You have an idea and a business plan, but you’re not sure how to use that to grow your company… we at OCTANe have some simple steps for you to think about to help you grow and scale your company!
Find the Right Accelerator
There are so many incubators and accelerators in Southern California, how do you know which one is right for you? While the answer may require some research, you may also find that there is more than one option that you can choose from.
Here are four thoughts when you are determining what the right accelerator is for you and your company:
- Do they offer the right kind of mentorship? Ensure that the accelerator you choose has the right subject matter experts that will guide your company.
- What are you trying to accomplish with an accelerator? Many accelerators excel at different areas of business. Determine what you are trying to achieve- is it getting investment ready or ensuring that your business plan is sound? Whatever it is, make sure you do the research about the strengths and weaknesses of the accelerator you are choosing. Sometimes you can choose more than one, and that’s fine too! Take advantage of what your ecosystem has to offer.
- What is their success rate? Ensure that each accelerator has a proven track record and that your time and their time are well worth it. See some of our success stories on why our LaunchPad Accelerator has been so successful.
- What is the process? Finally, when you are looking for what type of an accelerator fits your growing business, figure out the process, understand the timeline and the work you need to contribute to help your company succeed.
Raising Capital
This is the probably the most asked question we get at our accelerator, LaunchPad. How can I raise money for my company? How can we get introduced to investors? Well, the good news is there are a lot of opportunities out there for you. Attend networking events to meet strategic and investors or perhaps find a few opportunities to pitch your company.
As you probably see above about finding the right accelerator, there are many different types opportunities to get in front of investors but you must make sure that you are prepared and ready to pitch your company for the best outcome possible.
The first step is to make sure that your company is investment ready and you are prepared to discuss the following:
- Your management team
- Go-to market strategy
- Financials
- Market Opportunity
- Business Plan
Growing Your Business in Southern California
The technology and medical technology ecosystem continue to grow at a record pace, thanks to the investment of the Small Business Administration and their investment into California. In fact, OCTANe’s LaunchPad is a Small Business Development Center (SBDC) that receives its funding from the SBA as well. This allow us to help your company grow and get investment capital ready at no charge. In your research, you may have seen that some incubators or accelerators take a piece of equity or charge you a fee. However, with grants from the SBDC and SBA, many accelerators allow you to go through their program at no charge and don’t take equity. It’s a win-win!
Southern California is the ideal place to grow your business. It has it all: from amazing school systems for your children to top talent from local universities, beautiful weather and a stable market. Steve Litchfield, former COO of Microsemi Corporation, mentions it here.
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