Business accelerators around the world have seen the number of applications they receive spike, in many case doubling. Some small businesses though have still not heard about accelerators.
There are around 200 business accelerators around the world. Accelerators, such as TechStars, usually offer 12-week programs. During the program startups receive seed funding and mentoring, the accelerator in return receives an equity of the startup.
Accelerators sound like a great option, but some experts warn against them.
“Suddenly everyone believes that the answer is in accelerators, and we have no long-term data to support it,” said Lesa Mitchell of the Ewing Marion Kauffman Foundation.
For some small businesses, accelerators may be a great opportunity to grow. If applying to an accelerator isn’t an option for you tune into BIZ TV for advice of how to get funding and expand your business on your own!