Whether you’re a first time founder or a seasoned entrepreneur, launching a startup comes with its own set of unique challenges. Building a startup requires a great idea, planning, funding and a bit of elbow grease. Lack of resources often leads founders to look for external support in an accelerator or incubator program.
Accelerators offer unique programs known to support early-stage or more established businesses with education, mentorship and financing. The support to scale and reach a wider audience is crucial for startups who need that extra push.
Incubators, on the other hand, are typically known to partner with an entrepreneur or young startup that has an idea they are looking to bring to fruition. It offers support with product development, recruiting, business formation and more. The two names are often used interchangeably, yet they can differ in the size of startups they help or how far along they are in the growth stage.
While an accelerator or incubator program can launch your startup to new heights, keep in mind there are benefits and drawbacks just like anything. The infographic below outlines the key pros and cons to keep in mind when narrowing down your options. Think about what’s important for your unique needs, timelines and roadmap for both the present and future.
Carefully consider all options, pros and cons before making a decision like partnering with a new investor, advisor or mentor. For a comprehensive list of programs, Embroker compiled over 160 accelerators around the world. Sort by location, mentorship, office space, or demo day to find a unique program. The program you choose should depend on where you need support and if the program is a natural fit for your team and overall goals.