Joining an Accelerator — My experience in a 2025 Summer Cohort
First I will start by saying I cannot thank my mentors (Bradley , Ketaki, and Kara) and fellow cohort participants enough for making this accelerator an environment that really forges ideas and supports founders.
I will be writing some articles that go a little more in depth on some of the business side of a Startup in the future, like forecasting, valuations, building a pitch deck, Cap Table management, etc.
This is a long article, and if I am being honest, it is more of my distilled and refined notes so I don’t forget the firehose of information that came from this experience.
PreWork
Picture this: You’re sitting across from an investor, palms sweaty, about to drop your market size estimates. You confidently declare your TAM is “the entire $317 billion SaaS market” because, hey, your app could theoretically replace every piece of software ever built, right?
Wrong. And now you’re being escorted out faster than someone who brings pineapple pizza to an Italian restaurant.
Let’s fix that embarrassing scenario by mastering the startup holy trinity: Total Addressable Market (TAM), Serviceable Addressable Market (SAM), and Serviceable Obtainable Market (SOM).
The real question this should answer is: How big can your startup get?
TAM is not the entire market size or size of the spend problem you are addressing (eg. Mudget is a SaaS company, total SaaS revenue according to Zylo.com was $317.55 billion… Mudget is not trying to replace every SaaS product in the world).
Instead, TAM is beautifully simple math: Total # of potential customers × Annual revenue per customer
This calculation can be all you need for a pitch deck, and it is important to show your work! Why did you choose the price of your product, what is the most detailed version of your customer you are actually targeting? There can be multiple customers too (Mudget is not just a client driven app, but also works with financial advisors to help them provide services beyond retirement focuses to their clients).
Serviceable Addressable Market is TAM’s more realistic cousin who went to business school and actually reads the fine print. SAM represents the slice of your TAM that genuinely aligns with what your product does and who you can realistically reach.
For Mudget, this might mean:
- Financial advisory firms with less than $100M in assets under management
- Households with 2+ people in specific geographic markets
Think of SAM as TAM after it’s had a reality check and a strong cup of coffee.
Serviceable Obtainable Market is where the rubber meets the road. This is your honest-to-goodness estimation of what chunk of SAM you can realistically capture over the next 3–4 years.
SOM should grow annually as you prove you’re not just another startup burning through investor money on ping pong tables and artisanal coffee. It’s your SAM capture rate from 2025–2028, assuming you execute flawlessly and the market doesn’t decide to completely pivot to something involving AI and blockchain (again).
Week 1 — Idea Auditing
So, you think you have a great idea…
The Idea Audit phase is a test to really see the feasibility and potential in your argument. Maybe you are assuming that this is a problem, when in reality it is not.
As a founder, you need to be open to pivoting your idea, because the road to success is never a straight line. The founders of AirBnB started off building something completely different before they came to the realization that matchmaking an air mattress provider to a traveler is a viable product idea people will pay for!
This is a great example of questions for an idea audit :
- What is the specific problem you are solving? Who experiences this problem most intensely?
- How exactly do you solve this problem? Why is your solution better than the ones that exist? If there is not another solution, why might that be?
- Who is your ideal customer? Create a specific person and describe them in as much detail as possible. What motivates them to act now?
- What is the estimated size of your market? What percentage can you realistically capture in 3 years?
- Why now and why you? What recent trend, technology, regulation, or event makes this the right time? What do your customers use or do today instead of what you are offering?
- Have you spoken to at least 10 customers? Summarize the insights. What are the most surprising insights negative and positive feedback? What have people paid for that indicates demand for this product?
- How will you make money? What do your customers need to believe in order to pay you money?
- Why hasn’t someone solved this at scale? Why might this fail? Do you have a plan B?
- Which part of your solution are you most attached to, but your customer could care less about? Are you solving a problem that needs to be fixed, or would be nice to fix? What is your biggest assumption that could kill your idea if you are wrong?
Week 2 — Customer Discovery & Market Validation
Let’s talk Ideal Customer Profiles (ICP)! ICPs are so important, because in order find product market fit (PMF), the goal of any founder, you need to know your audience.
Getting out and talking to potential customers to validate your assumptions of what problem you are solving reassures you that you are building the right company, builds your waitlist, and creates the ICP you can market.
It is important to have some questions that are similar to measure the qualitative results of your conversations, like gathering willingness to pay, competitors you may not know of, and how this problem effects others. You want to find the intersection of segment has an urgent + important problem, they have the budget for your solution, and it is underserved.
Find the 1 or 2 things that help you break through the market noise if you are in a competitive landscape. Mudget has many competitors if you assess it at a high level, but when you really look at our focus, financial planning and goal setting, it narrows the competitive landscape.
Your ICP should cover most if not all of these areas:
- Demographics — age range, gender, education, location, income
- Psychographics — motivations, lifestyle, values
- Firmographics — company size, industry, revenue, purchase behaviors, growth, clientele
- Behavioral Traits — openness to technology, purchase habits, brand engagement
Once you’ve got your ICP locked down, it’s time to bring them to life. Create a buyer persona — give them a name, a face, maybe even a backstory about their coffee preferences and weekend habits. This isn’t creative writing class; it’s strategic empathy that’ll guide everything from product features to marketing copy.
This persona becomes the foundation for your conversion funnels, your marketing strategy, and those 2 AM decisions about which feature to build next.
Week 3 — MVP & IP
Let’s talk about the Minimum Viable Product (MVP) — and no, that doesn’t stand for “Most Valuable Player” or “My Very Perfect product.” Shout out to Michael Seibel for consistently preaching this gospel to founders who desperately need to hear it.
Here’s the uncomfortable truth that makes every perfectionist founder break out in hives: You need to get something — anything — out there. Yesterday.
As an engineer, I get it. The urge to architect the “ideal” solution is stronger than the urge to check your phone after hearing a notification sound. Every fiber of your being screams, “But what if we just add one more feature? What if we optimize this algorithm? What if we rebuild the entire backend in a different framework that’s 0.3% more efficient?”
Stop. Just stop.
That perfectionist voice isn’t your friend — it’s the startup equivalent of that person who spends two hours choosing the perfect Netflix show and ends up falling asleep before watching anything.
Airbnb’s first iteration : Two air mattresses on the floor and a basic website that looked like it was designed by someone who’d just discovered HTML. Today? A hospitality empire that’s redefined how the world travels.
Twitch (originally Justin.tv): Started as one guy broadcasting his entire life 24/7. The interface was clunky, the concept was weird, and most people thought it was just elaborate narcissism. Fast forward to today, and it’s the kingdom of gaming content worth billions.
The lesson? Your MVP is supposed to be the awkward teenage phase of your product — braces, voice cracks, questionable fashion choices and all. The beauty isn’t in the perfection; it’s in the potential.
Here’s where things get interesting: Once you put something — anything — in users’ hands, the real learning begins. Suddenly, you’re not guessing what people want; you’re watching what they actually do.
This is when the fun engineering stuff kicks in:
- A/B testing your assumptions into submission
- Usage analytics that tell you stories your qualitative research only hinted at
- Behavioral patterns that reveal what users actually care about (spoiler: it’s rarely what you think)
Combine these quantitative insights with your earlier qualitative research, and boom — you’ve got a crystal ball for predicting which features will actually solve the problem you set out to tackle.
Now, let’s briefly touch on Intellectual Property (IP) — because nothing kills a startup faster than accidentally stepping on someone else’s patent landmine.
The Patent Reality Check : Unless you’re training your own AI models, building revolutionary hardware, or inventing cold fusion in your garage, you probably don’t need patents. But you do need to make sure you’re not accidentally recreating someone else’s patented invention. The good news? All this information is publicly available on the USPTO website (prepare for some light bedtime reading that’s only slightly more exciting than tax law).
Trademark Tales : Sure, trademarking your logo and company name can be helpful — just don’t hold your breath waiting for approval. The trademark process moves at the speed of government bureaucracy, which is somewhere between “glacial” and “geological.” Don’t be surprised if your startup gets acquired before your trademark paperwork clears. It happens more often than you’d think.
Trade Secrets: The Coca-Cola Strategy : More often than not, your competitive advantage won’t be something you patent — it’ll be something you keep locked away tighter than Fort Knox. Think Coca-Cola’s recipe, Google’s search algorithm, or your grandmother’s cookie formula. Enter Non-Disclosure Agreements (NDAs): your legal shield against loose lips sinking startup ships.
Week 4 — Networking
Time to meet the four networking archetypes that every founder embodies at different times — think of it as your personality’s startup Swiss Army knife.
💡The Observer is the founder who treats networking events like an anthropologist studying a fascinating tribe. They’re the ones nursing the same drink all evening, positioned strategically near the snack table, absorbing every conversation within a 10-foot radius.
Their superpower : They actually listen. While everyone else is waiting for their turn to talk about their revolutionary blockchain-AI-crypto-whatever solution, The Observer is collecting intelligence like a startup CIA agent. They spot patterns, identify real problems, and understand market dynamics that louder personalities miss entirely.
When this works : During customer discovery, competitive analysis, or when you need to understand the room before making your move. Sometimes the best networking happens when you’re not actively networking.
💡The Reactor is the startup equivalent of that friend who’s always pleasant but never calls first. They’ll engage brilliantly when invited into conversations, contribute thoughtful insights when asked, but won’t bulldoze their way into the center of attention.
Their superpower : They’re genuinely responsive to what others need. Instead of leading with their pitch, they lead with curiosity about others’ challenges. This makes people feel heard, which is rarer than unicorns in the startup world.
When this works : In partnership discussions, investor meetings where you need to demonstrate listening skills, or when building relationships that require trust before transaction.
💡The Initiator walks into networking events like they’re hosting their own birthday party. They’re genuinely excited to meet new people, and that enthusiasm is more contagious than yawning in a board meeting. They’re the ones who’ll introduce themselves to the keynote speaker and somehow end up getting invited to coffee.
Their superpower : They create energy and momentum. In a world full of people staring at their phones, The Initiator’s genuine interest in others stands out like a neon sign. They’re natural community builders and relationship catalysts.
When this works : At conferences, industry events, when building brand awareness, or when you need to create buzz around your startup. They’re the founders who get featured in “30 Under 30” lists.
💡The Director approaches networking like they’re conducting a symphony orchestra. They don’t just meet people — they strategically connect people. They’re the ones thinking three moves ahead, understanding how introducing Person A to Person B could benefit everyone, including their startup.
Their superpower : They become indispensable connectors. When you’re known as the person who knows people (and knows how to connect them meaningfully), you become the center of a valuable network web.
When this works : When building strategic partnerships, creating industry influence, or when you need to position yourself as a thought leader. They’re the founders who end up on advisory boards and speaking at conferences.
Here’s the beautiful truth that personality tests don’t tell you: You’re not condemned to one archetype forever. You’re more like a startup shapeshifter, adapting your approach based on what the situation demands.
Building a deep-tech product that requires months of heads-down development? Channel your inner Observer and focus on building rather than schmoozing. Launching a consumer app that needs rapid user acquisition? Time to unleash your Initiator energy and get out there spreading the word.
The smartest founders recognize that different phases of their startup journey call for different networking energies. The goal isn’t to become someone you’re not — it’s to understand your natural strengths and deploy them strategically.
Week 5 — Money, With a “Capital” M
In partnership with: https://grantx.com/
Let’s talk about everyone’s favorite startup topic: money. Specifically, how to get it, when to get it, and why the fundraising process will simultaneously be the best and worst experience of your entrepreneurial life.
Here’s the uncomfortable truth: Capital isn’t just important for startups — it’s oxygen. And just like oxygen, you don’t think about it until you don’t have enough of it. Understanding how to raise funds and when to raise them isn’t just a nice-to-have skill — it’s a founder survival requirement.
Crowdfunding: Democracy Meets Capitalism
The modern equivalent of passing around a hat, except the hat is on the internet and potentially millions of people can throw money into it. Perfect for : Consumer products with obvious appeal, social causes, or anything that photographs well on Kickstarter.
Bootstrapping: The Ramen Noodle Route
Also known as “funding your startup with your own blood, sweat, tears, and credit cards.” This is the ultimate founder flex — building something from nothing with sheer willpower and questionable financial decisions. Perfect for : Service businesses, software with low upfront costs, or founders who enjoy the thrill of checking their bank balance every morning.
Friends and Family: Mixing Money with Relationships (What Could Go Wrong?)
Your first taste of “professional” fundraising, where “professional” means texting your college roommate at 2 AM asking if they want to invest in your revolutionary dog-walking app. Perfect for : Early validation and small amounts of capital. Reality check : Thanksgiving dinner conversations will never be the same if your startup fails.
Tax Credits: The Government’s Way of Saying “We Believe in You”
Free money from Uncle Sam for doing things like R&D, hiring in specific locations, or developing green technology. It’s like finding a $20 bill in your old jeans, except the bill is potentially worth thousands and requires paperwork that would make an accountant weep. Perfect for : Tech companies, manufacturing, or anything that helps politicians look good in press releases.
Grants: The Unicorn of Funding
Non-dilutive funding that doesn’t require giving up equity? It sounds too good to be true because it often is. Perfect for : Research-heavy startups, social impact companies, or founders who enjoy writing applications that read like PhD dissertations.
Angel Investors: Your Startup’s Guardian Angels (With Spreadsheets)
Wealthy individuals who write checks to startups because they either A) want to help entrepreneurs, B) want to make money, or C) both. Perfect for : Early-stage companies that need both money and mentorship.
Venture Capital: The Big Leagues (Where Dreams Go to Scale or Die)
Professional investors who manage other people’s money and are legally obligated to try to turn your $1 million investment into $100 million. They have fancy offices, complicated term sheets, and an uncanny ability to ask questions that make you question everything about your business model. Perfect for : Companies with massive scalability potential.
Rounds and Meanings:
Pre-Seed: The “Prove You’re Not Completely Insane” Round
This is where you convince people (usually friends, family, and optimistic angels) to give you money based on little more than your PowerPoint presentation and infectious enthusiasm. Typical raise : $100K-$1M (median valuation: $5.7M). What you need : An MVP, founding team, and early signs of traction. In 2024’s tougher fundraising environment, even pre-seed startups often need some revenue. What you’re proving : That your idea isn’t completely bonkers and you can execute at least the basics.
Seed: The “We Have Something Real” Round
You’ve got a functional product, some users, and ideally a bit of revenue. Now you’re asking for real money from real investors to prove this thing can actually scale. Typical raise : $500K-$5M (average: $3.3–3.5M, median valuation: $12M). What you need : A fully functional product (beyond mockups and Figma files), market validation signals, and quantified value propositions. What you’re proving : Product-market fit and that you can build a sustainable business model.
Series A: The “Time to Scale or Fail Spectacularly” Round
You’ve proven your business model works on a small scale. Now VCs are writing big checks for you to prove it works on a big scale. The pressure is officially on. Typical raise : $2M-$15M (median deal size dropped to $5M in 2024, though some sources report averages as high as $18.7M). What you need : Viable product and business model, evidence of traction, and clear growth potential. Investors expect you to use this money to increase revenue substantially. What you’re proving : You can scale efficiently and capture significant market share.
Series B, C, D…: The “Unicorn or Bust” Rounds
Each subsequent round is about proving you can scale bigger, faster, and more efficiently. The stakes get higher, the valuations get bigger, and the expectations become increasingly unrealistic. Typical raises : Series B averages $10M, Series C and beyond can range from $15M-$100M+. What you need : Demonstrated product-market fit, understanding of customer acquisition costs and lifetime value, and proven ability to scale operations. What you’re proving : You’re either the next big thing or really good at convincing people you are.
Initial Public Offering (IPO): The “We Made It (Maybe)” Moment
The mythical exit where you ring the bell at the stock exchange and pretend you’re not terrified of quarterly earnings calls for the rest of your career. What you’re proving : That public market investors are willing to bet their retirement funds on your continued success.
Here’s what they don’t tell you in “How to Raise Venture Capital” blog posts: When you raise is often more important than how much you raise. Raise too early, and you’ll give away too much equity for too little money. Raise too late, and you might run out of runway before reaching your next milestone.
Week 6 — Financial Planning & Analysis
In partnership with: https://www.forecastr.co/
Here’s a truth that’ll make technical founders break out in a cold sweat: Smart founders know how to tell a compelling financial story, forecast with confidence, and stay capital-efficient while building toward scale. And before you roll your eyes and mumble something about hiring a CFO later, consider this: Financial Planning & Analysis (FP&A) isn’t just accounting theater — it’s your startup’s crystal ball, health monitor, and investor translator all rolled into one.
Investors don’t just invest in great products — they invest in great businesses. And great businesses are defined by their numbers, not just their features. Your FP&A tells the story of whether your startup is a rocket ship headed for the moon or a very expensive hobby.
More importantly, solid financial analysis helps you answer the existential startup questions:
- Is your business model actually working?
- Do you need funding, or do you just want funding?
- What happens to your runway if growth slows by 20%?
- Which marketing channels are actually profitable?
Key Performance Indicators (KPIs):
The Customer Economics Trinity
Customer Acquisition Cost (CAC): How much you spend to convince someone to become a customer. If you’re spending $500 to acquire customers who only pay you $50, you’re basically running a very expensive charity.
Lifetime Value (LTV): The total revenue a customer generates over their entire relationship with your company. This is your customer’s “net worth” to your business.
LTV:CAC Ratio : The holy grail metric. You want this ratio to be at least 3:1 (ideally higher). If it’s lower, you’re basically paying people to use your product, which is unsustainable unless you’re subsidized by venture capital or have very patient investors.
The Revenue Rhythm Section
Monthly Recurring Revenue (MRR): Your predictable monthly income. For SaaS companies, this is like your startup’s heartbeat — steady and consistent means healthy.
Annual Recurring Revenue (ARR): MRR × 12, but also your ticket to serious investor conversations. ARR is the metric that makes VCs pay attention.
Activation Rate : The percentage of users who actually experience your product’s core value. A low activation rate means your onboarding process needs CPR.
Lead-to-Customer Conversion Rate : How effectively your sales process turns prospects into paying customers. Low conversion rates often indicate product-market fit issues or pricing problems.
The Survival Metrics
Burn Rate : How fast you’re spending money. Think of this as your startup’s metabolic rate — too high, and you’ll run out of energy (cash) before reaching your goals.
Cash Runway : How long your current cash will last at your current burn rate. This is your startup’s expiration date if nothing changes.
Churn Rate : The percentage of customers who stop paying you each month. High churn is like having a leaky bucket — no matter how fast you pour water (acquire customers) in, it all flows out the bottom.
The Profitability Picture
Gross Profit Margin : Revenue minus the direct costs of delivering your product or service. This tells you if your core business model is fundamentally profitable.
Net Profit Margin : What’s left after all expenses. Positive net margins mean you’re actually making money, not just moving it around.
Return on Equity (ROE): How efficiently you’re using investor money to generate profits. Investors love seeing high ROE because it means their investment is working hard.
The Customer Happiness Index
Net Promoter Score (NPS): How likely customers are to recommend you. High NPS often correlates with low churn and high LTV.
Customer Satisfaction (CSAT): Direct feedback on customer happiness. Unhappy customers become churned customers.
Customer Effort Score (CES): How easy it is for customers to get value from your product. Low effort = happy customers = lower churn.
Time to Value (TTV): How quickly new customers experience your product’s core benefit. Faster TTV typically means better activation and lower churn.
The Financial Health Check
Debt-to-Equity Ratio : How much debt you have compared to equity investment. Too much debt can strangle a growing startup, while the right amount can accelerate growth.
Here’s where FP&A gets exciting (yes, really): These metrics don’t exist in isolation — they tell a story about your business. A rising CAC paired with flat LTV tells the story of increasing competition or market saturation. Growing MRR with high churn suggests you’re good at acquiring customers but terrible at keeping them happy. The real magic happens when you start using these metrics for forecasting. What happens to your runway if you grow 50% faster than planned? What if a key marketing channel stops working? How does a 20% price increase affect your churn rate?
Week 7 — GTM
This is where you need both a Go-to-Market (GTM) Strategy and a Go-to-Market Plan. And no, they’re not the same thing, despite what every startup blog seems to think.
Your GTM Strategy is your overarching vision and goals — the “why” and “what” of your market approach. The strategy gives you direction. It answers questions like: Who are we targeting? What’s our unique positioning? How do we differentiate from competitors? What’s our value proposition?
Your GTM Plan is your roadmap and execution tactics — the “how” and “when” of making your strategy reality. The plan turns that direction into motion. It includes specific channels, timelines, budgets, and measurable actions.
Think of it this way: Strategy = Increase visibility among small business owners through content and partnerships. Plan = Launch a weekly blog, run a co-branded webinar series, and test LinkedIn ads targeting founders.
The strategy focuses on goals and vision, whereas the plan focuses on execution and tactics.
Your GTM Strategy: The North Star for Market Domination
A go-to-market strategy is a comprehensive plan that outlines how to launch a new product or expand into a new market, ensuring you launch to the right audience, with the right messaging, at the right time.
Your GTM strategy should be research-backed and calculable. This isn’t a “trust your gut” moment — it’s a “prove your assumptions with data” moment. A well-crafted GTM strategy should identify a market problem and position the product as a solution, backed by evidence that your execution approach is not just viable, but profitable.
Key strategic elements include:
- Market positioning : How you’ll differentiate in a crowded marketplace
- Target customer definition : Your refined ICP (remember that work from Week 3?)
- Value proposition : The compelling reason customers should choose you
- Competitive advantage : Your 1–2 secret weapons for breaking through market noise
- Channel strategy : Which routes to market align with your customer behavior
Your GTM Plan: Strategy Meets Reality
While the marketing strategy lays the groundwork, the marketing plan follows a sequential path in its execution. Your plan translates strategic direction into specific, measurable actions with timelines and budgets attached.
This is where you get tactical:
- Launch sequence : What happens first, second, third?
- Channel activation : Specific platforms, partnerships, and distribution methods
- Content calendar : What you’ll create and when
- Budget allocation : How much you’ll spend where
- Success metrics : KPIs that prove your strategy is working
- Timeline : Milestones and deadlines that keep execution on track
Yes, this has been a lot of information compressed into a short time. But here’s why it matters: The startups that systematically work through these elements — from TAM calculations to KPI tracking to GTM execution — are the ones that turn promising products into sustainable businesses.
Shout Out to Mudget!
Keep this awesome support going and sign up for seats on the waitlist while you still can! We are building the all-in-one application to help you feel in control of your finances and achieve those big goals you have.
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