In 2005 the first independent accelerator program for emerging tech companies launched: Y Combinator, which still holds the status of the most prestigious program in the world. Since then, countless programs have sprung up with different offers, like Techstars, 500, SOSV, IndieBio, Sequoia Arc, Greylock Edge, Neo, HF0, and many more.

There are also other types of organizations with similar goals, like Endeavor, YPO, EO, Thiel Fellowship, 776 Fellowship, Sigma Squared, START Global, buildspace, The Residency, among many others, including Torrenegra Organization.

For the past two and a half years I’ve closely studied several programs and, now, while building Torrenegra Organization, I’m always curious about how other programs work and what they actually give founders.

I’ve done this by observing from the outside, asking program directors, and—most importantly—talking to people who have gone through a program to learn about their experience behind the scenes: what about this program actually helped you?

The two most common answers I’ve heard in this time are:

  • The program didn’t really help much; if not for the investment we got, I don’t know if my company would be any different.
  • Outside the program sessions, what helped me most were the people I met during it.

Programs and false expectations

From the outside many programs seem like something out of this world, and the FOMO (Fear of Missing Out) is intense.

For example: getting into Y Combinator—the place that produced companies like Airbnb, Stripe, Twitch, and many more—naturally creates the itch and curiosity to be part of that, to be one of those founders who build huge things.

This applies to other programs too; they seem unattainable until you get in and—surprise!—you realize there’s nothing otherworldly there. There are no magic answers to your problems; you have to find them.

That last bit is the biggest false expectation we sell ourselves: we believe that because we’ll be mentored by great founders, we’ll get the answers we needed. That’s not how it works; it doesn’t exist.

I’ve noticed the same thing again and again this year at Torrenegra Organization (and yes, I know there’s a lot we can improve), but many people are surprised that the work is on them, and we don’t have magic answers.

Feedback I’ve heard repeatedly: “It’d be great to have a work plan that tells us which actions to follow to grow our company.”

In my opinion, that would be a serious mistake, and one mentors sometimes make; I’ll explain why below.

Then comes the question: if you’re telling me I’ll just get opinions or suggestions, is it really worth joining a program? Whether for equity or by paying.

You probably shouldn’t join a program

The root problem is we see the program as an end, not a means. And once you’re inside, you see there’s no final answer—you get lots of opinions, but again you have to do the work: find the answers to how to grow your company and solve problems.

So it doesn’t feel that helpful. How much is it really worth?

For years people have questioned whether YC is worth it because, objectively—by Silicon Valley standards—the equity you give up for $500k is high. And it’s not unique to YC; I’ve heard good, bad, and neutral comments about absolutely every program from their own alumni.

The reality is, objectively, a program is far from a necessity. It can help, but go look it up yourself: the vast majority of today’s giant companies didn’t go through any program.

Last year, one of the people I turned to repeatedly for advice was Danielle Strachman, cofounder of the Thiel Fellowship and now of 1517 Fund.

She was among those who saw projects like Figma, Ethereum, Longevity Fund, and OYO Rooms get started and grow, since their founders were Thiel Fellows.

What surprised me most was:

  • The Thiel Fellowship has no program. Basically, they give you $100k as a grant and say: do what you think is best with the money.
  • She’s against programs like YC. Not because of the people helping you there, but because she believes it’s a big mistake to try to tell a founder how to build a company—something that can happen in programs at times.

After 15 years leading different initiatives, she made two things very clear:

  • The most important part of a program isn’t giving answers—it’s providing a space where people can surround themselves with others who have similar goals.
  • Don’t nanny founders. The best founders are self-managing and know how to ask for help; you don’t need to be on their case. If a founder needs a mentor to hold them accountable every week, they should reconsider founding.

I’m still learning and my opinion may change, but today I agree. I’ll add one point:

  • Programs help you be more ambitious. Not because of the program per se, but because of community—a word I’ll get to below.

In general, you can get a program’s tactical knowledge with or without being in one—probably just by watching YC Startup School, which is completely free.

In fact, I see the opposite problem in the ecosystem: accelerator tourists—founders who spend their time hopping from one program to another, from contest to contest.

Today I’d advise thinking twice before entering yet another program—especially if you’ve already been in others.

The Buzzword “Community”

That said… there’s one thing more than 90% of program directors and alumni highlight: community.

“Buzzword” means a word people repeat just because it’s trendy or sounds cool. Like saying your company does “AI” today—what does that even mean? Many who say it don’t know.

Community is one of those overused words, so it’s easy to assume what’s being said is bullshit.

The problem with these buzzwords in companies is they’re tied to things that may or may not be true. For example, in our case, if I tell you:

  • Pay $2,550 and, in exchange, a big part of what you’ll get is access to a great community—like in our case.

It’s natural—and frankly rational—to think first: what kind of “community” bullshit is that? What’s the ROI? How and where will it benefit me?

Worse yet is the answer: I don’t know; it will just happen. You’ll notice it over time, but there’s no metric I can give you for how it will help.

And that does seem to be what people get from our program.

This isn’t new. It’s the most common answer I hear again and again across different programs worldwide—and, personally, what’s helped me most to this day.

Even so, I repeat: before joining a program, question whether you really need it.