When you are a new founder you are undoubtedly getting hit with so much it all may be a little intimidating. For those of you who do not like an enterprise, there are so many decisions to make. One of the big things to know is the difference between an Incubator and an Accelerator.
Typically, startup accelerators work with founders for a certain period of time – usually three to six months – to ‘accelerate’ their growth and assist in the development of a firm that is investment-ready and scalable.
First, let’s talk about an Incubator. An Incubator is where a founder works with others, be they other entrepreneurs or otherwise in networking their idea and developing it into a market-ready and investable ready business. Incubators also differ as they tend to focus on specific geographical locations. An Incubator is similar to an Accelerator as entrepreneurs can gain access to industry experts who can provide guidance and training, as well as networking possibilities with other startups in the program, through incubators.
An Accelerator differs in that they provide or a new company with resources be they monetary or otherwise. But they are extremely competitive and accept only less than 10% of applicants. Things to consider when joining are “are you expanding slowly” or fastly and “are you willing to move”? Startup accelerators typically work with founders for a certain period of time – usually three to six months – to ‘accelerate’ their growth and assist in the development of a firm that is investment-ready and expandable.
These are the differences for any founder to know and the information needed to succeed.