The Hardware Startup

Chapter 7. Acceleration

The previous chapters in this book have focused on validating an idea, gathering potential early adopters, and creating both functional and form prototypes. Now we’re ready to begin talking about how to turn your fleshed-out idea into a business.

For almost 10 years, incubator and accelerator programs have helped software companies get from idea stage to market. Incubators and accelerators are slightly different entities: incubators typically recruit talented people, then form companies and spin them out. They are often run within a larger company, which might pull from an internal talent pool. This model is most common in sectors in which new companies benefit from access to the larger company’s infrastructure or labs, such as biotech and clean tech.

Accelerators accept preformed teams, many of which have been working on a specific idea for a minimum of a few months, often longer. The goal is to help the team scale more quickly by providing them with access to mentors, capital, and (in some cases) customers. A class or cohort is common, and there is often a set graduation date culminating in a “demo day” attended by investors. Companies in each class benefit from the feedback of the other entrepreneurs going through the program alongside them.

Due to the current popularity of entrepreneurship, a steady stream of new incubators and accelerators are popping up all over the world. According to the Seed-DB website, at the time of this writing, the count was ...