A business accelerator is a program that gives developing companies access to mentorship, investors and other support that help them become stable and self-sufficient businesses.

Companies that use business accelerators are typically start-ups that have moved beyond the earliest stages of getting established. They have basically entered their “adolescence,” meaning they can stand on their own two feet but need guidance and peer support to gain strength. Less developed companies not ready for an accelerator would instead use a business incubator for support.

In addition to mentorship and investment opportunities, a business accelerator gives growing companies access to logistical and technical resources as well as shared office space. An accelerator will also connect companies to networks of peers whose experience they can learn from.

An accelerator program can last anywhere from two to six months. The goal is for companies to emerge ready to run on their own, with strong positioning to claim a share of their target markets.

Accelerators equally provide intensive and time-limited business support for cohorts of startups, aiming to get them ready for investment more quickly than traditional incubators.

Hope the above overview was simple and concise enough for you to understand what accelerators are. Let’s move!

Often than not, Founders find themselves in a rocky entrepreneurial state wanting to move their business forward, to prove the worth of their ideas but hardly seem to get it right. The purpose of a startup accelerator is exactly that — to accelerate your startup’s growth and gain exposure to a wide range of advisors and experienced entrepreneurs who helps them develop their product, hone their business model and — most importantly — connect them to investors. 

The goal is “demo day” when startups present their ideas to potential investors and other interested parties, including the press after going through an accelerator cohort( usually 3 -6 months) and equipped to beat the startup competition.

Going through an accelerator as a startup, there’s no choice but to succeed because mentorship is intentional, strategic, goal oriented, intense and on-site. You can’t get it wrong with the right accelerator for your business.

How do accelerators work?

The accelerator model has some typical features that set it apart from other approaches to startup investment or business incubation. These include:

• A highly selective admissions process.
• A focus on cohorts or ‘classes’ of startups rather than individual companies.
• Mentoring or other business training.
• Intense and time-limited support, usually lasting between three and 12 months.

Accelerators may be funded by venture capital investors, public bodies or large corporates, depending on structure and objective. They also often tend to focus on supporting technology-based or digital startups.

Most programmes encourage a high degree of peer-to-peer learning, so that founders can learn from others in similar circumstances. Mentoring from experienced entrepreneurs also plays a significant role in most programmes. The provision of funding (sometimes in exchange for equity), a workspace, facilitated networking and educational seminars/workshops are other common services.

What do Accelerators have to offer?

1- Startup accelerators can provide invaluable business and management mentoring. 

They can match inexperienced founders with the right management team to help bring ideas to fruition.  

Being with a cohort of founders who are going through the same challenges is an  amazing experience. It teaches you  to navigate personnel, fundraising and scaling issues. 

Zach Dixon who went through the Y Combinator accelerator program says “You become part of this amazingly prestigious accelerator program that educates you in any number of ways, optimizes you for fundraising — optimizes, really, your early company cohesion”.  After concluding the program, they raised a $2.5 million seed round from an impressive set of investors on favorable terms. One year later, the company had more than tripled its revenue and headcount.  

“There’s definitely a life before An accelerator program and a life after

2-Startup accelerators create a startup friendly environment

Startup accelerators provide feedback and guidance on the technology or business concept you’re pursuing. These “hackerspaces” are collaborative workspaces where engineers and creative problem-solvers can help you pivot from an exhausted idea or break down a good idea and rebuild it into something even better. 

3-Startup accelerators provide Strategic connections. 

Accelerators work closely with angel investors and venture capital firms that are looking to invest in promising business ideas. “An accelerator can very quickly introduce you to a ton of people,” says serial entrepreneur Michael Wolfe. If you are new to the industry, this is particularly useful. “By connecting you to a lot of advisors, you quickly become part of the culture and develop a network in a year that it would otherwise take 10 years to create,” he says. Being a member of the accelerator insider network, also gives you credibility which will help with both hiring and fundraising.

4-Access to camaraderie and working space

Being admitted into an  accelerator grants you access to free coworking space. In addition, ”Not only is it nice to have the space, but you can also benefit from the emotional support that comes from being alongside other team members from different projects. Everyone is facing very similar challenges, and you can help one another by bouncing ideas around and engaging with CEOs and alumni” says James Abishek Wilson (vice president ,SVB’s Start-Up Banking)

Accelerators are in fact a Big Yes to startups. We want to build an innovative and economically gigantic Africa. Get enrolled in an accelerator as we grow together. 

You have the brilliant idea, you have the product, you have the passion, all you need is a scaling catalyst. Mountain Hub’s Accelerator Program comes up soon to Accelerate your startup 10 times. Don’t Miss out