How to Improve the Application Process in Your Accelerator Program

When you’re running an accelerator or incubator, attracting high-quality startups with good promise is crucial. You put a lot of effort into not just getting applications but also in selecting the startups that are the best fit and show the most promise. Naturally, you’d want to make sure every part of this process is as efficient and effective as possible.

But how can you tell if your application process is really working well?

It’s all about the numbers. By tracking specific metrics, you can get a clear picture of how your application process is performing and pinpoint where you might need to make some improvements. Let’s take a closer look at these metrics on how to improve accelerator application processes:

1. Number of newly created applications.
2. Number of new submitted applications per week.
3. Change in number of applications per week.
4. Time spent on the application filing.
5. Time between starting the application and submitting the application.
6. Percentage of optional questions filled.
7. Percentage of submitted applications against started applications.

Metrics to Improve The Performance of Your Application Process

1. Number of newly created applications.

This metric tells you how many applicants have started filling out applications for your program. For instance, if you receive 100 new applications in a month, it indicates initial interest. Seeing changes in this number can help you measure the effectiveness of your program marketing efforts. For example, if you run a one-off program and see the number jump to 150, it suggests your marketing effectively boosts interest.

2. Number of new submitted applications per week.

This measures how many applications are fully completed and submitted each week. Imagine starting the month with ten submissions per week and then seeing that rise to 20 after improving your application instructions or program communication efforts. This increase suggests that the new instructions and communication helped more people complete their applications.

3. Change in number of applications per week.

Monitoring how the number of submitted applications varies each week helps identify trends. For example, you have 15 submissions one week, but the next week, only 5. This drop could signal an issue that needs investigating, possibly related to changes in your application process or external factors affecting potential applicants.

4. Time spent on the application filing.

The time it takes to fill out your application can be a double-edged sword. A lengthy application process might discourage some potential applicants, but it also filters in those who are genuinely committed, which can be beneficial if you have an abundance of applicants from previous cohorts. For established programs seeking highly motivated applicants, a comprehensive application is appropriate. 

However, for newer programs that are still trying to make their mark in the industry, it’s advisable to streamline the process to attract a broader pool of startups. For example, if your application takes an average of two hours to complete and you notice a high dropout rate, consider simplifying it to encourage more submissions, especially in the early stages of your program’s growth.

5. Time between starting the application and submitting an application.

This metric doesn’t look at how long someone spends on the application but rather the time from when they start to when they submit it. A prolonged duration might indicate careful consideration and thoroughness, suggesting a high-quality application. However, if the application is completed right before the deadline, it could also suggest procrastination or disorganization.

Tracking this can help you understand applicant behavior. For instance, if the average time between start and submission is three weeks but you encourage applicants to take their time for a more thoughtful application, a longer duration might be a sign of diligence rather than inefficiency.

6. Percentage of optional questions filled.

This metric particularly reveals an applicant’s enthusiasm and attention to detail. Those who answer optional questions are often the ones willing to go above and beyond, which can be a critical trait in entrepreneurial success. However, if you’re competing for top-tier startups who are also considering other accelerators, you might want to reconsider the weight of this metric. 

In such cases, high-potential startups might prioritize their efforts elsewhere. For example, if typically only 30% of applicants complete the optional sections and you wish to increase this, you could try highlighting the importance of these questions in demonstrating their commitment and standing out in the selection process.

7. Percentage of submitted applications against started applications.

This tells you what portion of started applications get fully submitted. If you start with a 60% submission rate and implement improvements that raise this to 80%, it indicates a significant enhancement in the application process. A higher rate means fewer people drop out halfway, which is great for building a larger, more qualified pool of candidates.

Understanding and analyzing the metrics of your application process is more than just collecting numbers. It’s about interpreting what those numbers mean for your program’s health and attractiveness. Whether you’re an established accelerator with a robust pipeline or a newer player in the industry, tailoring your application process to align with your strategic goals is crucial. 

By examining metrics such as the time spent on applications, the duration between starting and submitting applications, and the percentage of optional questions filled, you can gain insights into applicant behavior and motivations.

Remember, each metric offers a unique lens into the applicant’s journey and commitment level. Leveraging our software, AcceleratorApp - specifically built for accelerators and incubators - can help you efficiently track and analyze these important metrics.  

Adjusting these aspects based on your program’s maturity and competitive landscape can help you attract and select the most fitting and promising startups. Continuously refining your application process based on these insights will ensure that your accelerator remains a coveted choice for high-potential startups, encouraging innovation and success in each cohort.