Navigating the Path of Innovation: Lessons from GSF Accelerator Experience

In 2015, we, as a Visual Search startup, applied for the General Startup Fund (GSF) Accelerator program. Our experience with GSF did not extend beyond the initial interview, and we realized that it was indeed for the best. This article provides an account of our journey, the challenges we faced, and the lessons we learned, particularly in the context of early stage startups and the current landscape of accelerators.

Our Visual Search Startup: SnapShopr

Our mobile app, SnapShopr, first hit the market in beta testing mode 5 months ago. It quickly garnered positive feedback from its target users, which was a promising start. Following this, we decided to open up our API to developers and companies who might be interested in leveraging our technology. Our platform's success was further highlighted by our recent runner-up win at the Google App Expo 2015 held in Bangalore. Additionally, we were selected by Facebook for their mentorship program, FBStart, and were also chosen for IBM SoftLayer Catalyst Program, providing us with a broader platform to implement our Deep Learning advancements.

The GSF Accelerator Interview Experience

The interview process with GSF Accelerator was less than ideal. During the interview, the so-called Entrepreneur-In-Residence (EIR) did not appear to have reviewed our application prior to the interview. They failed to inquire about our product's progress or the underlying technology. What's more, they showed no interest in understanding user requirements. Instead, they quickly dismissed the potential of our pattern recognition system in powering the mobile industry, despite the retail sector being well aware of the growing potential of visual search technology.

A more critical issue was their misunderstanding of the growth strategy for early-stage startups. They believed that adding more features quickly was the best strategy for an early-stage startup, which is far from the truth. Successful startups from the last 3-4 years have not relied on accelerator programs, indicating that most accelerators lack the genuine interest in nurturing founders or providing the necessary resources for growth. It's clear that most accelerators are risk-averse and lack the vision to foster innovative ideas.

Advice for Indian Founders

For Indian founders, staying away from accelerators with unreasonable equity terms is crucial. It's important to focus on building a robust business with founders who have relevant experience in your domain. The best strategy remains staying in the market and validating the product-market fit, which I learned firsthand through interactions with other successful founders. These accelerators often claim to be the 'Y Combinator of India,' but their actions suggest otherwise.

My own experience with another recently started accelerator further reiterates the need for a critical assessment. We declined their offer on the grounds that they did not seem like a good fit for our company. Instead, it is beneficial to read and implement ideas from Paul Graham's essays, which provide invaluable insights for startups. Running after immature accelerator programs wastes valuable time and can be detrimental to a startup's growth.

Conclusion

Our experience with GSF Accelerator serves as a cautionary tale for founders in the early stages of their startup journey. While accelerators can provide valuable resources and connections, it's important to evaluate their offerings and the fit with your business model. Instead, focus on validating your product, building a strong foundation, and finding the right community and mentors. Success stories from Indian startups should inspire more innovative and measured approaches to acceleration programs, rather than jumping at the first offer.