What is a start-up accelerator?

At a high level, start-up accelerators are short-term growth programs that help businesses get established. These programs go beyond simply offering financing options to early-stage businesses. They often combine financial support with mentorship, guidance, and the expertise to get your business off the ground in a structured manner. Accelerators are not used to solve basic issues like securing office space or building your team. These tasks along with the market value of your product, local and state requirements, and industry regulation compliance regulations should all be in place before joining an accelerator.

For first-time entrepreneurs knowing how to access accelerator programs are a challenge, but the benefits of these programs are substantial. Grasping the basics of running a business is made much easier by having access to the expertise and skills of those that have been in their shoes and succeeded.

What sets accelerator programs apart from other methods of launching and maturing a start-up? Some characteristics include:

• A fixed-term, often as little as three months

• A clear structure of education, training, and mentorship

• Minimal or no joining fees

• An application process

The decision to apply to apply to an accelerator shouldn’t be based solely on the fact that you need financing to keep your start-up running. Funding is important of course, but applicants should be ready to take advantage of the coaching and access to expertise as well. Since these services are only available for a short period of time, founders should be ready to hit the ground running prior to applying.

A solid business plan, choosing an accelerator aligned with your business development and goals, and demonstrating a demand for your product or service can all help make the case for why your start-up deserves support. Many of our clients have had success with accelerator programs and we can help guide you to programs suited for various industries and making a solid business plan for better chances of being accepted as an applicant.