Updated: Mar 18, 2020
These days entrepreneurial ventures are a widespread phenomenon. More and more people are turning towards entrepreneurship and innovation with cultural heroes of the likes of Mark Zuckerberg (Facebook), Jeff Bezos (Amazon) and even the less familiar Brian Chesky (Airbnb), all renowned for their successful self-initiated companies, out of the box thinking and extended vision.
Among those innovative people, many are technically oriented professionals – Engineers of all sorts, scientists, designers and visionaries. And so, although entrepreneurship is very appealing to many, for a venture to succeed one must have not only a great dream, but also a sound and solid vision of how to plan and execute it correctly.
The unfortunate outcome is that while many of these entrepreneurs face their technical and technological challenges head-on, they fail because they lack the mindset and skill required for tackling the business aspects of their dream.
The solutions currently at the market are ranged from traditional business consulting services, to freelance individual consultants and modern-day entrepreneurship programs (incubators and accelerators representing the majority thereof). In this post I would like to address the pros and cons of each, and to suggest a fourth solution combining the best practices of the former three:
Consulting is one of the most effective, influential and successful industries on planet earth. When we say “a team of consultants”, we imagine a group of highly qualified individuals wearing suits that walk into the office and give you solutions to problems within a few weeks, problems that the company might have been trying to solve for months. They have a clear focused approach, industry knowledge, a well-defined process and unbiased practical mindset.
Even though this might sound like the perfect solution you have been looking for your business, let’s face one hard fact that CONSULTANTS ARE EXPENSIVE!!! All this skill, qualification and proven-track record requires a lot of money and resources. Thus, hiring a consultancy firm is not an option for most startups and SMEs and it has long been reserved for global market giants.
Now, let’s address the cool kids on the block, Accelerators.
Accelerators have now established themselves as the industry leaders in building startups. There are tons of them all across the world, each catering to a specific type of startups operating in a specific industry in a geographical location following a process that leverages their specific network. They have built startups that have become house-hold names such as Airbnb, Uber, Dropbox, Reddit, Stripe, Twitch, Udemy, etc.
They also unfortunately have some drawbacks, first and foremost being that they are only able to accept a select few startups per year due to limited capacity. This postpones and sometimes even prevents some great ideas from entering the market. They also require the founders to be in the same geographical location as them and requires all founders to be physically present. This is a huge hindrance as even in our case, one of our founders is in Israel , while another is in Italy , and as for me: in the past 3 weeks have been Botswana, Israel and at the time of publishing I am in Madrid, Spain getting ready to fly to India in a few weeks yet we are still able to effectively work and communicate. I strongly believe this is the future of work for digital businesses. In addition, accelerators' main value proposition for startups is the physical resources being provided (such as office space and facilities, and physical network), rather than the business advice. Finally, the process of accelerators is often generic, which doesn’t help startups with specific key areas of issues such as business model, markets or financial planning.
Keeping all this is mind, we at Xelera are offering you the Idea of a Consulerator. This idea was born by combining the very best of traditional consultancy services and modern-day accelerators with the goal of targeting early stage entrepreneurs and SMEs. A Consulerator aims to solve problems that entrepreneurs, startups and SMEs are facing with the effectiveness of consulting using a more customised acceleration process that is delivered through completely digital medium to take businesses to the next stage. Our diverse and extended network of graduate MBAs from different geographies, expertise and industries are here to help you make business sense out of your idea, making it easier for you to offer the world with the value you wish to promote.
Xelera is the world’s first Consulerator. We have conducted successful POC’s and are currently recruiting startups for our pilot program due to start from Jan 2020.
If you or anyone you know has a business that will benefit from a targeted consulterating process, please feel free to get in touch with us at firstname.lastname@example.org. We would love to help you become the hero of your own story.