What startup POEM Technology has learned. You’re really smart. And so are your partners. One of you has the technical cred, one has some great contacts for funding, and perhaps the other is a graduate of a great business school. Your product idea is awesome. No one else is doing anything like it. Your product has real value and real use cases It will disrupt the market in its category – or maybe it is the first in its own category!
Assuming all these things are true, what else could you possibly need for success other than the hard, consistent work and undying persistence that you’re totally committed to? Why would you need startup bootcamp or an accelerator program? You don’t have the time or the money to be distracted by organized programs run by people you don’t know. And since your business is unique, what will you stand to gain from meetings or seminars with other startups unlike yours? Or, if the accelerator attracts other companies similar to yours, why would you want to share anything in the company of potential competitors?
Long Island-based startup POEM Technology was moving along really well with its innovative oil tank sensors using disruptive pressure and magnetic sensing technology to eliminate K-Factors and detect levels of heating oil in storage tanks more precisely than ever before. This enables a virtually real-time assessment of tank levels and just-in-time refill orders, saving the distributors as much as 35% on their transportation costs. With this competitive edge, a solidly performing product and a great core team in place, POEM is set for success. Yet management made the decision to apply to the Cleantech Open Northeast Accelerator, a 4-month program providing mentoring, business plan and financial model coaching. Workshops and webinars provide relevant information while also providing opportunities for businesses to gain visibility through networking. POEM Technology is now a proud graduate of the Cleantech Northeast Accelerator 2017 Cohort.
Here’s some of the reasons leadership team at POEM cite for their participation in the startup bootcamp/ accelerator:
- We know a lot, but no one knows everything.
- We wanted coaching on best ways for our team to pivot if and when our business plans/business model canvas shifts
- Even though other Cleantech participants could be competitors, others could be potential partners or customers.
- These programs are often flexible and very reasonably priced – great ROI for startups.
- Bootcamp encourages us to spend time every day thinking about the bigger picture for POEM (What are our goals? Strategies and tactics for reaching them? Etc.), rather than spending all our energy and time distracted by the day to day.
What startup POEM Technology has learned.
