First off, I promise there will be no spoilers of Batman v. Superman in this post, in case you were worried. Instead I am going to try and clear up the (very) muddy waters of entrepreneurial support organizations. With so many options and - as I will illustrate - nuances within those options, it can be very difficult for startups to navigate the world of professional business resources and services. Hopefully, this post helps make it easier.
Earlier this month, Pitchbook released a landmark report which concluded that one-third of all US startups that raised a Series A in 2015 had gone through an accelerator program at some point in their development. Coupled with similarly promising data about business incubators - including one study that noted 40% of early-stage incubatees sourced their investment through connections within the incubator itself - and it appears that joining these types of programs bear long-term financial fruit for growing companies.
Most entrepreneurs understand the value of joining a business incubator or accelerator. The benefits of mentorship, technological infrastructure and facilities, and investment assistance are wonderful resources for startup companies. However, many founders may not always recognize the signs that their business is ready to align with an incubator. Here are a few signals to look for that indicate the timing may be right.
So your startup has decided joined a business incubator or accelerator. You were sold on the benefits and resources it could provide, and you are excited about taking your company or idea to the next level. Now what? How do you maximize your time in the program to ensure a positive experience? Believe it or not, a lot of entrepreneurs do not know how to best engage with their incubator or accelerator; with that in mind, we present our list of ways to operate inside these valuable entrepreneurial support organizations.
Here are EIGHT amazing facts about business incubators and accelerators and the startups companies they support. And if you don't know, now you know...
Many experienced and successful entrepreneurs share the same advice for hopeful startups: ‘Find a business incubator.’ Yet the uncharted territory of finding the right system leaves start-ups in a confusing maze of incubators, accelerators, and co-working spaces without knowing which one is truly right for their business.
Although the exact definition of accelerators, incubators, and co-working spaces can vary, they each follow a general set of characteristics that can be beneficial for start-ups.