Growing a new business can be a long road, and there is no easy shortcut to success. That doesn’t mean you can’t get a boost along the way though. Working with a startup incubator or business accelerator may help you grow faster, propelling your business to success sooner than you’d see otherwise.
What are Startup Incubators and Business Accelerators?
Startup incubators and business accelerator programs both help new entrepreneurs through invaluable mentorship and support, but they have some slight differences.
Startup incubators are primarily for entrepreneurs with an idea, but who don’t yet have a tangible product or operation. Exactly what an incubator program offers can vary, but it can include things like flexible workspace, networking events, mentorship, and guidance on turning your idea into an actual business. Many startup incubator programs are free, but some may charge a fee.
Business accelerator programs are generally geared toward businesses that have at least proof of concept. There are many free business accelerator programs available, and they can provide a lot of the same things as incubators – workspace, networking, and mentorship – but they’re generally more intensive, structured, and timed. Entrepreneurs in the program will commonly work with experienced business owners, mentors, and professionals. Some accelerators may also offer opportunities to pitch to outside investors or win prize money that can be put toward the business.
Local Business Programs
Entrepreneurs shouldn’t just join any startup incubator or business accelerator. It’s important to work with one that has a proven track record of helping new businesses. Here are some options to consider if you’re a new entrepreneur in the Massachusetts or Rhode Island area:
- Entrepreneurship for All, also known as EforAll, offers free business accelerator programs in both Massachusetts and Rhode Island. While EforAll operates statewide in Rhode Island, there are several distinct EforAll programs in Massachusetts, including South Coast, Greater Worcester, Berkshire County, Cape Cod, Pioneer Valley, Roxbury, Merrimack Valley, and Lynn. EforAll’s mission is to help under-resourced and under-represented individuals successfully start and grow their businesses. The EforAll Business Accelerator combines business training, mentoring, and networking within a supportive community of experienced and new business leaders. The year-long program includes a three-month intensive business training curriculum and pairs each entrepreneur with dedicated mentors for twelve months. There are also opportunities throughout the year for business accelerator participants to win prize money. Entrepreneurs from all industries are welcome to apply.
- MassChallenge is a “zero-equity for zero-cost” Boston-based business accelerator that is geared toward innovation and focuses mainly on networking. Its global network can provide new entrepreneurs with access to industry leaders and corporations that they might not be able to reach otherwise. MassChallenge also provides entrepreneurs with an opportunity to win prize money through a contest-based approach.
- Techstars Boston is part of the global Techstars network, known for its mentorship-driven accelerator programs. Techstars offers a three-month program that includes intense mentorship, seed funding opportunities, and access to a vast network of alumni and investors. It’s important to note that Techstars is free upon acceptance in exchange for equity in your business. As its name implies, Techstars Boston is pretty much exclusively for tech-based businesses. The businesses that are generally a good fit for this program are those that require little capital investment and can be scaled quickly.
No matter what stage your new business or business idea is at, it can likely benefit from a startup incubator or business accelerator program. BankFive is proud to be a community partner with EforAll South Coast, EforAll Cape Cod, and EforAll Rhode Island. Learn more about upcoming EforAll Business Accelerators at https://eforall.org/business-accelerator-program/. And once your business is ready, BankFive can provide business bank accounts, financing solutions, and other services to help your small business grow.