{"id":219845,"date":"2023-01-13T03:42:19","date_gmt":"2023-01-12T14:42:19","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=219845"},"modified":"2024-05-08T19:38:16","modified_gmt":"2024-05-08T06:38:16","slug":"what-is-a-startup-accelerator","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/startups\/what-is-a-startup-accelerator\/","title":{"rendered":"What is a Startup Accelerator?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">A startup accelerator is a program designed to \u2018accelerate\u2019 the growth of a startup to maximise its potential. This program may be appropriate for you if your startup has already developed its product and is looking to scale quickly. In this article, we explain how a startup accelerator works and what legal documents you will receive when joining the program.<\/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<h2><span style=\"font-weight: 400\">Difference Between a Startup Accelerator and Startup Incubator<\/span><\/h2>\n<p><a href=\"https:\/\/legalvision.co.nz\/startups\/what-startup-incubator-in-new-zealand\/\"><span style=\"font-weight: 400\">Startup incubators<\/span><\/a><span style=\"font-weight: 400\"> and startup accelerators focus on different stages of the startup journey and are, therefore, <\/span><a href=\"https:\/\/legalvision.co.nz\/startups\/differences-between-startup-incubator-accelerator-nz\/\"><span style=\"font-weight: 400\">different<\/span><\/a><span style=\"font-weight: 400\">. A startup incubator helps startups at the idea phase of initially developing their product. It helps startups build out their product and create a viable business model and offering.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the other hand, a startup accelerator focuses on the growth stage of a more developed startup. Accelerator programs usually run for a set period of time, such as three to six months, to develop a plan for ventures to scale as quickly as possible. They also offer access to business mentors, education and the opportunity for the startup founders to grow their network.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">How Does an Accelerator Program Work?<\/span><\/h2>\n<h3><span style=\"font-weight: 400\">The Application Process<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Accelerator programs use a stringent application process when picking the cohort of startups to enrol in the program. Accelerators look for startups that:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">have well-developed business ideas;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">offer products they believe will be successful; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">will benefit from mentorship under the accelerator program.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Often, the accelerator will also offer seed money in exchange for an equity stake in the startup. Accordingly, it is in the accelerator\u2019s interests to accept startups in which they see the most potential return on capital and time investment.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Access to Mentors<\/span><\/h3>\n<p><span style=\"font-weight: 400\">Accelerators will often put successful applicants in touch with mentors experienced in their particular field. These mentors can provide insight and advice directly relevant to the business. You can also use this as an opportunity to develop your prototype and business plan further.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Business Development<\/span><\/h3>\n<p><span style=\"font-weight: 400\">A key part of any accelerator programme involves discussing and developing your growth and capital-raising strategy. The program can help you with the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">pitching your vision;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">preparing for meetings with investors and potential networks; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">detailing the overall investment strategy of your startup.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Usually, you will also undergo business training to help you:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">expand your business plan;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">understand sales principles; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">improve your business management skills.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">At the end of the program, you will get the chance to pitch your startup to a room of other members, the accelerator, and potential investors. This is a valuable opportunity for you to reach new networks and demonstrate how far your startup has progressed during the program. It is also a great opportunity for networking to meet like-minded entrepreneurs and fellow innovators.<\/span><\/p>\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 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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It is important to review these documents so that you understand the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">if you are giving away any control of the business to the accelerator; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">what your relationship with the accelerator will be beyond the life of the program.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">While it may be difficult to negotiate minor details in the agreements due to the number of startups in your cohort, you should try to negotiate any terms that are especially critical to you and your business. As these documents will affect your business moving forward, a startup lawyer can help you look over these documents and negotiate these on your behalf.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The legal documents provided may vary between accelerators, though the following section explores key documents.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Programme Letter<\/span><\/h3>\n<p><span style=\"font-weight: 400\">The programme letter is your official offer letter to participate in the program. It describes what is included in the program and may outline any terms and conditions associated with it.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Shareholders Agreement<\/span><\/h3>\n<p><span style=\"font-weight: 400\">A shareholders agreement is a document that creates binding obligations between the founder and investors as shareholders in the startup. The accelerator may provide you with this document if they are investing in your company or offer this as a template resource.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Key terms in a shareholders agreement include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">voting rights;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">company exits; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">dispute resolution.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Your company may already have a shareholders agreement, so you may wish to retain yours. If you do not have one yet, you can get a tailored agreement drafted for you by a lawyer that sets out a fair balance between founders and investors.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, if an accelerator is investing in your startup, it is likely that the shareholders&#8217; agreement they provide will be investor-friendly and may have the investor involved preferentially over other shareholders. You should consult a lawyer to review any shareholder agreement to ensure it is fair to your interests and rights.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Investment Documents<\/span><\/h3>\n<p><span style=\"font-weight: 400\">One reason why accelerator programs are so competitive is that in addition to mentoring, they often offer <a href=\"https:\/\/legalvision.co.nz\/uncategorized\/securing-growth-capital-nz-startup\/\">seed funding<\/a> to help grow your business. There are three common avenues an accelerator may choose to invest in your company.\u00a0\u00a0<\/span><\/p>\n<table class=\" lv-table lv-table--style-2\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>\n<p><b>Equity finance<\/b><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">Traditionally, an accelerator provides seed funding by purchasing shares in your company.\u00a0 For this, they provide a <\/span><i><span style=\"font-weight: 400\">share subscription agreement<\/span><\/i><span style=\"font-weight: 400\"> or <\/span><i><span style=\"font-weight: 400\">offer letter<\/span><\/i><span style=\"font-weight: 400\"> that sets out the mechanics of the investment. This document specifies:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how many shares the startup is issuing;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">if the shares are subject to any conditions (such as vesting);<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the subscription price for those shares; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">when the startup will issue the shares.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><b>Simple Agreement for Future Equity (<\/b><a href=\"https:\/\/legalvision.co.nz\/startups\/raise-capital-safe\/\"><b>SAFE<\/b><\/a><b>)<\/b><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">A SAFE is a contractual agreement where an investor agrees to provide funds to a startup in return for the right to convert their investment into shares in the company (usually at a discounted rate).<\/span><\/p>\n<p><span style=\"font-weight: 400\">The conversion will occur at specifically defined trigger events. These are usually exit events or the startup\u2019s next equity financing round.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><a href=\"https:\/\/legalvision.co.nz\/capital-raising\/what-are-convertible-notes\/\"><b>Convertible Notes<\/b><\/a><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400\">A convertible note is similar to a SAFE but with an added debt component. Under a convertible note, an investor makes a loan to the startup. The loan typically accrues interest, with the aggregate amount automatically converting into equity at a trigger event (e.g. the closing of a future equity round). So investors are rewarded for making an early investment with a discounted price per share (compared to the equity round investors).<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Getting accepted into an accelerator program is an exciting time for any startup. It will help build your business and set the foundations for rapid growth. The accelerator will also be closely involved in the development of your business. Therefore be prepared to work closely with them and any connections they provide. Ensure you also review any legal documents provided to you by the accelerator so that you understand the relationship between the accelerator and your business. As these documents will impact your startup moving forward, you should reach out to a lawyer to review these and negotiate the key terms before they are signed.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you have any questions on startup accelerators or need help reviewing accelerator legal documents, our experienced\u00a0<a href=\"https:\/\/legalvision.co.nz\/startup-lawyers-lp\">startup lawyers<\/a> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to 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\u00a0<a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1673534413381\"><strong class=\"schema-faq-question\">What is a startup accelerator?<\/strong> <p class=\"schema-faq-answer\">Startup accelerators usually run for a set period of time, such as three to six months, to develop a plan for ventures to scale as quickly as possible.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1673534420155\"><strong class=\"schema-faq-question\">What are the benefits of startup accelerators?<\/strong> <p class=\"schema-faq-answer\">Startup accelerators offer access to business mentors, education and the opportunity for the startup founders to grow their network.<\/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=\"ed19fd34f0\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/219845\" \/>            <input value=\"https:\/\/legalvision.co.nz\/startups\/what-is-a-startup-accelerator\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"What is a Startup Accelerator?\" 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>A startup accelerator is a program designed to \u2018accelerate\u2019 the growth of a startup to maximise its potential. This program may be appropriate for you if your startup has already developed its product and is looking to scale quickly. In this article, we explain how a startup accelerator works and what legal documents you will<a href=\"https:\/\/legalvision.co.nz\/startups\/what-is-a-startup-accelerator\/\">Continue reading <span class=\"sr-only\">&#8220;What is a Startup Accelerator?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13343,"featured_media":215544,"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":"209113,206814,217225,204794,207074,202351","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[10],"tags":[491,1282,1378,1702],"class_list":["post-219845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-equity","tag-startup-business","tag-startup-accelerator","tag-seed-financing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a Startup Accelerator? 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