Incubators and accelerators
THE EARLY DAYS IN THE LIFE OF A FINTECH ENTREPRENEUR ARE A STEP INTO THE UNKNOWN – BUT THAT ’ S WHERE INCUBATORS
AND ACCELERATORS CAN LEND A HAND
WRITTEN BY : ALEX CLERE
Navigating the first few years of business is one of the hardest things for a fintech entrepreneur to do : establishing contacts , gaining traction , attracting investment and honing your product are dizzying endeavours . Early-stage startups require a lot of support in the right places – and that ’ s where incubators and accelerators come in .
What ’ s the difference between incubators and accelerators ? Incubators and accelerators work in similar ways , but they are targeted towards different stages of the growth journey . Incubators are intended for entrepreneurs with the seed of an idea that they want to build entirely from scratch ; in the case of fintechs , it may involve building an MVP . Once startups are finished with an incubator programme , they may graduate to an accelerator programme , which is designed for startups that are already up and running . Accelerators , as the name suggests , help innovators to scale and grow their business , and may also put you in touch with useful contacts or investors .
What are the biggest incubators and accelerators ? As the fintech sector has grown , more organisations have jumped on board . Local and national governments set up business programmes to foster innovation , while venture capital firms often set up incubator or accelerator schemes to complement their existing investments , giving themselves a headstart on identifying the next big startups .
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