Definition: An accelerator is a program designed to help early-stage startups grow and develop. It lasts 3-6 months and consists of mentorship, workshops, resources, and networking opportunities that will help startups to scale faster.
The goal is to help startups reach their goals faster and more efficiently than they could on their own.
They also provide a platform for startups to connect with potential investors, partners, and customers and an opportunity to gain diverse knowledge on topics such as fundraising, product development, and customer acquisition.
Through accelerators, startups gain access to experienced industry experts, legal support, entrepreneurs, and investors who can guide and advise them along the road. At the same time, startups obtain capital in the form of grants, loans, or investments.
Some accelerator programs provide startups with office space and the necessary equipment for further growth and development.