What’s the difference?
When looking at the opportunities accelerators and incubators offer to startups, both follow very similar concepts. However, there are some main differences between the two that you should know before applying.
Accelerator programs are typically focused on scaling a business and quickening growth. They have a strong emphasis on mentorship, which allows the entrepreneurs and members to be effectively guided throughout the process. Accelerators have a set time frame, usually a 3 to 4 month program. They also have an open recruitment process and allow anyone to apply, but only accept a few applicants. Lastly, accelerators have a set graduation date or demo day for their members after finishing the program.
Incubators on the other hand are focused on developing innovative ideas and building a solid foundation. They have an indefinite amount of time, unlike accelerators, and concentrate on meeting benchmarks and goals. Incubators have an exclusive recruitment process, which is open to specific audiences, but they accept many. Lastly, they do not have a set graduation date or demo day for their members.
After explaining some of these main differences between accelerators and incubators, we hope you will be better prepared when choosing a program for your startup!