The word “accelerator” often pops up in the founder scene. But what does “accelerator” stand for and what lies behind it?
The purpose of an accelerator for founders, as the word suggests, is to get founders to their destination faster.
There are two basic forms of accelerators. On the one hand, there are organizations or programs that have tasked themselves with supporting startups in a specific field or region. They run campaigns, competitions, mentor programs, and much more in order to promote startups, provide support with business building, build networks, and match mentors and investors with startups. The portfolio of well-known accelerators also includes offering spaces, such as co-working spaces. And example for this is the well-known German Silicon Valley Accelerator.
On the other hand, an accelerator is a coaching program within a specific timeframe for selected founding teams during an early stage. Throughout an intensive process, the founders acquire diverse knowledge, continue to develop their business model, and are often supported by an experienced mentor in doing so. Oftentimes, the teams present their output to investors at the end of the accelerator program and thus get the chance to attract funding.
The KIT Founders Forge and its partners offer a variety of forms of accelerator programs.