX. On March 25th, 2019, our young sales team went aboard an awesome journey on their way to business growth. 

It all came to a close on June, 15th. ProductLead benefited greatly from this opportunity and left the accelerator more knowledgeable, with a greater network of fellow entrepreneurs and new connections across marketing communities and investment funds. The entire experience came up to be a golden ticket that grants entrance to entrepreneurial circles otherwise unreachable. 

This is the kind of initiative we want to share with our ProductLead community. So stay tuned to discover what happens in the backstage of a startup accelerator. We’ll also share the 5 types of opportunities this program opens for participants.

What Is InnovX Business Accelerator?

first day of innovx startup accelerator with participating entrepreneurs

InnovX is the first startup accelerator in Romania with extensive expertise in global startup launching. And that’s no wonder since its story begins in 2019 with BCR, Banca Comercială Română, the largest financial group in Romania. 

InnovX helps startups reach their full potential at an international scale through an intensive 3-month program. Driven entrepreneurs, each with their own unique vision in the tech industry, are interacting with accomplished specialists in various domains that can become their mentors. 

To reach its goal, the seed accelerator teaches business courses, introduces startup teams to compatible seed investors, and creates networking opportunities. And that’s not all! InnovX members receive personalized guidance from one-on-one consultations with renowned speakers and trainers. Moreover, they gain access to key business events automatically. 

Ultimately, the goal is to equip startups with the necessary expertise to upgrade their company into an international brand. All this happens in a short time span.

How ProductLead Earned Its Spot in the First Round of InnovX Program

InnovX selection process was as thorough as a senior-level job interview at top companies. Those startups that were to join InnovX for 3 months had to have the right mix of vision and analytical mindset. This is the recipe BCR board and their partners such as UiPath searched for when ProductLead pitched for them.

For half an hour, ProductLead presented its core business and how its top-notch martech solutions are rapidly boosting conversion rates. The jury saw great potential and decided that they want ProductLead onboard the InnovX program. In the end, our project was among the 10 startups that earned a spot in the first round of InnovX accelerator.

Asset No. 1 – Instructive Resources

At the core of the 3-month program stood intensive education in business growth. Each week, all 10 startups attended 4 classes and courses led by accomplished speakers and trainers. This was an opportunity to learn from the ups and downs of global companies but also to train skills and improve business strategies.

Organizers made it sure that all startups mastered the art of pitching. Together, they worked on their business plans based on the actionable insights participants assimilated. 

Asset No. 2 – Professional Guidance for European Funding Application 

One of the hurdles that InnovX helped ProductLead overcome was applying for European Funding. Without their assistance, we would have gone through a tedious time trying to reinvent the wheel. We needed a savvy professional with a deep understanding of how European Commission selection works. InnovX was the ideal place to find him.

What others accomplish in 3 months, ProductLead made it work in 3 weeks thanks to the startup accelerator. The startup worked day and night to prepare a comprehensive application for Horizon 2020 funding. InnovX specialists assisted us at every step including content, specialized vocabulary, financial plan, and other tips and tricks that become clear only after several such completed projects.

Asset No. 3 – Digital M.I.T. Certificate

Another great outcome from this experience materialized into an MIT certificate. InnovX made it sure that all their members go through a prestigious educational program whose alumni are Nobel laureates and Turing Award winners.

ProductLead chose to study The Iterative Innovation Process. At the end of the course, our colleagues understood and were able to replicate an exhaustive innovation process. ProductLead is now more ready than ever to launch the next martech revolution.

Asset No. 4 – Elevator Pitch

mature white collar man talking on the smartphone while in elevator

Above all, our extensive training reached its peak with an elevator pitch. Such a concept underlines the importance of seizing the few windows of opportunity when startup founders can pitch to potential investors.

These moments can happen anywhere. Expect them at a business event, while waiting in line at the supermarket or while trapped in an elevator with your favorite business angel. It is opportunities like these that prove the necessity of acing your business presentation in under 60 seconds.

As such, ProductLead faced one of the most exciting challenges so far in a professional environment. Our Chief Exponential Officer, Alexander Stoica-Marcu, started talking business from the ground floor, took the elevator up to the 8th floor, and finished the presentation big in front of the meeting room.

In the meantime, the board watched Alexander’s pitch closely through a live transmission. Once participants went through the conference doors, the BCR board asked trick questions about their business plans.

After this experience, ProductLead is prepared to introduce anyone to its platform and convince them of its groundbreaking advantages all in the space of just one minute. In the end, this proved extremely useful at the last stage of our journey with the startup accelerator.

Asset No. 5 – Startup Grind in London

We left the comfort zone on our flight to London to face the real business world at the Startup Grind Europe conference. InnovX also offered us accommodation for 4 days.

At the venue, we had 3,000 opportunities to interact with amazing startups in the tech industry, but also investors and innovators. Discussions touched topics of interest about what the future holds for startups, venture capital, fintech, AI, and others.

Conclusion

All in all, the entire 3-month boot camp proved to be a formidable challenge that, despite all deadlines, pressure, and an accelerated pace, has opened many doors for ProductLead. Based on our experience, we recommend entrepreneurs to remain proactive and apply for available application processes. 

Now we want to hear from you! Share with us your own stories with business accelerators, hubs or incubators in the comments so we can paint an industry picture as true to reality as possible.

5/5 3 ratings