Module 6 - Making it Happen

What are the pros of joining these programmes?

• A sense of community: most entrepreneurs seem to appreciate the community aspect of these programmes. Being surrounded by people who are solving similar problems or who are facing similar problems and challenges is hugely rewarding. Entrepreneurship can be lonely, so accelerators provide a sense of community and opportunities to share learnings.
• Building your network: accelerators are also great at building your network. It’s likely that beyond the immediate members of the programme, you’ll meet plenty of advisors, mentors and other individuals who will be useful in one way or another.
• Brand recognition & credibility: most accelerators and incubators have a screening and/or application process, and may even be very competitive to get into. Being accepted can give your business additional credibility with your stakeholders – customers, suppliers and investors. These programmes also tend to invest in marketing for themselves and take pride in promoting the companies they have selected; your business will thus benefit from additional brand recognition too.

What about potential downsides?

• Differences in the needs of your business & that of the accelerator: most accelerators culminate with a demo day (pitching to investors) and a lot of the programmes’ activities will be geared towards making that day a success. Whilst this is a great opportunity if you’re fundraising, it’s not necessarily applicable to every business. It may be that your business does not need investment, or it’s simply not the right time. Accelerators exist to prove that they are helping startups grow faster and better. This is welcome in many cases but again may not suit the needs of your business or how you, personally, want to grow it.
• They’re time consuming: time is one of the most precious resources you have as a founder. Many accelerator programmes require you to attend countless events and meetings. Whilst some will be useful, it’s worth balancing how much of these you should attend (if they’re not mandatory) versus spending time on other business activities.
• Giving up equity: some accelerators and incubators demand a share of your business for the support provided. If the programme matches your specific needs at the time and can truly help your business jump to the next level, this shouldn’t be an issue. But you don’t want to give up a share for a programme that you don’t find useful.

Which ones should you apply to and why?

We’ve put together a table of key accelerators and incubators in Europe with a focus on the food system. This is not an exhaustive list and new types of programmes do come up so keep your eye peeled for other opportunities too. Remember to carefully consider which accelerator is right for you by asking yourself if what they offer matches what you need at this stage and what their requirements/costs are.