TECHNOLOGY
Although there are thousands of accelerators globally , the most prestigious still seems to be Y Combinator . Founded in 2005 , the Silicon Valley-based programme invests US $ 500,000 in a large number of startups spread across two separate cohorts every year . It has invested in high-profile businesses like Stripe , Coinbase and Airbnb . Between them , alumni of the programme have gone on to achieve a combined valuation in excess of US $ 300bn .
“ If I filled in every application form and accepted every invite to an accelerator , there ’ s no chance our business would exist ”
LIAM CHENNELLS FOUNDER AND CEO DETECTED
Using the power of accelerators for good For growth-stage startups , accelerators can be an incredibly useful tool to help them scale . And , even better , accelerators are also increasingly being used to drive positive change right across the financial sector .
In partnership with Lloyds Bank , Foundervine is a UK-based programme that combines events and networking with a series of accelerators . Its aim is to create “ an equitable landscape ” for black and other underrepresented founders . It was created in response to the ‘ Black , British , In Business & Proud ’ report , published by Lloyds in conjunction with the Black Business Network , which found that only 43 % of black business owners trust banks to have their best interests in mind .
Programmes exist for other underrepresented groups , too . StartOut Growth is a US startup accelerator for businesses with LGBTQIA + founders , while The Female Innovators Lab is a partnership between Barclays and Anthemis that ’ s setting out to support female founders at the idea stage of their business journey . Accelerators like these will hopefully have a positive impact on diversity within fintech . According to a new report published jointly by EY and Innovate Finance , there is still a disparity between male-led and femaleled businesses when it comes to access to funding , and the gap is having an effect on the number of female-led companies reaching the scale-up stage .
Is an incubator or accelerator programme right for me ? The decision about whether to apply for an incubator programme is a personal one . Startups and founders will invariably have different approaches to growth
96 August 2022