Lessons Learned From HUCP’s Intercollegiate Accelerator
By: Harvard Undergraduate Capital Partners
Tags: VC, Venture Capital, Startup Lessons, Events

Key takeaways from organizing, co-hosting, and participating in HUCP’s weeklong accelerator with Columbia’s CORE team.

By Dev Patale

Over the past few months, I’ve had the privilege of organizing and co-hosting a virtual intercollegiate accelerator with my peers in HUCP and in CORE, Columbia’s undergraduate entrepreneurship society. The goal of the accelerator, a weeklong program for MIT-, Harvard-, and Columbia-affiliated student founders and builders, was to provide participants with access to world-class mentorship, connections with peer entrepreneurs, and opportunities to accelerate growth; this included workshops about topics such as growth hacking, market research, and startup financing, as well as individualized office hour sessions with mentors. With the accelerator having concluded this past week, I thought I’d share some of my experiences.

Beginning with our first meeting in June, we were responsible for the vision, logistics, and execution of the program, which had been slated for the first week of August. We quickly went to work, reaching out to potential speakers and mentors as well as designing the structure of the accelerator. Although I had anticipated difficulties with the organizing process, I never expected it to be as complex as it was; working asynchronously with over 15 peers, establishing weekly meetings with members scattered throughout the world, and confirming speakers for our various planned events proved to be logistically demanding. However, by remaining diligent and dedicated, we continued building out the program and were eventually ready to host it, pulling in Vice Presidents at Amazon, Partners at YCombinator, and investors at leading VC firms. The lessons learned from these mentors were invaluable, and here are some key takeaways. Fundraising 101 with Raza Shaikh, Managing Director of Launchpad Venture Group:

Raza has been a longtime partner of HUCP and is an active angel investor in early stage companies in the New England area, investing with Launchpad since 2016. His expertise in angel investing was beyond valuable for the accelerator participants.

As a single startup founder, your chances of success are lower, so take the time to find cofounders who complement your skillset and who are passionate about the mission.

If the founding team has the same academic or professional background, investors may see that as a weakness because of a lack of diversity in perspectives.

Investors are more confident in a founding team if each member has bought in to the product and won’t run to a corporate job if/when the venture hits a low.

In a world of virtual pitches, make sure you solidify your narrative, present in proper lighting with minimal background distractions, and immerse the investors in the pitch.

Know the differences between angel and VC investors. They have varying priorities, timelines, and methods of investment.

Consumer Hardware with Robert Williams, Vice President of Software at Amazon:

Rob has years of experience building and deploying consumer hardware as well as helping lead Amazon’s executive team; responsible for operating systems across Amazon devices, Alexa Smart Home and smart devices, among other initiatives, Rob has unparalleled expertise in product-building, so we were fortunate to learn from him.

Hardware startups require significant upfront investment for prototyping, safety, regulation, etc; however, this should not shy entrepreneurs away from the space.

Timing with hardware is critical- you’d ideally enter a market that isn’t saturated. Otherwise, you risk a failed product such as Amazon’s Fire Phone.

Hardware feedback cycles are significantly longer than software cycles, so you must compromise between innovation and optimization.

Growth Strategy with Kat Manalac, Partner at YCombinator:

Kat is a Partner at YC and former Chief of Staff to Alexis Ohanian, cofounder of Reddit. Her advice for growth and launch strategy was extremely informative, and we took away key lessons from her presentation.

In pitches, the goal is to push listeners into asking followup questions.

First impressions are crucial! Use a strong one-liner, which should be descriptive, conversational, and concise.

Consider the advantages and disadvantages of your kind of launch:

Silent launch- sometimes necessary for products where intellectual property is at risk, etc.

Friends and family launch- great for initial feedback, but don’t stay in this stage for too long because you risk growth potential.

Online community launch- Product Hunt, Hacker News, Elpha, etc, are great resources to launch your services to; however, you must understand the community and audience before you launch.

Accelerator Programs with Michael Seibel, CEO of YCombinator:

Michael Seibel is the current CEO of YC and former cofounder and CEO of Justin.tv (Twitch) and Socialcam. His experience in the entrepreneurial space, through his own ventures and the ventures he’s worked with in YC, proved invaluable for the speaker session. He provided relevant advice on every fact of venture-building, from accelerator programs to fundraising.

Fundraising is not a particularly good metric for success, as small and large companies can be equally impactful.

High-profile accelerator programs facilitate long-term growth by providing startups with brand name recognition and validation.

Be careful about investors you work with; avoid investors who provide money quickly but then don’t actively support your venture or check in with your progress.

You need to optimize your venture for a great product and a large base of clients (your product must be user friendly, regardless of how technically complex it is).

Introduction to the AWS Startups Team with Vincent Ponzo, Startup Business Development at AWS:

At AWS, Vincent supports, mentors and advises startups launching from within the world’s top universities. Prior to AWS, he was the Managing Director of the Eugene Lang Entrepreneurship Center at Columbia Business School, where he coached and advised hundreds of student and alumni entrepreneurs annually. Vincent has been a strong partner of HUCP, providing us with AWS credit packages for our Innovation Fund, as well as being an open resource for community events.

The AWS Startup Team is a group of former founders, CTOs, and startup execs who help startups grow their businesses and get the most out of AWS.

The team provides AWS credits and training, go-to-market resources, etc, to help you maximize AWS’s potential and grow your business.

With the Startup Team, you are able to tap into AWS technical expertise through 1:1 office hours with a Solutions Architect and get advice (+ ongoing support) on topics relevant to your business.

University Resources Panel with Leo Guyshan (Harvard i-Labs), Michael Retchin (Columbia CORE and Almaworks), and Tim Miano (MIT Innovation Initiative):

Leo, Michael, and Tim are all seasoned professionals with years of working in the entrepreneurial space, advising student founders and building out further resources at their respective universities. I found their perspectives on university entrepreneurship uniquely valuable, given how I hadn’t recognized the vast variety of resources available to me as a student.

Take advantage of the professionals within each university’s entrepreneurship centers; they’re here to help you in any way they can, so do not hesitate to reach out to them.

Break out of your university bubble- search for cofounders at other universities, and leverage entrepreneurship resources in your greater area.

The sheer number of resources available is overwhelming, so find a point of contact at your university who can advise you and your venture.

With nearly 30 world-class mentors, over 150 student entrepreneurs, and numerous corporate perks, the intercollegiate accelerator was an enormous success. We at HUCP were grateful to provide these unique opportunities, and the lessons we’ve learned as organizers will allow us to continue fulfilling our mission statement in fostering entrepreneurship across university campuses. Although I was initially apprehensive about a virtual format, I learned how effective such events could be with the proper execution. By preparing months in advance, explicitly laying out event logistics, and providing unparalleled opportunities, we successfully envisioned and ran this program. As HUCP moves forward, we plan on continuing to organize similar virtual events, whether it be in the form of fireside chats, VC office hours, student networking events, etc.