100 sats \ 3 replies \ @tom335 8 Oct 2023 \ on: Name something you once wanted that you're happy to have never received? meta
At least in US there's such thing like YComb. In Brazil the best you can find are those shitty accelerators that offer 5k for 60% of your startup IF you're profitable already, what totally dismisses the point of being "accelerated", which means nothing in practice once you need the business skills to get help at, business skills.
But yeah, I wanted that too, at some extent =)
All but a few accelerators offer real acceleration. The next best class of accelerators don't accelerate but appear to give what mostly amounts to money at an artificially low cap and emotional support. Then the remaining are outright scams. 60% is criminal!
There's an "accelerator" in Austin that takes 1% in return for $0, a hot desk, classes, and a mentor network. They also have a "partner vc fund" which solicits investment from retail that has a 50% management fee and a 50% performance fee when the industry standard is 2% and 20% respectively.
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It's really interesting to hear about these scams in other places. They're a bit different, but the core is much the same. Not to say that if you read a little about some mentors, there's no sign that any of them were entrepreneurs before, not in the strict sense of the word.
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if you read a little about some mentors, there's no sign that any of them were entrepreneurs before, not in the strict sense of the word.
You're right this is a huge red flag imo
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