Everything you need to know about Minnesota’s startup incubators and accelerators
Friday, August 17, 2018
Getting a startup off the ground is hard work, but incubators and accelerators are there to help. They provide early-stage companies with essential resources such as a workspace, mentorship, and often times funding to give them a fighting chance. More and more startups are popping up in the Twin Cities, and right along with them are more accelerators and incubators to help them find success.
Accelerators and incubators are similar, but not interchangeable. While incubators offer ongoing support, coaching and connections – operating like a co-working space with benefits – accelerators tend to be structured programs for a certain length of time.
Hence the names, incubators tend to focus on innovation, or “incubating” ideas, while accelerators focus on scaling a business, or “accelerating” it. Another difference is the application process. Accelerators almost always have an application process, while sometimes incubators only work with companies they connect with via trusted partners.