Updating your metrics
Learn about the monthly data data updates in AcceleratorApp
What happens to the data you update?
First, you should know you (as founders of the startup) owns the data: not the incubator, accelerator, and definitely not us at AcceleratorApp. If you want us to remove the data, we will do it. One more thing, you should know the incubator/accelerator has access to view the data as they need it, but we don't.
Why do incubators and accelerators need that data?
Well, that varies from incubator/accelerator to incubator/accelerator, but mostly, this data is needed on two levels.
- To better help you.
- To create some form of impact reporting or portfolio reporting.
Ok, so you might ask, how is this data helping the incubator/accelerator better help me? Well, that is quite simple; with more information about the performance and the activities of your business, they can help you spot how to improve parts of your business or correct specific courses of action. That is the whole point of why you want to work with them, isn't it?
On the impact reporting & portfolio reporting: well, this is how these organizations are financed. The public-funded ones have to report on the number of jobs created, the number of startups still in operations, total sales, total money raised, and so on. The organization that is financing your incubator or accelerator will keep on, increase, cut, or reduce financing based on that. Further, these reports are also used in benchmarking so that they can see how your incubator/accelerator can compare itself to others and see how they can improve.
All in all, this is in your benefits and the benefits of startups after you.
P.S. At AcceleratorApp, we take your data privacy very seriously, and we also want you to get the most value out of this. So we are currently creating a data room tool that will allow you to share that data with investors or banks and control and monitor their access to your data. More on this later.
How are these metrics determined relevant for me?
Well this all depends on how you answer the categorization questions
- Have you launched?
- Have you started to generate sales?
- Do you have a recurring revenue model?
- Do you have free users?
When you answer these simple four questions, you are letting us know which metrics should be used for you.
How are more metrics present than the ones that we fill
Ah Ah! Good one and we hope you like it. Our goal is to make your life simpler, not harder. We know as a startup, you need to analyze your own company, but who has the time to calculate all of that data. Well, we do that for you! Based on the data you are feeding the system, we are generating other data points by calculating these different metrics.