What does an accelerator mean in business?
In house accelerators are designed to accelerate the speed to market for the startup or solution. Usually there is an exchange of expertise and sometimes capital for either equity or access rights to the startup. More often, accelerators are external stand alone programs not facilitated by a corporation.
What is the purpose of corporate accelerators?
Accelerators help teams refine their offering and develop GTM pathways or entry points for their targeted markets. They help develop partners, strategy, or marketing components needed for the venture to scale.
What are accelerator examples in corporate innovation?
A great example of an accelerator in corporate innovation is the Bosch Accelerator Program (Bosch AccP). Bosch’s acclaimed Accelerator approach came out of a commitment to generating new businesses and business models for the corporation. The accelerator hosts emerging opportunities in AI, data, and machine learning across all markets in areas such as autonomous driving. It has created a reproducible system for generating and incubating new opportunities. The Accelerator Program validates ideas in a 12-week program, fostering data-driven experimentation and preparing teams to incubate new business models. More than 200 teams have participated in their capability-building programs. More than 15 projects have scaled. At the same time, the rigor and logic of the AccP’s evaluation process has become a high-value route for BUs to kill off ideas in a neutral manner. Close to 90% of the accelerator teams make a “stop” decision themselves after going through the program.