How an Accelerator Program Can Help Improve Your Global Business Strategy
A startup accelerator program is designed to help early-stage businesses grow, scale, and set them up for future success. These programs are often highly competitive, with only a small percentage of applicants being accepted. However, for those who are accepted, the benefits can be immense.
The benefits often include access to seed funding, among others, which allows startups to invest in their growth and expansion. They can also lead to valuable networking opportunities with diverse groups of entrepreneurs, industry experts, and other investors. Hereby, enabling startups to build relationships and connections that can aid their business growth and will last for years to come.
YouNoodle Accelerates
In 2022, YouNoodle Accelerates collaborated with the Korean Institute of Startup & Entrepreneurship Development (KISED) to run the Global Fundraising Program, a government-funded accelerator program aimed at supporting Korean ventures looking to expand internationally.
Following a rigorous selection process, 18 promising ventures were accepted into the accelerator program, which ran from October 2022 to January 2023. Throughout the program, participants attended online sessions, mentor meetings, and an on-site week held in Los Angeles, California, and Phoenix, Arizona. Here, they had the opportunity to practice their pitching skills, receive valuable feedback, engage in networking sessions with seasoned experts and investors, and attend eye-opening speaking events.
Especially three of the ventures caught YouNoodle Accelerates' eyes during the program. Thanks to their amazing trajectory, their hard-working teams, and a mindset for global expansion, ventures: Letitu, Raonark, and Alfred stood out to the team at YouNoodle Accelerates.
Success Stories from YouNoodle Accelerates
Joining an accelerator program can be a game-changer for early-stage businesses, providing valuable knowledge and connections that can help them set them apart in the competitive world of entrepreneurship. YouNoodle sat down with the founders of Letitu, Raonark, and Alfred to understand how their participation in the program has helped them improve their global business strategy and grow their networks.
Certainly, this was the case for Alfred, one of the ventures that participated in YouNoodle's Global Fundraising Program in 2022. Han-Geul Shin and Thalia Metta Halim, who are part of the team at Alfred, shared their experiences with the program, how it helped them improve their pitch, and the valuable insights they learned about doing business with the help of LinkedIn and the startup ecosystem in Los Angles and Silicon Valley. Thalia noted that "Joining an accelerator program can give you powerful insights through stories and experiences. It can also help you make connections, especially in the US, which was our case, to expand your business."
Marco Dahun Lee, the CEO of Letitu Corporation, also participated in the program and found it to be extremely valuable. He confirmed that he learned many lessons, including the importance of networking and making connections, as well as the need for market research and understanding the needs of his target audience. Marco reaffirmed this when mentioning, “Through the KISED program, I was able to meet and connect with many people in the US, including John, a professor, and dean at Arizona State University, who provided me with valuable connections and resources." Through the KISED program, Marco also gained a deeper understanding of the US market and mentioned that "The program helped us to better understand the US market, and we were able to conduct in-depth market research to better understand the needs of American high school students and school counselors."
Additionally, the program provided valuable mentorship and networking sessions, which allowed the ventures to ask important questions. Thalia and Han-Geul advise other founders to take advantage of these opportunities and get the most out of them: "When joining an accelerator program, don't be afraid to ask questions, ask for insights and feedback, and take advantage of office hours. Mentors are open and willing to help."
For Kyung Hoon Lee, Co-founder and CEO of Raonark, networking with VCs was a real eye-opener. Kyung Hoon explained: "When we founded the company, we never thought that we were solving a problem. But when I talked with a VC during the on-site program, he asked us, "What problem are you solving?". And that was a huge challenge for me to answer because I never thought about it. So now, I'm thinking about why people are not using this product. What problem are they having? What solution can I bring to them? He got us out of the box."
Hearing the stories of the speakers and presenters at the on-site program was a real game-changer for the participants. The team at Alfred found the speakers to be both inspiring and motivating, and they were able to use the insights gained from these to refine their pitch and connect better with key stakeholders in the US. Thalia mentioned that "The YouNoodle on-site program had outstanding keynote speakers, from YouTube founders to Google workers. Their stories helped us pitch to investors on demo day and connect with stakeholders."
Finally, Kyung Hoon talked about his pleasant experience with the YouNoodle Accelerates staff and the on-site teams both during and after the on-site program. "Rebecca from Thunderbird was really supportive; she tried to go one step further to help us, and Kerim from YouNoodle also helped me a lot; he connected me with some people even after I came back to Korea."
The interviews with these founders are just another confirmation of how valuable a resource accelerator programs can be for early-stage businesses across all industries. As Marco from Letitu concluded, "The KISED program has provided us with the resources and support we need to take our business to the next level, and we are incredibly grateful for the opportunity to participate." While Kyung Hoon from Raonark mentioned, "Because of the great experience at the YouNoodle Accelerator and the funding we received, I won the confidence to keep applying to other accelerator programs in the US. I will recommend this program to anyone because it makes you grow a lot, and you get to do networking with US stakeholders. You make a lot of connections. It makes you go out of the box."
Interested in applying to an accelerator program?
If you are a founder and you are interested in participating in programs similar to the YouNoodle Accelerates program, go visit our apply page. Here, you will find endless opportunities to apply for grants & funding, mentorship, resources, and more. The programs are spread over a wide range of industries, solutions, and countries, making it highly likely that you will find just the right opportunity for you and your venture.
What to keep in mind when running an on-site program
Are you interested in running your accelerator program? We provide a range of services to help you design and implement a successful accelerator program that meets your needs. For more details, contact us at sales@younoodle.com or check out our recent blog post: YouNoodle shares: How to host a successful in-person startup program.
