{"id":214123,"date":"2022-02-22T12:59:11","date_gmt":"2022-02-21T23:59:11","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=214123"},"modified":"2024-05-08T16:49:44","modified_gmt":"2024-05-08T03:49:44","slug":"differences-between-startup-incubator-accelerator-nz","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/startups\/differences-between-startup-incubator-accelerator-nz\/","title":{"rendered":"Differences Between a Startup Incubator and Accelerator in NZ"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Trying to grow your startup in New Zealand without having the right support system can be difficult. Nevertheless, programs such as accelerators and incubators exist that can help your startup grow and scale. However, to choose one, you need first to understand the key differences between them. Furthermore, you need to know which one will be right for your startup and best help you grow. This article will outline the key differences between an <a href=\"https:\/\/legalvision.co.nz\/startups\/legal-considerations-incubators-accelerators\/\">accelerator and an incubator<\/a> so you can choose the right one for your startup.\u00a0<\/span><\/p>\n<h2>What is an Accelerator?<\/h2>\n<p><span style=\"font-weight: 400\">A <a href=\"https:\/\/legalvision.co.nz\/startups\/startup-accelerator-in-new-zealand\/\">startup accelerator<\/a> is a growth program that will help your startup grow in the short span of three to six months. These programs often have a fixed duration and can help your product or service develop further. To enter into such a program, you will need to apply. An accelerator program can offer services such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">mentoring and coaching;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">a <\/span><a href=\"https:\/\/legalvision.co.nz\/intellectual-property\/co-working-ip\/\"><span style=\"font-weight: 400\">co-working space<\/span><\/a><span style=\"font-weight: 400\">;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">seed funding;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">networking opportunities; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">a demo day at its conclusion where you can pitch your startup to potential investors.<\/span><\/li>\n<\/ul>\n<h2>What is an Incubator?<\/h2>\n<p><span style=\"font-weight: 400\">A <a href=\"https:\/\/legalvision.co.nz\/startups\/what-startup-incubator-in-new-zealand\/\">startup incubator<\/a> can provide you with ad-hoc help and will mentor you over a longer period. With an incubator, you can expect an environment filled with support and networking opportunities. The primary purpose is to assist you from concept ideation to market launch. You will need to apply for an incubator program, although you should prepare yourself for a competitive process. An incubator may provide you with services such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">business development;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">help with acquiring new investors;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">networking opportunities;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">access to <\/span><a href=\"https:\/\/legalvision.co.nz\/startups\/how-finance-new-startup-new-zealand\/\"><span style=\"font-weight: 400\">capital sources<\/span><\/a><span style=\"font-weight: 400\">;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">mentoring; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">co-working spaces.<\/span><\/li>\n<\/ul>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 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By understanding the difference, you can realise which one will best suit your early-stage startup.\u00a0<\/span><\/p>\n<h3>Main Purpose<\/h3>\n<p><span style=\"font-weight: 400\">There is a difference between the main aim of these programs. <\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">For instance, an accelerator will aim to accelerate and scale your business. Therefore, your startup should already have a concept and a minimum viable product. Unfortunately, an accelerator will not guide you through the ideation phase of creating a product or service.\u00a0<\/span><\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">Meanwhile, business incubators aim to stimulate innovation during the early stages of your business. They are usually considered to be a program that prepares you for accelerator functions. You do not need a minimum viable product to be accepted into an incubator program. Unlike an accelerator, an incubator can help you form a business model and a concept, meaning all you need is a good idea to attract an incubator\u2019s help.<\/span><\/p>\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/21140438\/NZ-Startup-Manual-251x360-2.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">NZ Startup Manual: A Legal Handbook For Founders<\/div>\n            <div class=\"body-text\">\n                <p>Essential reading for anyone building their startup. This free guide includes practical advice and seven real-life case studies.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/NZ-Startup-Manual.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n<h3>Program Time Period<\/h3>\n<p><span style=\"font-weight: 400\">It is a common misconception that both programs will take relatively the same time. Accelerator programs have a fixed duration and take less time than an incubator. Each program will have a different timeline, but an accelerator will generally take around three to five months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In comparison, an incubator has a less rigid structure and will be tailored to your startup\u2019s needs. Depending on your needs, they have an open duration and often last longer than six months. <\/span><\/p>\n<div class=\"box box--warning box--icon\">\n<p><span style=\"font-weight: 400\">You can use an incubator for as long as your startup needs to grow to a solid stage.\u00a0<\/span><\/p>\n<\/div>\n<h3><span style=\"font-weight: 400\">What the Program Looks For<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Before you try applying to either of these programs, you need to know what each program looks for. Accelerator programs have narrow criteria and look for small companies with potential for rapid growth. Before applying to an accelerator program, you need to prepare the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">a solid business plan;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">minimum viable product;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">strong teamwork;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">scalability; and,<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">entrepreneurial drive.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">An incubator has a less narrow focus and instead looks for startups with good ideas. They want startups that will grow over a few years instead of those with rapid growth ability like an accelerator. Thus, you do not need to show that your startup has a great team and scalability potential. However, you may need an operational business plan depending on the incubator program. <\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">In addition, you must do some reconnaissance on the incubator program as some will only be interested in startups from specific industries, or a particular group, such as women.\u00a0<\/span><\/p>\n<\/div>\n<h3>Investment Capital<\/h3>\n<p><span style=\"font-weight: 400\">When using an accelerator, you will gain access to <\/span><a href=\"https:\/\/legalvision.co.nz\/startups\/what-is-venture-capital-funding-in-nz\/\"><span style=\"font-weight: 400\">venture capital<\/span><\/a><span style=\"font-weight: 400\"> and seed funding opportunities. Typically, an accelerator will provide some seed funding in return for equity in your company. You will also participate in a demo day to pitch your business to investors to receive further investment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, an incubator usually will not offer seed funding. They may, however, link you with angel investors and venture capitalists as a potential investment source. Once you leave the incubator, you will be prepared to pitch your idea to potential investors.\u00a0<\/span><\/p>\n<h2>Key Takeaways<\/h2>\n<p><span style=\"font-weight: 400\">When choosing whether to engage in an accelerator or incubator program for your startup, you should first be aware of their differences. The main differences include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the purpose of the program;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how long the program will last for;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">what each program looks for in a startup; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how they can help you get investment.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">If you need help choosing between a startup accelerator or incubator, our <\/span><a href=\"https:\/\/legalvision.co.nz\/startup-lawyers-lp\"><span style=\"font-weight: 400\">experienced startup lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers who can answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.nz\/membership\/\"><span style=\"font-weight: 400\">membership page.<\/span><\/a><\/p>\n<h2>Frequently Asked Questions<\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1645482599414\"><strong class=\"schema-faq-question\"><strong>What is a startup accelerator?<\/strong><\/strong> <p class=\"schema-faq-answer\">An accelerator will help rapidly grow your business within three to five months. This program has a fixed duration, and you will need to already have a concept and minimum viable product before applying to one.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1645482605927\"><strong class=\"schema-faq-question\"><strong>What is a startup incubator?<\/strong><\/strong> <p class=\"schema-faq-answer\">An incubator will help you create a business concept for a market launch through a collaborative environment. Usually, this program takes longer than six months, and all you need is a great idea to apply to one.\u00a0<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"3bc3beddae\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/214123\" \/>            <input value=\"https:\/\/legalvision.co.nz\/startups\/differences-between-startup-incubator-accelerator-nz\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"Differences Between a Startup Incubator and Accelerator in NZ\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Trying to grow your startup in New Zealand without having the right support system can be difficult. Nevertheless, programs such as accelerators and incubators exist that can help your startup grow and scale. However, to choose one, you need first to understand the key differences between them. Furthermore, you need to know which one will<a href=\"https:\/\/legalvision.co.nz\/startups\/differences-between-startup-incubator-accelerator-nz\/\">Continue reading <span class=\"sr-only\">&#8220;Differences Between a Startup Incubator and Accelerator in NZ&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13316,"featured_media":201774,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"213113,204485,206002,206883,210139,201917","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[10],"tags":[24,1366,1378,1379,1388],"class_list":["post-214123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-startup","tag-startup-founder","tag-startup-accelerator","tag-startup-incubator","tag-grow-your-startup"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Differences Between A Startup Incubator and Accelerator | LegalVision NZ<\/title>\n<meta name=\"description\" content=\"Are you a startup founder interested in getting involved with an incubator or accelerator program? 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