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Accelerators, as well as incubators, are vital for the growth of a new startup in almost any location on the globe. Just like a student needs a teacher to guide him through the whole process of reading and writing, accelerators and incubators guide a business or brand through the different stages of the process. Their job begins right from when the idea is a seed which needs to be planted, to the point when the seed begins to bear fruits and needs to be reaped.
If you find yourself lost on the differences between an accelerator and an incubator, we’d suggest you first go through our blog post on “How Incubators and Accelerators are Changing the Game for Indian Start-ups” that will help you decide which one will best be in the interest of your company.
So once you know the difference in an incubator and an accelerator, your search to brand-boosting, doesn’t quite end there. Under each of these too, there are variations and choices for you to make. In today’s blog, we’ll cover the differences in the two accelerator programs present; namely Online Accelerator Programs and Offline Accelerator Programs.
Online Accelerator Programs
As the name suggests, if you avail the services of an online accelerator, your entire communication will take place virtually on an online platform, allowing them to reach more founders and deliver broader resources to their companies. Through this online platform, you’ll receive the resources you’ll need to successfully work your way through your custom business plan. You’ll also gain access to educational resources, mentoring from seasoned professionals, investor introductions, pitch development, and a marketplace with pertinent solutions from trusted services providers. Given the virtual nature of the program, you can work at your own pace to accelerate your business for up to 52 weeks, which will help you find an optimal business model, create a minimal viable product that is revenue-ready, execute into revenue generation, and make connections to customers and investors.
Offline Accelerator Programs
Probably the most important benefit of an accelerator is the expert advice you’d receive from the “mentor network,” quite often a team of entrepreneurs, market strategists and business experts. In an offline accelerator, you’ll receive this guidance in a one-on-one session. Some mentor networks include notable entrepreneurs that founded unicorns and well-known startups. Other mentors usually include serial entrepreneurs, significant non-founder startup participants, C-level professionals, investors, members of the accelerator’s management team and alumni.
To benefit from the mentor network, founders must realize what mentors are not. You need to realise that this mentor’s network is just a premium resource for experience-based advice available to the founders, and not a set of individuals going to dissect and test your startup’s strategy, team and market. Their job is to only guide and advice, everything else is based on how you convert the advice into actions that gain you profit.
To realise which of the above mentioned will be best to drive success for your business, you need to have a thorough idea about your brand before you go to someone else for help.
If you’re looking for an accelerator to kickstart your business, Nordic Intent is an online as well as offline accelerator who will strive to help you increase your ROI and convert those mind-blowing ideas, into a paying job. To know more about our services, give us a call on +91-9765419976.
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