Starting and operating a business is hard. Early-stage founders tapping into the right support network can significantly improve the odds of long-term success. This is where accelerators, incubators, and similar growth programs come into play. Most founders and small business owners rely on friends, family members, and business contacts for advice in launching their business, but structured programs do exist to provide expert help.

What are the differences in these type programs? What benefits do they provide? Which one is the best fit for your start-up? Here’s what to expect from each type and how they can benefit you.

Accelerator programs are focused on entities demonstrating a potential for rapid growth. Focusing on training, mentoring, networking, and often financial support, accelerator programs are designed for those with a pre-existing business model and plan.

Working within a set timeframe - usually three to six months - accelerator programs “accelerate” growth to help build a business to the point of attracting investors and making their operations scalable.

This access to investor and experts can be invaluable to start-up founders.

Incubators are set apart from accelerators in that they often work with founders at the idea stage and don’t always have a fixed timeframe. Similarly, networking and expert advice are a part of these programs, however, these interactions are based around building their product or service idea, determining market fit, and getting investment ready.

Incubators are typically one of two types of programs: ideas developed from within an existing organization, or those that focus on an existing idea with support and mentoring.

There are some independent incubators, or they may be operated by government entities, corporations that want to advance their growth agendas, or even by investors.

Which is right for you?

Accelerator Benefits:

• Guidance from experienced founders and investors

• Connections and partnerships that are timely

• Early-stage seed investment focused specifically on growth

Incubator Benefits:

• Idea-stage access to resources and advice for product development

• Network building and idea sharing with those in your stage

• Mentorship and support for market evaluation, setting goals and priorities, and potential investment in research

If the line still seem blurry between which best suits your needs, talk to our experts to have an evaluation of your business position and strategy. We make it easier when your time and resources are limitied.