A lot has been written about the value of accelerator programs; and yet I decided to add to the rich list of articles and publish some thoughts.
This series aims to provide a weekly inside view from the Startupbootcamp InsurTech accelerator program we have joined on January 17th.
Brace yourselves for some first-hand insights.
Business model innovation does not come easy and hence we at Insure A Thing were delighted to be selected to join the 2017 cohort of Startupbootcamp InsurTech (read more about the current cohort here).
Why do we hand over 6% of equity of our young company to the Startupbootcamp organisation? In short: to de-risk. The SBC team takes great pride in turning its alumni from merely an idea to a sustainable business.
We probably won’t have a viable business in 100 days, but we will have the tools to get there eventually.
People often take the €15,000 grant at face value. However, applicants should add the support of a team of 20+ subject matter experts, from value propositions to building a minimum viable product to storytelling and beyond. An accelerator program comes with a structured schedule of learnings. Most importantly, these were already proven in the field.
Furthermore, SBC InsurTech hired experts specifically for the needs of the start-ups. Want an example: Erika Bothma has joined as the actuary in residence, helping us refining our actuarial model.
The program is supported by over 15 of the most reputable names in the insurance industry — and let me tell you, they are not passive bystanders but rather keen collaborators, eager to learn what each of the start-ups has to offer and how this could be implemented in their respective organisations.
Over the next three weeks we will go through a mentor speed-dating process, meeting experts with a diverse set of backgrounds willing to give us a hand. At last count, the data base held the names of more than 150 mentors.
I’m not even touching upon the invaluable support in marketing, PR and the fund raising process, which will culminate at the peak of the program: the demo day scheduled on April 26th.
So here we are, moving into our new offices with 9 fellow start-ups and an additional start-up in residence.
Looking back, the first week seems like a blur. We had workshops, introduction sessions, partner meetings and more. It took us a few days to settle in and to learn that we need to be smart about managing the resources we have at hand. Not everyone in our team of three has to attend every meeting. We learnt that after a full day of meetings and a clogged-up inbox.
Any yet we couldn’t be more excited to be part of this experience and will embrace every moment of it. Stay tuned for more information to come.
Laka, is a UK-based InsurTech start-up looking to turn General Insurance as we know it on its head. We are working on an entirely new product category, offering honest, simple and affordable coverage for your belongings.
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