by Paul Miller As we begin operating about the Startup Factories there are a few details we have to get straight. First off we have to attempt to settle on the definition of what constitutes an accelerator program. Quora is engaging in a terrific profession of listing the form of scheme we’re interested in as they pop up, but what are the defining features? Our first thoughts are: They work with pre-seed stage companies – usually with small teams (2-4 people) of first time founders.
They are selective – they have some form of application process,
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They are time bound – they have an intense period of support for companies that usually lasts for three months,
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They support teams in cohorts – they tend to take companies in batches to create peer support. This can be anything from six per cohort up to over 30 in the case of Y-Combinator.
They have a heavy focus on mentoring – bringing in people from the local tech and business communities to help the companies
They have the aim of securing further funding for companies. Accelerators are often described as ‘on ramps’ to the investment world. Then there are several features that accelerators have different approaches to: Providing shared office space – Y-Combinator and Seedcamp don’t provide shared office space,
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Providing finance at the beginning of the plan – While most accelerators do provide finance up front, Village Capital for example provide a prize at the end of the method. I’m sure we’ll come up with a sharper definition as the project progresses – in the grand scheme of facts it’s early days for the accelerator model and points will change over the next couple of years. There’s also a lot of room for diversity within the model because the context makes a big difference. Whereas we know an awful lot about starting companies using bank credit because the model has been in place for centuries, we’re only just learning how to create and support new businesses in the internet age.
Related articles The Startup Factories (paulmiller.org)
TechStars’ European Affiliate Startupbootcamp Launches In Madrid, Berlin And London To Follow (techcrunch.com)
Start-Up 100: Could Europe build a Y Combinator? (telegraph.co.uk) Tags: Business, Seedcamp,
Microsoft Office 2010 Key, Springboard, Techstars,
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