Esosa Ighodaro’s journey as a co-founder of CoSign—an innovative app enabling shoppers to purchase items discovered in social media posts—underscores the significant advantages that accelerator programs can provide for first-time entrepreneurs. Her experience in the Seamless Accelerator in Grand Rapids, Michigan, was instrumental in raising $1.4 million from three principal investors. Ighodaro emphasizes the value of accelerators in educating aspiring business leaders about problem articulation, navigating the complex fundraising landscape, and understanding investor expectations. Furthermore, she highlights that while bootstrapping and self-funding are commonly discussed strategies, most successful business ventures thrive on robust support systems that accelerators can offer.
Now, channeling her energy into aiding other founders, Ighodaro founded AcceleratorCON, a pivotal event designed to foster connections between startups and accelerators. Scheduled to take place in Brooklyn, New York, on November 8, the conference features dual tracks for startup founders and accelerator leaders, resembling a pro-sports draft to encourage collaboration and connection. Notable speakers include marketing expert Seth Godin, Teachable’s Ankur Nagpal, and leaders from various notable accelerator programs. Sponsored by industry giants such as Microsoft and Oracle, the event is expected to attract around 500 eager participants, further illustrating the growing interest in fostering innovation and entrepreneurial growth in diverse communities.
The current funding landscape reveals a stark reality where female and Black founders face significant barriers in accessing venture capital. PitchBook reports that only 2.3% of venture capital funds are allocated to female entrepreneurs, while a minuscule 0.48% reaches Black founders in 2023, according to Crunchbase. Ighodaro recognizes that the investment community remains heavily relationship-driven, posing challenges for individuals outside traditional networks, such as those who lack Ivy League connections or familial ties in business. The AcceleratorCON initiative aims to disrupt these barriers by allowing founders to connect directly with investors, eliminating the need for “warm introductions,” which can be transformative for those lacking established networks.
In her role as VC-in-residence at Pipeline Angels, Ighodaro directly engages in funding initiatives that support underrepresented entrepreneurs, offering them critical “friends-and-family” financing rounds. Her goal for AcceleratorCON is to empower marginalized founders by facilitating essential connections that can lead to successful funding acquisition. Studies indicate that participation in accelerators significantly increases funding opportunities for women and founders of color, with startups in these programs raising between 50% to 170% more than their non-accelerated counterparts. These ventures demonstrate improved survival rates and attractiveness to acquisition, further validating the role of accelerators in shaping the entrepreneurial landscape.
Ighodaro’s insights into the necessity for supportive entrepreneurial communities stem from her own experiences navigating the tech industry. She recalls a time, around 2011-2012 in New York, when resources for entrepreneurs like herself were minimal, resulting in feelings of isolation. To address this gap, she founded Black Women Talk Tech, a community aimed at scalable entrepreneurs. This platform fosters resource-sharing, networking, and tailored content while hosting events such as the “Roadmap to Billions” conference, designed to equip founders with the knowledge needed to succeed without relying exclusively on resources found in California.
As Ighodaro continues her efforts to help founders connect with both investors and accelerators, she reflects on the invaluable nature of community. Noting that the same group of supporters frequently attended her events, she aims to diversify the network for entrepreneurs. After pivoting the AcceleratorCON event to a virtual format due to adverse weather conditions in the past, Ighodaro is thrilled to finally host it live, emphasizing the essential need for increased access to capital for underrepresented founders. Her unwavering commitment to fostering supportive networks reflects the broader need for inclusivity and accessibility in the entrepreneurial ecosystem, a crucial step toward leveling the playing field for all aspiring business leaders.
