7 micro-learnings from an accelerator
Welcome to I’ve Started Thinking About, a random collection of thoughts on startup life and exploring better ways of working.
Happy Saturday!
I recently completed Antler’s accelerator programme, a place where aspiring startup founders, who are pre-idea, try to match with a cofounder to build the next tech unicorn (think of it as a cross between the Apprentice and Love Island). Unfortunately, I didn’t walk away with an idea (or an investment) for the next big thing this time around. However, I learned a lot about life in those 10 weeks. Below are 7 reflections:
1. First impressions aren’t lasting
When you join the programme, you’re given access to the rest of the cohort’s profiles. I found myself making snap judgments based on people’s work history’s or the words and emojis they used to introduce themselves on Slack. I made snap judgements, and often unfavourable assumptions about potential cofounder fit, based on snippets of conversations I overheard, or brief conversations we had. As humans we are designed to make quick decisions, and yet as humans, we are also more complex than an introductory conversation will ever allow us to unveil or assess. Over the weeks we were together I got to know everyone more deeply and any negative judgements often changed to be positive or at least more understanding. That is of course to be expected as most people tend to be good at heart. However, the experience highlighted to me is how quickly I make judgments about others, how rarely I have the opportunity to get to know someone beyond those fleeting encounters and how often first impressions are incorrect. I’ve probably missed out on a lot of potentially great relationships due to this in the past, and am trying to be conscious of not repeating this pattern in future.
2. You can growth hack self-awareness
I’m a bit of a self-development junkie and have more cringely titled “popular psychology” books listed on my Goodreads account than I’d care to admit. Prior to starting Antler, I would’ve said I had a good sense of myself. However, trying to find a cofounder and start a business in a very condensed timeframe forced me to define and act on my values, and confront a s**t tonne of baggage I often choose to ignore. One of the most fascinating parts about being in the accelerator was watching how people approached the cofounder relationships, which often matched how we approach other relationships in our lives. Some people jumped right in, forming and breaking up teams with seemingly little thought, while others (*cough*) overanalysed every aspect before making decisions. Trying to found a business with another person requires you to compromise, which helps identify what really matters to you.
3. Life is easier if you leverage your unique interests and strengths
There are no shortage of problems to solve. As a cohort we spent a lot of time brainstorming a variety of them, debating everything from ClimateTech to eSports. It’s an intellectually fun exercise but what I learned is although I might have a high-level interest in something, I’m often not the right person to solve it especially if I need to fight an uphill battle (knowledge gap, industry access etc) just to get started. I don’t believe in limiting yourself and having no prior experience in a field shouldn’t be taken as an immediate exclusion from building a startup in that area (many great companies have been built by “outsiders”). That being said the teams who made the most traction tended to have deep domain expertise either due to prior work experience (e.g. insurance processes), a personal interest that they immersed themselves in (e.g. crypto) or a lived experience (e.g. health conditions) and in many cases a relevant network they could leverage. Founder-market fit is a concept that is often assessed by VCs when evaluating potential investments for a reason. Startups are hard. Leveraging your strengths or unfair advantage gives you a head start to make the journey a little bit easier.
4. Storytelling is a superpower
Humans are hardwired for stories. Facts are fine, roadmaps are fine, customer testimonials are fine, but fine doesn’t get remembered. Being able to translate the “why” behind your idea into a compelling story is essential for connecting people with your vision. Many great ideas never get traction because they fail to develop a narrative that resonates with their target audience (incidentally I have a hunch that a lot of terrible ideas get funded purely because their founders can tell a great story…). Luckily storytelling doesn’t require innate charisma. It’s a skill that can be learned and will pay outsized returns if invested in.
5. You can achieve a lot in a very short period of time, if you know the direction
One of the venture partners at Antler gave a talk where he mentioned this concept of “fast flowing currents”. When you find the right idea it often feels like you’ve traveling down river rapids with momentum on your side. This was certainly the case at Antler. Several people went from not having an idea or a cofounder to being a VC backed startup with someone they just met in 10 weeks or less and you could almost see the change of pace once they landed on the winning approach. You can achieve a lot in a very short period of time, if you know which path you’re taking. Getting things done is often blocked by one main factor: an unwillingness to select/test a path when optionality abounds. Going forward in a considered direction will get you further quicker than waiting to find the perfect route.
6. Life will be determined by arbitrary timelines, if you let it
Time constraints can be a great forcing function to just get things done. However, most timelines are arbitrary, and if adhered to too strictly can lead us on the wrong path. For example, if you are someone who believes you should be married by 30, you may end up marrying the wrong person just because they happened to be the best available option to meet your self-imposed deadline. Similarly, you could probably start a business with a person in a 10 week period to match an accelerator’s investment schedule, but if you focus on building to a timeline, rather than building to solve a specific problem you may find yourself on a decade long unfulfilling path with the wrong person. There are usually no set timelines by which we need to achieve something. That being said, it’s also later than you think. Similar to the point above, while indecision can paralyse us to the point where we don’t live our lives, haste can propel us in directions where we end up living a life we don’t want. The key is to find the balance.
7. Capitalise on luck
Seneca is attributed with saying that “luck is what happens when preparation meets opportunity.” This is truth to that. However, the fact that life is often a series of random luck is a hill I’m willing to die on (for example, the fact I can write this piece is in part due to the very lucky fact I was born in a country where girls aren’t prevented from being able to complete primary school education). Sometimes you will find yourself in situations where everything seems to be working in your favour, in ways you can’t explain or don’t fully feel ready for. Those instances can be rare and fleeting. When they appear, ignore self-doubt, grab hold and try to capitalise on the good fortune that’s come your way, whether it feels earned or not.
If you’re thinking of joining the Antler programme and want to learn more, are looking for a cofounder 😉 or just looking to commission a stick figure portrait, feel free to get in touch.