How does a start-up accelerator work?
Today many start-ups look forward to joining tech accelerator programs like CleanTech to scale up their businesses. However, some of these start-ups end up taking a step back because of a lack of knowledge in the subject of ‘accelerator process.’ Before moving forward, it is essential for start-ups to understand the difference between accelerators and incubators.
Accelerators vs. Incubators
More often than not, start-ups get confused between these two terms: accelerators and incubators and use them interchangeably because of their similar working models. However, incubators are not unique in their inclusions whereas accelerators are. For instance, the accelerator program called CleanEdge Accelerator Program is unique in terms of period, cohort size, social objectives, and mentorship. On the other hand, incubators go on until the required results are achieved. Also, incubators do not have social goals, whereas accelerators do.
What is the process of Start-up accelerators?
Application submission and shortlisting
Accelerator programs are not at all easy to qualify for. According to the statistics, more than 90% of the start-up accelerators choose from only 3-4% of the applications. CleanEdge Accelerator Program is a four-month based program which focuses on environmental sustainability, waste management, and renewable energy. CleanEdge will accept 250 applications via the online portal of CleanTech. From among these 250 applications, it will further shortlist 50 of them. These 50 start-ups and their team will be provided an opportunity to present their business ideology, presentations, and future plans through direct interview. After this interview, CleanEdge will take in 15 (cohort size) start-ups.
The main reason for any start-up to apply for accelerator programs is for obtaining funds and capital. CleanEdge Accelerator Program will provide seed capital of up to 25 lac to a minimum of five start-ups.
Accelerator Programs are mainly based on learning provided by the mentors, experienced entrepreneurs, business ideologies and strategies, and various events. This opportunity should be utilized widely. Not only do the owners of the start-up learn in the context of their businesses but also do they learn how to manage the legal side of their activities.
Is your start-up ready with enough networks to find investors, partners, and collaborative peers? If not, CleanEdge accelerator program is the right program for you. At CleanTech, all the selected start-ups undergo the program at the same time under one co-working space, Aspirelabs. It helps the start-ups to improve their network, collaborate efficiently, and discover mutual benefits. Hence, it plays an essential part in the growth of the start-ups.
How to apply for the CleanEdge Accelerator Program?