Thread by @dunkhippo33

Today's twitter thread is about accelerator interviews. How should you prepare? What should you be able to answer?

thanks to @will_bricker for the suggestion!

Read on >>

1) Yesterday I wrote about whether you should even consider an accelerator?

https://twitter.com/dunkhippo33/status/1389342869131911172?s=20

If you're thinking about it, I don't think it hurts to go through the process of applying - it will help you think through your business.

2) Although every program is different, accelerator interviews are often quite different from VC interviews.

You need to be able to answer qs about your business comprehensively but also concisely. Your interviewers will also make a decision way faster than most VCs.

3) As such, accelerator interviews tend to be a whirlwind. You might only have 10-30 minutes. You should find out BEFORE you interview how long it will be.

This will help you gauge how quickly you will need to answer questions.

4) The easiest way to RUIN your interview is to blather on and on.

Accelerator interviews favor people who are extra concise.

5) As an example, I've often asked many founders to tell me about themselves.

Some people answer this question in 3 sentences. Other people answer this question in 20 minutes.

Your interviewer may or may not stop you.

6) Even if your interviewer(s) don't stop you, you don't want to eat into your own time.

If you don't get through everything, that's on you - so you need to constantly be aware of the time.

7) If you are interviewing for a US accelerator and have not dealt with many Americans before, know that Americans tend to be very direct in their communication style.

Answer each q concisely -- 1 short sentence direct and to the pt of the question. And then, expand a bit.

8) In other parts of the world, ppl may expand first and then tie it to a point. Don't do this -- this communication style doesn't land well with US investors.

It sounds too roundabout and not "crisp enough".

9) An accelerator interview may seem intimidating. There may be 3 (or more) ppl grilling you with rapid fire questions.

Stay calm. Stay concise. If there's something you can't answer, it will be ok. But don't get flustered.

10) If you can't answer something, that's ok. It's not an automatic no. Accelerators know that your business is early and you may not know all the answers.

A good response in this situation is. "I don't know. My hunch is that it's X. I'll look into this & will get back"

11) Note that this response concisely answers the q (You don't know -- you're not trying to make things up).

But you do have a take on it. You believe it's X.

And you will check the facts later -- you have follow through.

12) Then follow through! Look up whatever that is. And have a short take on what you've learned and how it makes your business even better and write to the team.

13) So what should you know? (if you don't know these, this would be a deal breaker)

-what is the specific problem you are solving?
-what is your unique take in solving it?
-how is this highly differentiated from other alternatives or competitors?

14) More things you could be asked here:

elizabethyin.com/2019/08/16/wha…

Note: there isn't time to ask all of these, these, but you should know how to answer all of these

15) Ultimately, the 2 things the accelerator team will want to answer are:

A) are we impressed by the team? as demonstrated by what they've done to date. and how they answer qs
and think about things.

16) And B) Is this an interesting opportunity? I.e. seemingly a meaningful, specific problem. With a unique solution.

Both of these need to come together -- it's not enough to be an awesome team.

17) As pressureful as this sounds, be yourself. Dress like you normally would.

And really emphasizing BE CONCISE. You don't have a lot of time. The accelerator interview is like an elevator pitch where the elevator got stuck for a bit but then resumed again eventually.