Streamliners, Switchmen and Bridge Builders: About the Mechanisms and Uniqueness of Accelerator Programs
Abstract
:1. Introduction
2. Theoretical Background
2.1. Resource Mobilization
2.2. Resources
2.3. Accelerators
3. Materials and Methods
3.1. Research Approach
3.2. Data Collection
3.3. Data Analysis
4. Results
4.1. Embeddedness
“It [the accelerator] really helped us to (…) get into that startup bubble, (…) I always call it bubble because for me it feels like a bubble sometimes”.G-12
“It also gave me an opportunity to not only start to build that network in London, but also to build that network in Berlin and other cities throughout Europe and connect with people through the European early-stage ecosystem, which I think is hopefully going to continue to be invaluable as we move forward”.G-17
“I have regular contact with companies from my previous batch. I have regular contact with the managing director about every single step. We still have mentors that were mentors from Techstars that are now our official advisors in the company, and they are a strong reason for where we are today. We feel (...) like really a Techstars company, because we have mentors that were Techstars mentors”.G-20
“Through that network, some investor somewhere on the other side of the world is also only one entry away now—and that’s definitely not something we would have been able to do otherwise”.G-5
“The actually physically being in one space with other companies (…) was really valuable. I really liked that aspect. [I’m sure] taking people out of their normal environment and putting them into (…) an accelerator and sort of rubbing people up as a group and sort of building the atmosphere of the different companies feeding off of each other”.G-8
“I see [the accelerator] like an environment where you can discuss your business with people, with smart people, with people that know about entrepreneurship and about your area specifically and how everyone in that environment can help your business”.G-3
“Techstars has one of the most amazing networks you can probably imagine. It’s just amazingly good, and the people behind that were really rallying behind the give first mentality. That was incredible for us, and still, even after the program is over, we’re still working with the mentors that we met there. They’re doing that just because they love the job. They love helping startups. (…). They walk with you, and they’re not trying to push you towards some goals (…), they want to see you succeeding with everything you want. It’s like a parent. It’s a very nice thing”.G-21
“They did a good job selecting companies, so that none of them were really competing with each other. It was all sort of (..) different companies addressing different problems, and there was a lot of comradery—like everyone is in this together and we are not (..) competing against each other. That means that we could sort of really help each other out; if we had some sort of cool marketing thing that we were doing, we could help out the company making airplanes on how they could do that better”.G-8
“[Y]ou get a lot of everything depending on what you need”.G-2
“The marketing that brings being [in] an accelerator is, even if I’m not happy to say that, the one single, most important thing about it”.G-18
“Like, if you went to Y Combinator you have (…) a quality stamp on you, which for us was kind of weird to see, because we didn’t feel like another startup after [the participation]. So, we were the same three people in the founding team, we had the same team, we had the same service, but like at the moment that you get out of Y Combinator and you do the public announcement, you’re somehow like a quality startup”.G-12
4.2. Founder Development
“It [the accelerator] gave us the validation point to kind of quit our jobs, go into this full time and really work on this”.G-1
“[L]earn what is important to make a business real and how you should set up a business plan, so I feel like a professional”.G-3
“[The accelerator] makes everything more real. So, I think before we always think (…) I just started my own thing, and now we are doing this startup. We are a business, or we are on track to being a business. I think that [the accelerator] definitely made it a more real thing. I guess whenever you’re starting something new, it feels like, you still talk about whatever you did before. For a long time, I introduced myself as I formerly did this and this, and now I’m doing a little bit of that. Now it’s much more, hey, I’m a founder of this, this is the space we are in. I happen to have this background”.G-5
“There were days when you could do 10 h in front of the computer doing calls, doing meetings. It’s not something that everyone can do, but it really gives you a perspective on how hard and sometimes how lonely the life of a founder is. (…). I think it was hard, but it really made me realize that I wanted to do this job, this company. It made more confident about myself as a founder”.G-21
“The accelerator really kind of shored up our, like, worst knowledge deficiencies in a pretty quick manner—and that was super helpful as well”.G-1
“Techstars gave us this push to actually grow our company, to understand how to build a scalable business model out of it, how to raise funds”.G-20
“The part where my business (…) was analyzed by the mentors, and these mentors were able to give me some specific advice based on what they have as experience, I don’t know if I could replicate that on my own”.G-2
“[A] a lot of the value that I got was that I learned (...) about being a CEO”.G-2
“I think they’re showing you how big you can get (…). The Silicon Valley mindset, it’s good because it pushes you forward”.G-21
“I learned (…) just how important communication is and how complicated it is to distill down what a tech company does and communicate to a broad audience, especially because the investor community are very rarely technical experts in our very specific field”.G-8
4.3. Startup Development
“We had a very good network of contacts in Spain and also in Latin America because I lived there, but in the US or in the north of Europe, we didn’t have many contacts or customers. We got our first US customer thanks to the program (…) and [we are] having more access to specific markets”.G-9
“I spent a good month going through our company pitch and getting coaching (…) on how to actually succinctly communicate what our company does and what the value is and what the market size is”.G-8
“I had a business plan before (…) and what they do is basically fine tune it and give you (…) advice on how to make this business plan even better. So (…) I feel like the business plan got way more solid and (…) was ready to present to investors. If I had my business plan before the accelerator and had to pitch to investors with that business plan, probably I wouldn’t have got any fundraising”.G-3
“Generally what happens if you do YC is that after two days of demo day, you are oversubscribed and your valuation is probably $20 million and there [are] people wanting to give you money at $30 million and you say, ‘No, I have enough money for now, I don’t want to dilute myself. That’s the self-fulfilling prophecy I was talking about”.G-18
“[A]t the end of the day, it’s not a lot of money, you know, but it was enough for us to kind of get to where we need to go based on what we planned financially”.G-4
“It’s nasty to keep moving forward and learning that your idea might not appeal to everyone, but as well, it’s your idea. It got there. Probably there’s something that needs to be reworked, but it’s worth fighting for”.G-21
“[Y]ou don’t talk to customers, you don’t talk to users, of course, but you can accept that in those three months, you somehow defocus from your day-to-day life to try to adopt a critical approach to the company and focus on strategy, focus on restructuring stuff, killing stuff that doesn’t work, pivoting and all that stuff”.G-16
“Working on the right things, asking the right questions, meeting the right people”.G-12
“Here [in the accelerator] you’re not able to lose focus, because you need to be accountable every single week, you need to defend your KPIs, your numbers, etc., and it gives this accountability, which is important (…) in the early days. When you don’t have this company culture in place, you don’t have this incorporation structure and responsibilities, you simply have a bunch of people that do everything—and that has been (…) a huge added value”.G-20
“[Y]ou are competing with other startups, like you are in a very peer pressure environment”.G-3
4.4. Context
“[E]verything depends on you. If you were kind of passive, the value of the accelerator was zero to you. You really have to push, you really have to go out there, seeking opportunities. It is not like on a silver plate that they bring you (…). I actually believe that they give you the resources, but it demands a lot of effort on your side to go and get all those benefits that they give”.G-6
“[T]he value for a first-time founder is definitely higher”.G-1
“My really personal point of view is if I had to give suggestions to someone, it makes sense to join an accelerator if you are a first-time founder”.G-18
“[H]ave the company at a stage where it can get the maximum amount of value from the mentors and introductions from the mentors. What I mean by that is, for example, have the product at the stage where it’s possible for a lot of people to test the product, because during the accelerator, you can meet a lot of people who can connect you with all kinds of people. They can, in particular, connect you with people in your target group, and therefore it’s important that the product is at a stage where the target group can easily test the product”.G-19
5. Discussion
5.1. Mechanisms of Accelerators
5.2. Accelerator as Switchman
5.3. Accelerators as Bridge Builders
5.4. Practical Implications
5.5. Limitations and Avenues for Future Research
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Case | Duration (Min) | Accelerator Type | Startup Industry | Position | Founding Year | Participation |
---|---|---|---|---|---|---|
G-1 | 30.55 | Independent accelerator | IT/Hospitality | COO | 2019 | 2020 |
G-2 | 26.38 | Independent accelerator | IT/E-Learning | CEO | 2015 | 2020 |
G-3 | 32.44 | Academic accelerator | Food and Beverages | CEO | 2017 | 2017 |
G-4 | 37.30 | Independent accelerator | IT/Professional Training and Coaching | CEO | 2019 | 2020 |
G-5 | 35.14 | Independent accelerator | IT/Marketing | CEO | 2019 | 2020 |
G-6 | 38.53 | Academic accelerator | IT/E-Commerce | CEO | 2017 | 2017 |
G-7 | 42.44 | ‘Powered by’ accelerator | IT/Sustainable Energy | CTO | 2017 | 2018 |
G-8 | 32.39 | ‘Powered by’ accelerator | IT/Energy and Oil | CTO | 2015 | 2018 |
G-9 | 34.25 | ‘Powered by’ accelerator | IT/Sustainable Energy | CEO | 2017 | 2018 |
G-10 | 33.17 | No accelerator | IT/Social Media | CEO | 2017 | - |
G-11 | 29.44 | No accelerator | IT/Logistics | CEO | 2020 | - |
G-12 | 38.00 | Independent accelerator | IT/Human Resources | CTO | 2018 | 2019 |
G-13 | 3734 | No accelerator | Food and Beverages | CMO | 2018 | - |
G-14 | 33.26 | No accelerator | IT/E-Learning | CEO | 2017 | - |
G-15 | 32.08 | No accelerator | IT/Human Resources | CEO | 2020 | - |
G-16 | 35.30 | Independent accelerator | IT/Environmental Services | CEO | 2019 | 2021 |
G-17 | 22.07 | Independent accelerator | IT/Computer Software | COO | 2018 | 2021 |
G-18 | 47.48 | Two independent accelerators | IT/Logistics and Supply-Chain | CEO | 2020 | 2021 and 2021 |
G-19 | 21.36 | Independent accelerator | IT/B2B Services | CEO | 2020 | 2021 |
G-20 | 42.35 | Two independent accelerators | IT/Logistics and Supply-Chain | CEO | 2019 | 2017 and 2021 |
G-21 | 32.58 | Independent accelerator | IT/Computer Software | CEO | 2019 | 2021 |
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Ulmer, T.; Pape, U. Streamliners, Switchmen and Bridge Builders: About the Mechanisms and Uniqueness of Accelerator Programs. Sustainability 2022, 14, 15694. https://doi.org/10.3390/su142315694
Ulmer T, Pape U. Streamliners, Switchmen and Bridge Builders: About the Mechanisms and Uniqueness of Accelerator Programs. Sustainability. 2022; 14(23):15694. https://doi.org/10.3390/su142315694
Chicago/Turabian StyleUlmer, Thomas, and Ulrich Pape. 2022. "Streamliners, Switchmen and Bridge Builders: About the Mechanisms and Uniqueness of Accelerator Programs" Sustainability 14, no. 23: 15694. https://doi.org/10.3390/su142315694