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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.

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Article FAQs

What is the difference between a startup incubator and an accelerator?

Accelerators last 3-6 months and are designed for startups that already have an MVP. They are growth catalysts that provide networking opportunities, one-on-one mentorships, and work with VCs, angel investors, and industry experts to help startups achieve goals faster. Incubators last for a more extended period of time, up to one year and more, and they help startups from the ideation phase all the way to the growth phase. Incubators focus on step-by-step guidance, legal support, and resources needed for startups to develop and create their product.

What is the difference between venture capital and accelerator?

Accelerators are for early-stage startups, and they prepare the startup to be funded by venture capital. VCs rarely fund early-stage startups, and their investments are much higher and in exchange for an equity stake in the company.

Why do startups need accelerators?

Startups need accelerators so they can scale and grow faster and more easily. Accelerators provide a community and support structure for startups that consists of educational sessions, access to technology and equipment, and a huge networking circle of high-profile individuals.