It’s hard to believe I’ve recently finished my third year of guiding MIT startup teams through our delta v student venture accelerator. The 2017 cohort was another fantastic group of entrepreneurs and startups, and I look forward to seeing the places they will go as they develop their businesses and grow as individuals.
One useful exercise that we’ve done each year is to look critically at the delta v program at the end of each session and assess what went well and what could be improved. I believe this has helped us refine and grow our program, and I’d like to share some of our top findings:
We had great feedback from this year’s cohort, and did a comparison between 2016 and 2017. Here are some stats, and our take on what we’re doing well:
- This was our largest cohort to date. We supported 21 teams and 65 entrepreneurs.
- The average team size decreased from 5 members in 2016 to 3 members in 2017 – we feel that a smaller team size means more involvement in the process for each student.
- The percentage of female entrepreneurs increased from 26% in 2016 to 45% in 2017 – we are making good strides toward gender parity and neutralizing gender bias, both important goals.
- For the first time we expanded the delta v program with a Startup Studio in New York City supporting seven additional teams
- The students were especially pleased with the founders’ dinner speakers and the interaction and support from our Entrepreneurs in Residence (EIRs).
- They also generally liked the amount of programming included this year.
- We implemented longer and more structured board meetings in response to requests made after the 2016 program; this was well received.
- The teams closed more business during delta v than ever before, reaching more than $100K in revenue over the summer months.
- Based on a survey of the students, the average net promoter score for the 2017 cohort was 93.6.
- 100% of students surveyed are willing to be a reference for the program going forward.
We also reached out to our delta v board members for their feedback. Here’s what two of our board members had to say:
“Serving on a delta v board reminds me of the interdependency of the roles of ‘change agents’ and ‘game changers,’ irrespective of age or accomplishment. Board and delta v members, alike, seamlessly assume these roles while educating and constructively guiding each other to the launch milestone.”
- Kristine Van Amsterdam, delta v board member
“As board members, we have the thrill and privilege of helping young entrepreneurs take those critical first steps to turn their ideas into real-life and life changing entities. Many of the ideas born here will become companies that impact the world.”
- Janet Wu, delta v board member
We’re thrilled that 100% of the 2017 board members are interested in participating in the program again next year.
Of course, there is always room for improvement. Here’s what we’re working on:
- Our (new!) physical space is getting cramped with 21 teams.
- Next year, we want to work more with the students to prepare them for meetings with the investment community.
- The students gave us specific requests for new programming in areas from budgeting to negotiation to team development.
- There was also a request for even more structure with the board, in terms of setting the agenda to focus on upcoming milestones.
We take feedback from our students and board members seriously and will be evolving the program for 2018. We wish our 2017 cohort much success! If you are interested in more detail on delta v, including seeing what some of our past alumni are doing, check out this year’s Martin Trust Center Annual Report.