Business Accelerators can be defined as a set of programs that are set up by a government, business alliance, or academic group to assist in the startup of a business through training/services. An accelerator’s purpose is to help with the introduction of the company into national or global markets. Accelerators are structured like camp sessions designed to turn inchoate ideas into prototypes or market-ready products in a matter of months. A Female-Focused Accelerator is a group or company comprised of women who search for opportunities to assist in the startup of other female owned companies.
The services offered by accelerators vary, but they may include office services, entrepreneurial advice and mentoring, business planning, networking, and contracting. These investors are typically venture capitalists looking for an opportunity to finance growth potential through defined action plans. Read: they will likely take equity in exchange for these services. With an increased chance of success, management involvement levels will increase.
With the help of an accelerator, your startup business will acquire experience, networking opportunities, and informative business planning. These acquisitions will substantially grow your business.
Business Accelerators are only for mid to large sized companies that will be introduced in large markets. If your company is smaller, Business Incubators have similar features but are better suited for smaller startups. This company assistance can be costly, depending on the level of involvement. An accelerator’s purpose is to help with the business planning, meaning they may have slightly more control over business decisions.