Accelpoint's strategy overview
- Geography: Poland, CEE, Singapore
- Preferred industries: fintech, insurtech, telco, greentech
- Company stage: pre-seed, seed, early stages
- Product stage: MVP
- Product type: software
- Revenues: we prefer startups that gained their first revenue, but we can skip it if the founder and the project are exceptional
Program details
- Duration: 6 months
- Participation fee: none
- Equity investment: none
- Grant: up to €82,000 (350,000 PLN)
- Number of batches per year (+ months when you collect applications): 2-3
- Number of startups in a cohort: up to 15
Q&A with Maciej Majewski, CEO and Head of Acceleration at Accelpoint
What are the 5 most important things you look for in a startup applying to your acceleration program?
First and foremost, whether the startup fits the program is our top consideration. Within our operations, we implement many thematic programs such as FinTech, MedTech, or GreenTech, so we attach great importance to ensuring that the presented idea aligns with the program's concept, which often leads to disappointment on the part of startups.
Additionally, we pay attention to whether the product/service is innovative and genuinely brings something new to the market, as well as whether it addresses the needs of our partners (e.g., corporations). Furthermore, we assess its market potential and scalability to other markets and industries.
Often overlooked by many, another crucial aspect for us is the individual presenting the idea — the founder. We value founders who are determined and focused on their goals. They possess the resources necessary to carry out their vision; some may call it the entrepreneurial gene, while others refer to it as the mindset.
The individual serving as the driving force behind the project is pivotal. Historically, this has been where we've encountered the most disappointments.
What startups should take into account before applying to your acceleration program?
The reputation, support, and experience of the accelerator, whether it has successes, whether it is self-sustaining in the market, and whether it is visible in that market are crucial. I have nothing against companies that operate briefly, but if the accelerated project is demanding, scalable, and requires solid foundations, it's better to rely on stable and well-known brands.
Other factors to consider pertain to the founders themselves. The individual applying to the accelerator program must understand that developing their project requires hard work — work that they will have to undertake. Despite the accelerator's support, no one will complete the startup's tasks for them.
We place a strong emphasis on the potential for collaboration with corporate partners and also address their needs.
And finally, THOROUGH PREPARATION, preferably with prior participation in pitching the idea. The project being brought in should be well-thought-out and consulted; this significantly speeds up the implementation process.
Can you share some of the red flags that can disqualify a startup from joining your accelerator?
Lack of vision and plan disqualifies participation in the accelerator program — it's crucial whether the idea is thoroughly thought out and consulted. We receive many startups with various business concepts, and we must choose among those who are prepared and know where they are going and why, as well as those who need consultation first to solidify their mission and development plan.
Another disqualifying factor is a lack of commitment. Working in an accelerator environment is intensive. It's valuable to have a strong team behind you. Without it, the startup may not pass the program's qualification.
Many founders still expect the accelerator to finalize contracts and arrange partnerships — our role is to open doors. The actual closing of deals is the startup's responsibility, and determination in this regard helps distinguish between serious contenders and those who are not.
Lastly, something that may not be obvious is the startup's reputation and legal and ethical considerations. Besides business, what matters to us is the awareness that our work contributes to something socially beneficial and good. We don't take on tasks that may lead to discrimination or are used for unethical purposes.
Due to the current situation, we also have a binary approach to the war in Ukraine — we help only those "on the right side." If, through due diligence in our network, we have doubts about the ethical behavior of founders, we will not collaborate.
What are the most valuable skills that selected startups can develop thanks to your program?
The skill of presentation and communication. It can be practiced through our participation in the monthly event Pitch Me Baby, which is a unique benefit we bring to the market. Thanks to our recurring event, hundreds of startups have the opportunity to know what it's like to compete for funding in front of investors every year.
However, the audience at Pitch Me Baby is not limited to funds and financial institutions; among the attendees are also individuals who are startup owners, entrepreneurs, and enthusiasts. It creates a pleasant atmosphere during presentations, with comprehensive and substantive questions. The feedback from the audience is an expressway to identify errors in the project and refine issues that the startup didn't previously consider.
We also have extensive experience in collaboration and sales to corporate clients. We understand their intentions, know how decision-makers think and act, and know how to prepare offers accordingly.
Finally, there is the element we have been betting on more and more intensively for several years: building an international network and supporting teams in international activities.
How does your accelerator support portfolio companies during and after the program?
We have a large network of contacts, including investors, potential clients, and experts, which helps us obtain financing, develop partnerships, and ultimately grow the business. Networking based on warm, prepared relationships is, in our opinion, one of the greatest benefits, as it sometimes takes months or years to develop the right outreach.
It's not unusual for us to continue to support startups that graduated from our program several years earlier through matchmaking with investors and potential customers or partners — it's our standard.
What are the best-performing companies in your portfolio?
- Farada Group
- Plenti
- Alphamoon
What key lessons have you learned from projects that didn’t work out the way you expected?
The business maturity of founders is paramount. Founders must have a well-defined grasp of their objectives, strategies, and goals. Acceleration requires swift decision-making and implementation. Success in this dynamic environment hinges on adapting and promptly addressing emerging challenges.
A startup's preparedness for the road ahead is a pivotal consideration in our selection process. We are incredibly enthusiastic about partnering with startups that have prior experience pitching their ideas.
Why, in your opinion, accelerators are becoming more popular nowadays?
People who are serious about making strides in the startup world opt for accelerators because they provide valuable support at various stages of development. Additionally, with the increasing number of startups, accelerator programs should naturally be intensified.
Investors often seek proven startups; currently, it's not the time for ideas and risk-taking. Many focus on solid calculations and ready-made solutions that can be quickly implemented. These ready-made and proven solutions are precisely what accelerators provide.
What are the hottest markets you currently look at as an accelerator, and where do you see the biggest hype?
We are focusing on Asia and are expanding strongly in that direction. Currently, we have strong collaborations with acceleration and startup ecosystems in Singapore. We are gearing up to launch several partnership projects covering the CEE region.
Do you have any predictions about the key trends that will shape the European accelerator scene in the near future?
Except for a few global leaders, I anticipate a growing specialization of accelerator programs and a focus on projects dedicated to specific industries. In 2023, we executed a project devoted to GreenTech technologies. I believe this is an area that will continue to grow dynamically. On this note, I invite you to read the report we co-authored.
I am confident that we will face increasing challenges related to AI, and the ideas coming to us will be increasingly technologically advanced. This has already motivated us to pursue self-education in this direction and enhance our team's skills.
Regarding the Polish and Central European markets, we can also expect a concentration on verticals such as cybersecurity and agrotech in the future.
The boundaries between countries are becoming increasingly blurred, and there is a growing global mindset even at the stage of business idea preparation. This influences the fact that many scalable startups target multiple markets, although Europe remains more fragmented than unified.
