When it comes to the topic of entrepreneurs and setting up businesses for the first time, some common phrases that are used may not be so obvious to those new to the industry.
‘Accelerators’ and ‘Incubators’ are two such examples of something which provides opportunity to those looking for investment, and also in providing new ideas to existing businesses or corporations.
As the phrase may suggest, an ‘Accelerator’ is something that helps in the expansion of an existing project, usually in a set period of time and with a specific plan of action. The main focus of their partnership would be to make sure opportunity and strategy blend together going forward. There is a team aspect here which is beneficial, as many entrepreneurs would otherwise attempt to ‘overdo’ all angles of the business and miss out on something that another pair of eyes could help out with.
‘Incubators’ on the other hand are more in line with innovation from the first stage of a new plan. Usually this is an early point where there is no clear ‘mission statement’ or deadline set, and they would provide initial guidance, network abilities and support to mentor where possible.
As we focus in on these in more detail, we’ll also look at working examples and how entrepreneurs can have a clear understanding of both. The differences and clear advantages to working with Accelerators and Incubators will demonstrate the level of opportunities that are available in the current world of business.
Applying for start-ups and managing the process
Being prepared for an accelerator would ensure that your project or business itself is going in the right direction. The accelerators would, in turn, wish to understand that the specific team is reliable and committed to an ongoing project. Accelerators have often been described as a type of ‘venture capital’, in that they tend to look for companies that fit a criteria where it comes to investment or a certain potential along those lines.
Therefore, in terms of beginning the project, it would be a big benefit to have a balanced team that are prepared to work together and be responsible for individual sides of the business. In one possible example, the core of the group could be split between design, engineering and business, to show that different sides of the project can be managed and organised efficiently.
From any accelerator’s point of view, a team that looks stable and committed, with a clear outlook and business plan, is a very promising partner to get in contact with.
That is not to say that there is no risk factor in combining services as, to talk about anything regarding entrepreneurs or start-ups, it is impossible to avoid that. The constant development from both the idea and the accelerators who wish to expand on the vision help with mapping out those strategies and ideally speed them up too.
All of this would lead to the confirmed production and development of the new product or business, with the target for success within reach.
Companies such as ‘Tech stars’ and ‘New Venture challenge’ are north American based examples of accelerators, and even their business identities point to the mandate and overall goals of their organisations. Particularly in an age of uncertainty, where not a lot of factors can be taken for granted, it’s good for potential businesses to know that many accelerators are available and ready to collaborate.
Case study for start-ups; Incubators at IGNITE
A case study that we’ll focus on is that of IGNITE, a submit client that operates with start-ups as an
incubator, and it has launched a number of start-ups in the last few years. The company is an award-winning programme, priding itself on the support of adventurous and business minded Irish graduates. IGNITE is a joint venture in itself, being supported from both city and county councils in Cork, as well as the local enterprise offices and UCC. The director Eamonn Curtin has a very clear mandate about what he wants to achieve and what they are looking to do;
‘“I’m passionate about entrepreneurs getting the most out of Ignite. I think it would add even more
value to our founders if they had a sort of online library that they could always look back on.”
With some of the start-ups including TrustAp, Vconnecta, and AnaBio Technologies, entrepreneurs can use the system to make a successful profile or portfolio. Given the range of different stages involved throughout the process, Submit was able to provide a streamlining service to speed up the initial application stages. Eamonn believes that even more is possible from this partnership, citing that;
“It would be great to point people interested in mentoring a start-up towards an online portal where they fill in their details.”
This would continue to help match the incubators at IGNITE to promising entrepreneurs seeking mentors, guidance or aiding with plans toward future innovations. It is a mark of how fulfilling the partnership has been to date in remarking on how there is even more potential to reach for further goals and participation in the future.
For any entrepreneurs or young business graduates with fresh ideas, this is a success story that should boost the confidence of what to do next when looking for an Incubator to work with. More information regarding IGNITE and their Submit partnership is available here.
How Submit can benefit Incubators, Accelerators and innovators
The unifying aspect of this is where we at Submit like to be of benefit. That can refer to both the entrepreneur starting out, looking to use forms and applications to make initial contact, or for more established candidates hoping to expand and achieve further success in their field.
Incubators such as IGNITE have found that looking through their range of clients has made aspects of the process far more thorough. They have been able to make sure that the right candidates can be chosen, and filter out the relevant ideas from that point onwards.
For accelerators, keeping track of existing projects and having the portfolios and information readily accessible and always on hand makes sure that the right partnerships are transparent, and dedicated to the goals within.
How Submit manages and provides the software is also available on their site here.
For more information, and ways to get in touch with us for a free trial, please get in touch with our team. Looking forward to hearing from you!