Difference Between an Incubator and an Accelerator — What You Need to Know
Are you ready to turn your side hustle into a full-time job? Or perhaps you have a concept but don’t have all the details worked out. You might be thinking about joining an incubator or accelerator to get your business off the ground. What’s the difference, though? And how can you know which one is best for you?
Incubators help entrepreneurs develop business concepts, whereas accelerators help established businesses grow faster by providing a minimum viable product (MVP). Incubators have a flexible time limit that ends when a company has a product or idea to pitch to investors or customers. Accelerators have a specific period during which the entrepreneur receives coaching, money, and networking assistance.
Accelerators
Typically, accelerators begin with a thorough application process. Top accelerators are extremely selective, approving less than 2% of those who apply. Accepted businesses have typically shown rapid growth and a minimum viable product (MVP). They’re frequently provided with a small seed funding and linked with mentors from the accelerator’s extensive network. Read more