What is a Business Accelerator?

Nov 20

Before we get started, let's make sure everyone is up to speed.

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

Now, some people offer Business Acceleration as a service(BAAS). Yes, I just made that up, but let's go with it for now. As a podcast host, I've had the chance to speak with founders from different industries looking to disrupt the market. All famous startups needed help at some point. A few things they can do for you

Comprehensive support

Operating a startup can be lonely and challenging. That’s where an accelerator can help. When you work with an accelerator, you get support, mentoring and sponsorship. Besides emotional support, they can provide direction, experience and knowledge. Plus, you have the support of their network.

Investor access

An accelerator may not give your company money. Still, they do connect you directly to interested investors who are drawn to accelerators in the hopes of discovering the next big thing. Depending on the services provided, you might find an accelerator who will pitch to investors for you, act as CEO, or coach/mentor you to pitch on Shark Tank.

A bigger-picture, long-term view

As a founder, especially a first-timer, it can seem impossible to look beyond the first six months to a year. However, it is vital to work toward a much longer view and outcome. A Business Accelerator stand outside the trees that are blocking you from seeing the forest.

They can help you see the complexity that will develop in time and steer you in the right direction to deal with it. They can ask the questions that get you thinking of the bigger picture and what it should look like. Then these mentors can suggest the tools and tactics to get you there.

Motivation and morale

The collective and collaborative environment found working with a business accelerator is sure to keep you going and moving forward. If you find yourself in a group business accelerator than interaction with other founders is a powerful motivating force as well.

When you hear about their own self-doubts and challenges, it resonates with you. Plus, it reminds all of you that it is possible to overcome those doubts and work together to clear your respective hurdles.

Skills Development

An accelerator program focuses on teaching you the skills that are essential for running a business, including sales and marketing, communications, finance and even some technical skills.

Accelerators also help you share your skills with other founders who are in the same program cohort, providing a great testing ground for disseminating your skills later on to your own team.

What did we miss? Have you used a business accelerator? What was your thoughts and feedback? Thanks for reading!

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