WHAT IS A STARTUP ACCELERATOR AND HOW DOES IT WORK FOR A STARTUP APP DEVELOPMENT COMPANY?

Overview: What is a Startup Accelerator?

A startup accelerator helps to direct new companies on a speedy pathway of growth and success. The main goal of a startup accelerator is to provide these young, blooming businesses with the right business support, resources, and services, including financial and technical services. It is a group of advisors who provide support and services, including network connections, coaching, physical space, and capital. These organizations, which may be sponsored by the government, public institutions, or private companies, often help to set these early-stage companies on a good path to capital. The sources of the capital include the state government, angel investors, economic-development coalitions, and others. A startup accelerator program is a fixed-term program which means that it lasts for a limited period only. Furthermore, not all candidates who apply for the startup accelerator program are selected; all requirements must be met by the candidate to be eligible for the program.

How does a Startup accelerator work for a Startup App Development Company?

A startup app development company helps those individuals who might struggle to create a spot for themselves in the market, especially if they are inexperienced entrepreneurs. As we are relying more on technology, there has been a sudden boom in the app development sector, leading to higher and tougher competition between various companies. In this situation, it would be very difficult for a new company to survive. Thus, startup accelerator programs should be considered by entrepreneurs before taking a plunge into the app development world. As discussed before, the main aim of a startup accelerator is to provide the young business setups with the required support and assistance. Thus, a startup app development company provides all the required support, such as a startup accelerator business model, finances, and technical assistance, including mobile app design and development, to new app development companies, with the help of startup accelerators. All of these are the essential requirements for a new app development company.     

What is the difference between Startup Accelerator and Business Incubator?

A business incubator is a term used to describe those organizations that help early-stage companies to establish themselves successfully in much lesser time than usual. Typically, companies usually spend about two years in the business incubator. If the business is a bit more developed, and not in the struggling phase, and requires a business incubator, then that business incubator is refereed to as a startup accelerator.  

How do you apply to a Startup Accelerator Program?

Various authentic organizations provide startup accelerator programs. In the United States, the National Business Incubation Association has more than 1,400 members registered with itself, in addition to the 1,900 members in 60 nations. To be able to apply for a startup accelerator program, you must thoroughly survey the market and find the program that best suits your requirements. To find a business incubator or startup accelerator program in your state, you must visit the National Business Incubation Association’s website, or you can get in touch with your local economic development agency. Calling up your local colleges and universities and enquiring about any startup accelerator programs is another way of finding the right program for yourself. Once you have found the right program for yourself, you would be asked to share a detailed business plan with the organization. 

What is the process for the Startup Accelerator Application?

After finding and applying for the perfect startup accelerator program for your business, you will be contacted by the organization to discuss your business plan in detail. This business plan is then carefully reviewed by the screening committee to determine whether you meet the admission criteria or not. Your business plan is scrutinized vigilantly to ensure that the resources of the startup accelerator program are not wasted, as their resources are limited. Hence, only those businesses are selected that have a promising future and have a higher chance for success. There are countless number of applications received by the organizations running the startup accelerator application program.

What are the different types of Startup Accelerator Business Models?

The startup accelerator program focuses on the following business models:

1. Education

2. Mentorship

3. Financing

The best startup businesses are chosen and they work as a group, similar to a class at a university. During this period, the mentors are responsible for sharing their tacit knowledge they have learned over the years through their experiences. The other skills are learned through workshops, training sessions, etc. This method of learning, in which education and mentorship go hand in hand, is much more efficient and successful in training candidates. Apart from this, the candidates also get a chance to meet investors and corporations, whom they can meet and start creating a diverse network for themselves. The startup accelerator programs are mainly funded by the government or private companies that are on the lookout for innovations.

What are the different stages of Startup Accelerator?

A startup accelerator program consists of 6 stages. These stages are:

1. The Process of Application

Applying for the startup accelerator program is a simple yet thorough process. The acceptance rate is very low, probably around 1% to 3%. Your business plan is reviewed thoroughly before you are provided with any sort of assistance. However, there is no obligation on startups to join the program until and unless they have signed any papers.

2. Getting Funded

Funding is the main reason why startups decide to opt for accelerator programs. They provide the seed money to the company for running their business.

3. Learning

This program usually lasts for about 3 to 6 months. This is an intense tie for the participants as they are guided and forced to make progress. Learning takes place through seminars, workshops, and mentorship opportunities. A lot of topics are discussed in detail; from starting your business to the legal aspect of your venture.

4. Networking

This platform provides the startups with an opportunity to enlarge their networking circle by rubbing shoulders with investors and other support providers from the industry. Networking is extremely important during the acceleration period, as it is a doorway to other opportunities.

5. Graduation

After the completion of the program, there is a graduation or a demo day. On this day, all founders of the startups present about 15 to 20 slides on their pitch decks.  

What are the benefits of a Startup Accelerator?

The startup accelerator program has many benefits for startup business ventures, that attracts them to these programs. All the benefits of the startup accelerator programs have been discussed below.

1. Accelerated Learning

As the name suggests, the startup accelerator program helps to accelerate the learning process of the startup businesses. The years of worthwhile learning are reduced to just a few months of learning, accelerating the setup of the startup businesses. Furthermore, the knowledge imparted during this program helps to prepare the candidates for the corporate world, reducing the chances of business failure.

2. Efficient Interactions

The startup accelerator programs ensure that the best startup businesses are selected. This helps to gain the confidence of the investors, as it ensures that the startup businesses have negligible chances of failing. The high quality of the startup program is of great value, as it helps to attract more investors, ensuing efficient interactions between the startup businesses and the investors.

3. Mentorship

The startup accelerator program provides the startup businesses with mentors, who help in providing the candidates with knowledge that is not available in textbooks but is gained through experience. This helps the startup businesses to be well prepared for their venture. The classroom setup of this fixed-term program ensures that the mentors receive the required remuneration for sharing their experiences with the candidates.

What are the most common Startup Accelerator Services for Startup App Development?

Anybody who wishes to utilize the startup accelerator services for their startup app must thoroughly research the market and find a reliable program for themselves. Once that is done and the application process has started, you must be prepared to share your detailed startup app development business plan with the organizers. Then, the organizers decide if they want to recruit you or not. If they choose to work with you and help you in your app development business, you would be entitled to receiving the following services:

—Fundraising

—Idea testing and viability

—Launching strategy

—Software development

—Mentorship

Factors to consider before using a Business Accelerator for the Startup App Development Company

There are many options available that offer the startup accelerator program. Not all of them would be suitable for you. After doing thorough research, then only should you select a business accelerator for your startup app development company. A few of the factors that you must consider before selecting the right business accelerator for your business are:

1. Check to see if you fulfill all the requirements of the business accelerator.

Before applying, you must check if you fulfill all the requirements of the opted business accelerator.

2. Check to see if they offer the services you are looking for.

This helps to ensure that both parties are on the same page. 

3. Survey the market.

Before you start working with the chosen business accelerator, you should ideally survey the market to ensure that there is no other company that offers a better deal than the chosen one.

4. Ensure it is a reliable platform.

Before signing any documents, you must make sure that the business accelerator you have chosen is a reliable platform, and has been around for a while.

5. Location.

If your chosen business accelerator is not located closer to you and your team, relocation for a few weeks or months would be a hassle. It would even add more burden to your company’s expenditure.

6. Investment Terms.

Almost all business accelerators follow the same investment terms. However, before signing any documents, you must review the investment terms of your chosen business accelerator.

7. Size.

Business accelerators that cater to a smaller number of startup businesses are better than the ones that cater to a bigger number of startup businesses.

8. Industry.

Since you are about to start an app development company, the business accelerator you choose must be catering to that industry.

How does the Startup Accelerator make money for the Startup App Development Company?

The startup accelerator itself is an entrepreneurial venture as other investors pool in their funds for various purposes. These purposes include large buildings and space that is provided to startup businesses. A startup accelerator, that deals with startup app development companies, attracts other investors, by ensuring that businesses with the most promising plans are selected. This helps to gain the confidence of the investors, as they get the surety that the chances of the business failing are pretty low.  

Final Thoughts

Considering startup accelerators for a startup app development company would be a smart decision to make. There are many options available in the market that can help you to accelerate your business process. Relying on a startup accelerator helps to reduce the chances of your business failure. Overall, it would be a good decision to enroll in the startup accelerator program.

FAQs:

–What is the startup accelerator business process?

The startup accelerator business program helps startup businesses to reduce their struggling period by providing the startups with the required services, such as financial services and technical assistance. Candidates are supposed to apply for the application process and discuss their business plan in detail with the organization. Only those startup companies that provide the organization with a promising business plan are selected. This process lasts for about 3 to 6 months.

–List the best startup accelerator from all over the world.

The best startup accelerators from all around the world are listed below.

1. Africa

—Flat6Labs (headquartered in Giza, Egypt)

—Spring Accelerator (headquartered in Nairobi, Kenya)

—88mph (headquartered in Nairobi, Kenya)

—AUC Venture Lab (headquartered in Cairo, Egypt)

—Startupbootcamp Cape Town (headquartered in Cape Town, South Africa)

—1864 Accelerator (headquartered in Giza, Egypt)

—Techqala (headquartered in Cape Town, South Africa)

—Seed Engine (headquartered in Giza, Egypt)

—Velociti ZW) headquartered in Bulawayo, Zimbabwe)

—Aurik Business Accelerator (headquartered in Johannesburg, South Africa)

2. Asia

—Antler (headquartered in Singapore)

—Brinc (headquartered in Hong Kong, China)

—SparkLabs Accelerator (headquartered in Seoul, South Korea)

—Zeroth.AI (headquartered in Hong Kong, China)

—Primer (headquartered in Seoul, South Korea)

—Oasis500 (headquartered in Amman, Jordan)

—Chinaccelerator (headquartered in Shanghai, China)

—HAX (headquartered in Shenzhen, China)

—Tribe Accelerator (headquartered in Singapore)

—Neoply (headquartered in Bundangdong, South Korea)

—AppWorks (headquartered in Taipei, Taiwan)

—CoWrks Foundry (headquartered in Bangalore, India)

—1337 Ventures (headquartered in kula Lumpur, Malaysia)

—India Accelerator (headquartered in Gurgaon, India)

—SuperCharger (headquartered in Wan Chai, Hong Kong)

—Z Nation Lab (headquartered in Mumbai, India)

—NFQ Asia (headquartered in Ho Chi Minh City, Vietnam)

—Axilor Ventures (headquartered in Bangalore, India)

3. Australia

—LaunchVic (headquartered in Melbourne, Australia)

—BlueChilli (headquartered in Sydney, Australia)

—H2 Ventures (headquartered in Sydney, Australia)

—Incubate (headquartered in Sydney, Australia)

—muru-D (headquartered in Sydney, Australia)

—Innovyz (headquartered in Adelaide, Australia)

—Start mate (headquartered in Melbourne, Australia)

—QUT Creative Enterprise Australia (headquartered in Kelvin Grove, Australia)

—Sparkles Cultiv8 (headquartered in Orange, Australia)

—AngelCube (headquartered in Richmond, Australia)

—CyRise (headquartered in Melbourne, Australia)

—SproutX (headquartered in Melbourne, Australia)

—RCL Accelerator (headquartered in Brisbane, Australia)

4. Europe

—Entrepreneur First (headquartered in London, England)

—Startup Wise Guys (Tallinn, Estonia)

—Startupbootcamp (headquartered in London, England)

—Accel Springer Plug and Play Accelerator (headquartered in Berlin, Germany)

—Buildit Accelerator (headquartered in Riga, Latvia)

—European Pioneers (headquartered in Berlin, Germany)

—Zero Gravity (headquartered in Lisbon, Portugal)

—World Startup Factory (headquartered in The Hague, Netherlands)

—Huckletree Alpha Program (headquartered in London, England)

—Founders Factory (headquartered in London, England)

—Rockstar Accelerator (headquartered in Amsterdam, The Netherlands)

—Katapult Accelerator (headquartered in Oslo, Norway)

—The Startup Training (headquartered in Milan, Italy)

—Alpha Programme London (headquartered in London, England)

—Hackquaters (headquartered in Istanbul, Turkey)

—Hatch Blue (headquartered in Cork, Ireland)

—Zinc (headquartered in London, England)

5. North America

—Y Combinator (headquartered in Mountain View, California)

—Techstars (headquartered in Boulder, Colorado)

—StartUp Health (headquartered in New York, New York)

—500 Startups (headquartered in San Francisco, California)

—Alchemist Accelerator (headquartered in San Francisco, California)

—Women’s Startup Lab (headquartered in Menlo Park, California)

—Google Launchpad Accelerator (headquartered in Mountain View, California)

—The Company Lab (headquartered in Chattanooga, Tennessee)

—100K Ventures (headquartered in Flint, Michigan)

—VertueLab (headquartered in Portland, Oregon)

—Expa (headquartered in San Francisco, California)

—Union Kitchen (headquartered in Washington, D.C.)

—MassChallenge (headquartered in Boston, Massachusetts)

—Village Capital (headquartered in Washington, D.C.)

—Plug and Play (headquartered in Sunnyvale, California)

—Cogo Labs (headquartered in Cambridge, Massachusetts)

—Smarter in the City (headquartered in West Roxbury, Massachusetts)

—MouseBelt (headquartered in San Francisco, California)

—Creative Destruction Lab (headquartered in Toronto, Canada)

—Next Canada (headquartered in Toronto, Canada)

—TandemLaunch (headquartered in Montreal, Canada)

—Victory Square (headquartered in Vancouver, Canada)

6. South America

—WOW Aceleradora (headquartered in Porto Alegre, Brazil)

—Startup-Up Chile (headquartered in Santiago, Chile)

—Startup Braga (headquartered in Braga, Portugal)

—Ace Startups (headquartered in Sao Paulo, Brazil)

—Startup Farm (headquartered in Sao Paulo, Brazil)

—APX (headquartered in Berlin, Germany)

—GLOCAL (headquartered in Rosario, Argentina)

—21212 (headquartered in Rio De Janeiro, Brazil)

—Cotidiano (headquartered in Brasilia, Brazil)

—Papaya Ventures (headquartered in Rio De Janerio, Brazil)

—Imagine Lab (headquartered in Santiago, Chile)

—Embarca (headquartered in Mendoza, Argentina)

—PortXL (headquartered in Rotterdam, The Netherlands)

—Barcelona Ventures (Barcelona, Spain)

–List of the Startup Accelerator New York.

The startup accelerators New York are:

—Dreamit Ventures (headquartered in New York, New York)

—Lair East Labs (headquartered in New York, United States)

—AngelPad

—VentureCrush

—Entrepreneurs Roundtable Accelerator

—The New York Digital Health Innovation Lab

—TechStars

—Founder Institute

—FinTech Innovation Lab

—Starta Ventures 

–List of the Startup Accelerator Chicago.

The startup accelerator Chicago are:

—Clean Energy Trust (headquartered in Chicago, Illinois)

—Excelerate Labs

—ICNC

—FamilyFarmed

—iBIO Institue’s PROPEL Center

—Healthbox

—Envoy Global

—4C Insights

–List of the Startup Accelerator Los Angeles.

The startup accelerator Los Angeles are:

—Startup UCLA Accelerator (headquartered in Los Angeles, California)

—Disney Accelerator

—Cedars-Sinai Accelerator

—Amplify LA

—Grid 110

—Hub 101

—The Hub

—Idealab

—Launchpad LA

—Net Zero Accelerator

—Startup Boost

–List of the Startup Accelerator Bay Area.

The startup accelerator Bay Area are:

—500 Startups

—Alchemist Accelerators

—Boost VC

—Founders Embassy

—Matter

—Upwest Labs

—Illumina Accelerator

—Founders Embassy