As a startup you have countless questions to ask yourself – how am I going to scale? How do I build a team best fit for my business model? What resources do I take advantage of? What type of funding do I need? And so, on. Another that many startups consider, is whether an accelerator or incubator suits the growth strategy for the business.
To answer the last question you must first understand the difference between accelerators and incubators.
For brevity – in some cases an incubator can be as simple as a co-working space. According to George Deed, a contributor to Forbes, an incubator means physically locating your business in one central work space with other startups. Typically, startups can call an incubator home for a few years and the resources available within the incubator are provided to help companies grow. ATDC is a perfect example of a local Atlanta incubator.
On the other hand, an accelerator typically comes with a tighter timeline. Accelerators are on average 8-16 week programs that startups apply to participate in to help jump-start the business. A local example is Atlanta Ventures Accelerator.
If you’re a startup looking to make a move to either an incubator or accelerator, I recommend reviewing the following articles and resources to determine the model that best suits your business and business goals.
About Carrie Crabill
Carrie is an Account Director at Trevelino/Keller. She is active in the startup community in Atlanta and heads up a number of startup focused initiatives for the agency.