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This slide deck was used at an event at Imperial College Business School to give an overview of Nesta’s work in the area of accelerators, to outline some of the trends in the accelerator ecosystem, and to highlight current research in this area.
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An overview of our accelerator work
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Eight most cited needs of early stage social innovators
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1. People to work with
2. A proposition to test
3. Potential (and actual) customers
4. A source of advice about
the basics
5. A source of trusted
strategic advice 6. Money
7. Somewhere to work
8. Emotional support and mentorship
The building blocks of an accelerator
Focus on teams, rather than individuals
Operates in cohorts or classes
Offers pre-seed finance (usually in
exchange for equity)
Time-limited support, with intensive mentoring and
programmed events
Application process open to all, highly
competitive
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Trends in the accelerator ecosystem
Growth in the number of
programmes
Changing models
More vertical specific
programmes
More corporate
programmes
Increase in social venture accelerators
Then….
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Trend #1 Growth of programmes across Europe
…and now
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To date: • 213 programmes globally, 53 in Europe • 738 companies accelerated in Europe • 2034 jobs created in Europe (courtesy of www.seed-db.com)
Trend #2 More corporate players
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Trend #3 More vertical specific programmes
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Trend #4 Evolving models
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Trend #5 More social programmes
• Over 50 impact accelerators worldwide
• These programmes were concentrated in the USA (38), India (6) and the UK (6)
http://www.nesta.org.uk/publications
/good-incubation
Trends in the accelerator model
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• Demise of the demo day
• Lengthening the period of support
• Follow on funding – attempts to address the post-incubation gap
• Diversification – new revenue streams and and markets
• Opening up, better measurement and evaluation
Some criticisms of the model
• They’re no different to incubators
• They exploit startup founders
• They’re helping to create a bubble
• Good companies still fail after accelerator programmes
• Mentor apathy
• They’re not sustainable
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There’s little evidence…
Research challenges:
• It’s still a relatively a new field
• Defining success for programmes with different objectives
• Disentangling success factors
• Difficulties in defining and tracking a control group
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..however there is a growing field of research
• Global Innovation Growth Lab - Nesta and Kauffman Foundation
• Impact of Entrepreneurship Database Program – Goizueta Business School at Emory University, Aspen Network of Development Entrepreneurs, Kauffman Foundation
• Seed rankings – Yael Hochberg and Susan Cohen
• Home Run, Strike Out, or Base Hit - Sheryl Winston Smith and Thomas Hannigan
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acceleratorassembly.eu Seed-DB survey of startups
revealed:
• Mentorship and networking
opportunities are the most
valuable benefits of an accelerator
• Generic, inconsistent mentoring
can be confusing
• Focus on demo day can be
distracting
What next…
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Networks Research
Skills Funding
Resources
Lists • www.f6s.com • www.seed-db.com • gan.co • www.startupfactories.eu • beta.capitallist.co Research and articles • www.nesta.org.uk/develop-your-skills/accelerators • yael-hochberg.com/rankings.htm • www.aspeninstitute.org/sites/default/files/content/docs/pubs/INNOV0803_003-
006_kempner_12-11-13_FINAL.pdf • https://agenda.unibocconi.it/eventi/attach/WinstonSmith%20Paper20140210165626.pdf • www.acceleratorassembly.eu/research • www.nesta.org.uk/publications/good-incubation • www.nesta.org.uk/publications/startup-factories • www.forbes.com/sites/kauffman/2012/08/08/evaluating-the-effects-of-accelerators-not-so-
fast/
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