What are business accelerators?

Business accelerators are organisations or programmes that provide support and resources to startups and entrepreneurs in the early stages of their company's development, with the aim of helping them to grow and scale quickly. If you need advice on this, a business lawyer may be able to help you.

These accelerators usually offer a wide range of services and resources, such as mentoring, advice in specific areas (e.g. finance, marketing, technology, etc.), workspaces, access to investors and business networks, among others.

The goal of accelerators is to help entrepreneurs overcome the initial barriers they face when launching a business and accelerate their growth through personalised resources and advice. In many cases, accelerators also provide funding in the form of seed investment to help entrepreneurs launch and grow their businesses.

Business accelerators can be run by government organisations, private companies, business incubators or venture capital firms.

Types of business accelerators

There are several types of business accelerators, among which the following stand out:

1. General accelerators: are those that provide support to startups in any sector or industry.
2. Vertical accelerators: these are those that focus on a specific sector or industry, such as technology, health, energy, among others.
3. Corporate accelerators: these are managed by large companies with the aim of identifying and supporting innovative startups that can help boost their core business.
4. Regional accelerators: these provide support to startups located in a specific geographic region.
5. Social impact accelerators: these are those that focus on supporting startups that have a social or environmental mission.
6. Fintech accelerators: these are those that focus on supporting startups in the financial services and technology sector.
7. University accelerators: these are run by universities with the aim of supporting startups founded by students, professors or alumni.

Each type of accelerator has its own characteristics and specific objectives, but in general they all seek to provide support and resources to startups to help them grow and succeed in their market or industry.

How does a business accelerator work?

How a business accelerator works may vary depending on your business model and specific objectives, but in general, the acceleration process follows some common steps:

• Call for applications and selection: The accelerator launches a call for interested startups to apply for the accelerator programme. This is followed by a selection process in which applications are evaluated and the startups with the highest potential for growth and success are selected.
• Mentoring and advice: Once startups have been selected, they are assigned a mentor or a group of mentors who provide advice and guidance in specific areas of their business, such as finance, marketing, technology, among others. Mentors can be experts in the sector or industry in which the startup is located.
• Training and capacity building: Participating startups also receive training and coaching in specific business skills and techniques to help them develop their business.
• Networking and connections: The accelerator helps startups establish contacts with investors, potential customers and other key players in their industry.
• Funding: Many accelerators offer seed funding to startups to help them launch or grow their business.
• Demo day: At the end of the accelerator programme, startups participate in a "demo day", an event where they present their business and its achievements to an audience of investors, entrepreneurs and other key players in their industry.

What do startup accelerators do?

The main objective of startup accelerators is to provide support and resources to entrepreneurs to help them grow and scale their companies quickly. Some of the main activities that startup accelerators carry out include:

• Providing mentoring and advice: Startup accelerators offer mentoring and advice to entrepreneurs in specific areas of their business, such as finance, marketing, technology, among others. Mentors can be experts in the sector or industry in which the startup is located.
• Provide resources and training: Startup accelerators provide resources and training in specific business skills and techniques that help entrepreneurs develop their business.
• Facilitating access to investors and customers: Startup accelerators help entrepreneurs establish contacts with investors, potential customers and other key players in their industry.
• Offer funding: Many startup accelerators offer seed funding to companies to help them launch or grow their business.
• Organise events and demo days: Startup accelerators organise events and demo days where entrepreneurs can present their company to an audience of investors, entrepreneurs and other key players in their industry.