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What is Business accelerator?

Business accelerator

 

Starting up a new business can be incredibly difficult. It takes a lot more than a great idea and a bag-full of dreams in order to penetrate markets and generate success.

Haven studied the kind of business environment very well, New business also need access to capital, mentoring and structural resources in order to succeed.

 

What is a Business Accelerator?

 

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

Accelerators are organizations that offer a range of support services and funding opportunities for starting up businesses.

Companies that use business accelerators are typically start-ups, that is to say beginners that have moved beyond the earliest stages of set-up.

They are expected to have entered their more matured stage rather than the early and infant stage, which means they can stand on their own but need a kind of guidance and support to gain their stand and balances.

The less developed companies that are not up to acceleration stage would rather use a business incubator for support.

 

Read also: What is business incubator?

 

In addition to support services and funding opportunities, a business accelerator would also give growing companies the access to logistical and technical resources as well as shared office space.

An accelerator will also connect companies to networks of peers whose experience they can learn from.

Usually, an accelerator program can last anywhere from two to six months. The goal is for companies to form and get fitted and ready to run on their own, with strong positioning to claim a share of their target markets.

 

There are two main kinds of business acceleration programs (B.A.P):

  • Seed programs

This lasts two to four months and focus on less mature start-ups, building up their business fundamentals before giving them the opportunity to institute their own ideas to investors.

 

  • Second-stage programs

The stage is usually for more mature start-ups. It lasts up to six months and focus on more mature start-ups, connecting them to the full range of support and opportunities.

Read also: What is business incubator?

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