What Is A Business Accelerator

Establishing and nurturing business from the ground up is no easy feat. These days amongst a highly competitive market, it can be easy to get ahead. Business startups have to consider factors like marketing, workforce, operational structure, workspaces, and connections in order to stand out. All of these factors require ample attention.  

A business accelerator is a great way to assist in establishing and nurturing a business through thick and thin to make it a competent entity in its respected business industry. A business accelerator will provide access to mentors, investors, and other necessary assistance, with the goal of having the business become stable and handle operations and growth on its own. The overall role of business accelerators is to create an ideal ecosystem for startups and mentor them in achieving success. 

Organisations that act as business accelerators not only provide investment opportunities and mentorships for developing companies. They also provide necessary logical and technical support in the initial and most difficult phases of business. A business accelerator paves way for startups to connect with relevant business entities and create greater opportunities for businesses to learn from the peaks and pitfalls of their already established peers. 

Usually, accelerators will offer startups an accelerator program, designed for emerging business entities. These programs have a specified duration. They usually last for 2 to 6 months. Business accelerators provide plenty of support to startups and developing companies in order to make a name of their own. Once a business goes through the accelerator program it is said to be graduated from the business accelerator.

A lot of people might confuse the concepts of a business accelerator with a business incubator. However, like the terms themselves, the two differ. Incubators may take up startups at any stage, initial or final. Accelerators are observed to focus more on startups that are in their initial stages. Another difference is the duration they will usually spend with a business. In the case of an accelerator, it will last a maximum of 6 months while an incubator program might go on for years until it is not required anymore. 

Another key difference between an incubator and accelerator is that incubators are generally non-profit and run by academic institutions. Incubator programs are usually designed to help students who are business-minded. Business accelerators usually get a share in the profits earned by the business who graduated from the said accelerator. However, it is seen that business accelerators are far more effective and practical compared to incubators. This is because of the time limits for accelerator programs. Business accelerators design things to fast-track the establishment and growth of businesses. 

If you’ve got a great business idea but can’t seem to get it off the ground or where it deserves to be it may just be time to enlist the help of a business accelerator and pave the way for success.