Someone last week asked me about our secret sauce. In other words, what is it about Springboard that gives us a differentiated competitive advantage?
It's a topic I've discussed with many of our entrepreneurs, but we always focused on their secret sauce not Springboard's.
To me, Springboard is a marketplace of talent and opportunity and there are two main components to our secret sauce: people and process.
No one can easily replicate the relationships we have with our alumnae entrepreneurs and advisors, but having A-list people alone isn't enough. They need to be engaged through an active process.
Process can be copied but without the same people and relationships, the result will be different. To bake the exact same cake, you need the same ingredients and the same recipe.
In upcoming posts I will share more about Springboard's recipe and the way we approach our accelerator.
As a non-profit we are rather unique among our accelerator peers, and as an organization with a 14-year track record and remarkable results, I hope our learnings can help inform other programs and their approach to supporting early stage companies.
At a high level, this is our Receipe for Success:
- We find companies at an inflection point of significant growth potential, typically seeking an A round or Seed round of funding to realize that growth.
- We conduct an assessment of these companies, and the entrepreneurs leading them, to really understand what they need to reach their next milestone.
- We build a team of varying skillsets and perspectives to surround that entrepreneur with advisory talent to position and navigate that growth.
- We leverage a broad Power Network of investors, entrepreneurs, advisors and service providers to advocate for each company and make connections to exactly who they need to know through intros, events, and other opportunities.
- We keep supporting these companies year-after-year, and the entrepreneurs company-after-company.
My goal at Springboard is to ensure through our process and people we have a material impact to accelerate each of our entrepreneurs toward their next value inflection point.
The challenge is that the time and expertise it takes varies from company to company, as do the stage of business, industry, and milestones they each need to achieve.
Springboard is not a one-size-fits-all approach, but that's what I love. Every Springboard experience is handcrafted.