The terms “business incubator” and “business
accelerator” are often used synonymously, but the two entrepreneur initiatives
are extremely different. So what distinguishes one from the other?
How do you choose which option is right for you and your business
venture? And where can you find the right incubator or accelerator for
you?
As their names suggest, the key difference between
an incubator and an accelerator is the timeline and discipline on which they
operate. Business incubators provide new companies with a nurturing
environment where they can grow at their own pace. Companies are allowed
to stay within the incubator for an extended period of time until they get too
big or eventually fail. According to the National Business Incubation Association, the
average incubated company spends 33 months inside an incubator. By incorporating entrepreneurial insight and guidance,
incubators save entrepreneurs a lot of valuable time and money.
On the other hand, accelerators operate more like
an entrepreneurial bootcamp. Business accelerator programs are short and
intense. The goal of an accelerator is to take a business idea and launch
a company at an accelerated speed. Business accelerator programs have
become very popular among emerging technology companies. Accelerator
speed is especially attractive to companies creating mobile apps, cloud based
software, and tech-based applications because a business accelerator’s speed is
complimentary to the pace of web.
Think Big Partners has taken the best parts of each
and combined them by providing business incubator services at a business
accelerator speed. Specializing in tech-oriented companies, TBP combines
incubation and acceleration initiatives in order to offer “fast test”
validation of ideas and stellar support services to small businesses including
marketing, consulting, legal, web, copywriting, and PR. Through their
Launch and Learn events the business aims to help tech startups and
entrepreneurs launch stronger, faster. Think Big Partners will also hosts
Entrepreneur Bootcamps for Kansas City startup businesses, which attributes to
the fast pace of business and startup accelerators around the globe.
Think Big Partners operates within bizperc, a
flexible coworking space dedicated to entrepreneurs. The space is set up
to provide both an open and collaborative environment conducive for companies
preparing to launch and an executive office space for those companies who are
already launched and running. Whether tenants want to utilize the
incubator services from Think Big Partners within the coworking space or simply
use bizperc as a collaborative environment is entirely up to them.
If you are debating between a business incubator,
an accelerator or a combination of the two, there are a few important things to
look out for when choosing the proper work environment for you, your idea and
your business.
Do you need mentoring and support services?
You may be an expert in your industry market or
niche, but very few entrepreneurs can claim expertise in everything involved
with starting a business. Look for
expert mentors with a proven track record and an environment with readily
available legal, financial and technical services. Know your strengths and weaknesses and choose a place that
can supplement areas that you may be uncomfortable with such as social media or
marketing. Business incubators provide more long-term services in
comparison to business accelerators. If your business is looking for
services that they can stick to for a longer period of time, an incubator may
be the right choice.
Will the space be compatible with your startup?
Look for a place that can meet the growing needs of
your company. The space should enhance your company’s professional image
and contribute to its productivity.
Unlimited free coffee is always a plus! But most importantly ask yourself, “Does the synergy of the
space mesh with your company culture?”
What speed are you looking for?
Do you want to launch right away or do you have
more time to invest when starting up your business? This is the main
factor when it comes to deciding between an incubator and an accelerator: how
fast do you want and need to move? If you are a tech company, your answer is most likely fast! An accelerator is a good choice for
those companies and startups that are looking to launch in the tech
industry.
Rejoice, entrepreneurs. The time for business
incubator and startup accelerators is here! Whatever path you chose to
take in your entrepreneurial career, we encourage you to remember one thing:
both accelerators and incubators have the potential to benefit you and your
startup greatly. Choose wisely and Think Big!
Written by Laura Goede
@LauraGThinkBig
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