startup-accelerator-programmes-a-practice-guide

STARTUP
ACCELERATOR
PROGRAMMES
A Practice Guide

Nesta is an innovation charity with a mission to help people and
organisations bring great ideas to life.
We are dedicated to supporting ideas that can help improve all our lives,
with activities ranging from early–stage investment to in–depth research
and practical programmes.
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Registered as a charity in Scotland number SCO42833. Registered office: 1 Plough Place, London, EC4A 1DE.
www.nesta.org.uk ©Nesta 2014
Acknowledgements
This guide was produced by the Innovation Skills team in collaboration with the
Policy and Research team. It draws on Nesta’s reports – specifically The Startup
Factories written by Kirsten Bound and Paul Miller, and Good Incubation written
by Jessica Stacey and Paul Miller – as well as Nesta’s practical experience
supporting the startup and accelerator community in Europe.
Thanks to Kate Walters, Jessica Stacey, Christopher Haley and Isobel Roberts,
who all contributed to the content, and to Kirsten Bound, Brenton Caffin, Bas
Leurs, Theo Keane, Sara Rizk and Simon Morrison who all provided valuable
feedback along the way.
Nesta’s Practice Guides
This guide is part of a series of Practice Guides developed by Nesta’s Innovation
Skills team. The guides have been designed to help you to learn about innovation
methods and approaches and put them into practice in your work.
For further information, contact skills@nesta.org.uk

CONTENTS
INTRODUCTION 4
SECTION A: WHAT IS AN ACCELERATOR PROGRAMME? 6
SECTION B: WHY CONSIDER AN ACCELERATOR PROGRAMME? 12
SECTION C: SETTING UP AND RUNNING AN ACCELERATOR PROGRAMME 15
1. Defining your mission 16
2. Choosing a specialism 16
3. Designing your funding structure 17
4. Attracting startup talent 19
5. Selecting your startups 19
6. Developing a programme package 22
7. Accessing customer and investor networks 24
8. Building an alumni service and post–programme support 25
9. Measuring and evaluating performance 26
Worksheet 28
FURTHER READING AND RESOURCES 29
ENDNOTES 30
STARTUP
ACCELERATOR
PROGRAMMES
A Practice Guide

4 STARTUP ACCELERATOR PROGRAMMES A Practice Guide
INTRODUCTION
I
n 2005 a new way of supporting startups was born with the launch of Y
Combinator in Cambridge, Massachusetts. The first accelerator programme
of its kind, it invested in a small batch of promising startups – including
Reddit and mobile location startup Loopt, which sold for $43.4 million in
2012. Using a lean startup approach, it worked intensively with them for three
months to prepare them for pitching to an invite–only audience of venture
capitalists.
Less than ten years later, and this model has been replicated, adapted and developed by
accelerator programmes the world over. The largest – such as Silicon Valley’s 500 Startups,
and US and London–based Techstars – are able to pick from thousands of entrepreneurs and
founding teams, all vying to gain the advantages their programmes can provide. Many more
are also on the look–out for the next big thing, and a new wave of programmes – known as
impact accelerators – are using the model in order to find startups with the promise of social
as well as financial return.
This explosion of startup accelerator programmes is not altogether surprising. Advances in
digital technology have led to huge decreases in the cost of launching a business, and the
corresponding increase in startups means that developing effective ways of incubating early–
stage businesses is more relevant than ever. At the same time, the decrease in startup costs
has created the opportunity to invest much smaller amounts of money than previously.
There have been some huge successes among accelerated businesses, including household
names such as AirBnB and Dropbox – both graduates of Y Combinator. But a significant
number of the companies formed by these programmes fail to set the world alight, and
the majority of accelerated startups struggle to find follow–on funding. And it is not just
the accelerated companies that may struggle – accelerator programmes themselves face
challenges and becoming financially sustainable is no easy task. Focusing as they do on the
earliest stages of venture formation, acceleration itself is inherently risky. The average seed
accelerator programme is only three years old itself,1
and therefore has to also cope with many
of the same considerations and challenges as its intake. Even Y Combinator, the most lucrative
of commercial accelerators, only started to be profitable after five years of operation.
As the accelerator market becomes more crowded, problems could also arise for young
programmes; with accelerator programmes more prevalent than ever – 2013 saw a record
number launched – and the top programmes continuing to dominate, there is increasing
competition to attract the best founding teams and most promising companies.
Any knowledge, therefore, around how accelerator programmes can find and nurture the
startups most likely to succeed is of huge significance to anyone hoping to carve a space
in the area. Yet the accelerator model is still in its infancy, and the empirical data needed to
thoroughly evaluate the success of accelerator programmes and their graduates does not
yet exist.

How to use this Practice Guide
With that in mind, this guide doesn’t seek to offer a prescriptive method for running an
accelerator programme. It is a young and evolving area of incubation, and with little proven
research into best practice, we don’t wish to claim that there is a set formula – indeed, what
works for an accelerator operating in one area may not for another in a different field. There is
no one–size–fits–all approach, and research shows that accelerator models vary significantly
depending on their objectives.
Instead, the aim of the guide is to help you understand some of the key choices and
challenges you’ll need to think about if considering building a programme of your own. It does
this by bringing together common practices and patterns to highlight and frame the strategic
choices facing policymakers, investors or anyone interested in the creation and running of
these programmes.
We hope that the guide provides a clear introduction to accelerators, and will contribute to
identifying and developing good practice. It combines lessons and excerpts from Nesta’s
reports – including The Startup Factories (2011), Good Incubation (2014) and A Look Inside
Accelerators (working title), a forthcoming report with Imperial College – with our practical
experience supporting the accelerator community in Europe.
The guide is divided into three sections:
SECTION A: WHAT IS AN ACCELERATOR PROGRAMME?
This section provides a brief introduction to accelerators. It should help you to understand
the common characteristics and different roles of accelerators.
SECTION B: WHY CONSIDER AN ACCELERATOR PROGRAMME?
This section looks at the reasons behind why you might choose an accelerator programme
as an incubation method, as well as the strengths and challenges involved with using this
model.
SECTION C: SETTING UP AND RUNNING AN ACCELERATOR PROGRAMME
This section gives basic information on how accelerators operate. It covers the key aspects
of creating and running an accelerator, and each part comes with a series of prompt
questions to help you think about accelerator design in your own context. It also includes a
worksheet to capture your initial thoughts about setting up an accelerator.

SECTION A:
WHAT IS AN ACCELERATOR
PROGRAMME?
Our Definition
The term ‘acceleration’ has a broad definition within the startup community. Moreover, as
accelerators are still a new and innovative way of developing startups, the model is in flux and
this means that precise definitions can be difficult to pin down.
However, in our view, accelerators differ from traditional business incubators in several
important ways. Following Nesta’s 2011 The Startup Factories study, we use ‘accelerator’ to
describe a specific wave of programmes born out of the Y Combinator model, which typically
have the following characteristics in common:
• An application process that is open to all, yet highly competitive.
• Provision of pre–seed investment (around £10k to £50k), usually in exchange for equity.
• A focus on small teams not individual founders.
• Time–limited support, usually between three to six months, comprising programmed
events and intensive mentoring.
• Cohorts or ‘classes’ of startups rather than individual companies.
Source: Bound, K. and Miller, P. (2011) ‘The Startup Factories: The rise of accelerator programmes to support new
technology ventures.’ London: NESTA
These characteristics have since been adopted by Seed–DB,2
the worldwide database of seed
accelerators, to identify which programmes qualify for inclusion in its listings.
What an accelerator is not
Our definition encompasses a particular type of programme. There are, however, other types
of support that are sometimes combined with acceleration. According to our definition,
the following types of incubation support are not, in themselves, accelerators – although
individual accelerators may offer these services, or be closely aligned with entities that do so:
• Angel networks – groups of individual investors who invest their own capital into small or
growing businesses, and provide mentoring and business expertise.
• Business competitions – aim to stimulate innovations and find talented entrepreneurs.
• Co–working spaces – offer flexible desk and meeting space, opportunities to meet other
ventures or entrepreneurs, and a programme of events or learning to support ventures.
• Entrepreneurship courses – usually run by business schools to teach the theoretical basis
of entrepreneurship, although some may also include a practical component.
• Hackathons/Startup weekends – very short, intensive, hands–on programmes designed to
encourage collaborative development, and test whether an idea may be viable as a startup.

• Maker spaces/hacker spaces – community–style spaces where people can come together
to collaborate and share knowledge.
• Mentoring schemes – focus purely on mentoring and are designed to share expertise and
experience.
• Seed funds – provide initial equity funding to startups.
• Social venture academies – offer programmes to help accelerate learning for social
ventures and entrepreneurs, whether they are already working on a venture or just in the
planning stages.
Different types of accelerator
Not all accelerators are the same, however. Even when using the definition above – which
encompasses a relatively narrow range of activities, and deliberately excludes other support
schemes like entrepreneurship courses and co–working spaces – there may be significant
differences between schemes. Some important areas where accelerators may differ include:
• Mission
• Specialism
• Funding structure
Accelerators are created for different reasons, and therefore have different missions. For
example:
• Venture–backed accelerators typically exist to provide better deal flow for investors.
• A government–backed accelerator may be established with the goal of local economic
development.
• A corporate–sponsored accelerator may be established either to help tackle specific
research issues, or else (as in the case of the Nike+ Accelerator) to help develop an
ecosystem around a core technology.
Within their overall mission, many programmes also have a specialist focus, or target a
specific set of startups. Lots of accelerators concentrate primarily on digital, and in general
they are less likely to target industries that require longer–term investment, for example
pharmaceuticals. However, other sector–specific focus can also be found – both within and
beyond digital – such as health or education. Specialism might also be in other directions;
the Female Propeller for High Fliers in Dublin has a gender–specific focus, while the recently
launched EyeFocus Accelerator in Berlin is dedicated to eye care.
One argument in favour of specialism is that it enables more in–depth treatment of a
particular industry or set of entrepreneurs with common characteristics. However, as
the accelerator space becomes increasingly occupied (some may even say congested),
specialising could become an important way for accelerators to differentiate themselves and
compete for attention.
Funding is another key difference between accelerators, and is closely linked to mission. As
mentioned earlier, the most common approach is for programmes to be established as a
venture capital–like fund, taking equity in the accelerated companies in the hope that this will
eventually repay the programme costs.
However, there are other models where programmes may be publicly funded or supported by
corporate sponsorship, or a combination of these. For example, Techstars has partnered with
a number of corporates, including Nike, Disney and Barclays, to power their own accelerators.

It’s also important to highlight that the funding models of many accelerators are, to a large
extent, still unproven. For this reason, some programmes have looked to diversify their income
to improve financial viability. For example, Paris–based L’Accélérateur has added a paid
learning programme, called ‘School for Entrepreneurs’, which provides theoretical courses,
practical field work and internships within the accelerator’s startups.
Impact accelerators
There is a widespread belief that social ventures could solve some of our most pressing
societal problems – if they could operate at scale. Recognising this, organisations across the
public, private and charitable sectors have started to promote ‘social’ or ‘impact investment’,
which aims to generate social returns alongside (or, for some investors, instead of) financial
returns. For governments, social investment is often seen as a way to promote economic
growth, support public service delivery and encourage social innovation. For charitable
foundations it can be a way to further their mission, and for large private companies, to make
good on their commitments to corporate social responsibility.
However, impact investors typically invest in established ventures with proven business
models and revenue streams, which stacks the odds against early–stage, pre–revenue
enterprises. At the same time, there is a lack of sufficiently mature impact ventures for these
investors to work with. Impact accelerators, therefore, aim in part to close this gap and
provide support needed for early–stage companies to scale.
Impact accelerators are run along the same lines as mainstream accelerators, although
obviously differ in some vital respects. The startups they work with operate in an area of
social or environmental benefit, and their objectives are therefore not limited to financial
return. Impact accelerators are more likely to be publically funded, and must find ways of
ensuring their focus remains on the social/environmental benefit.
The most common areas that these accelerators have focused on so far include employment,
economic development, health, and clean energy.
Source: Miller, P. and Stacey, J. (2014) ‘Good Incubation: The craft of supporting early–stage social ventures.’ London:
Nesta.

The growth of accelerators
The number of accelerators has risen in recent years, and a significant factor in this has been
the changing economics of the startup landscape. As well as reduced startup costs, it has
become less expensive and easier to target new customers, and tech developments such as
direct payments, app stores and subscription models have created simpler routes to revenue.3
Seed–DB has identified 225 accelerators across the globe, of which 18 have closed or merged
with other programmes.4
The figure below shows where the programmes are based, with the
majority of programmes – almost 62 per cent –located in North America and another 25 per
cent in Europe.
FIGURE 1.
Europe
57
North America
(including Central)
139
Africa
4
Asia
19
South
America
7
Oceania
7

Length
Three months
Investment
Previously $14–20k, now
$120k
Equity taken
7 per cent
Length
Three months
Investment
£12.5k and optional £60k
convertible debt note
Equity taken
6 per cent (standard offer)
Length
Three months
Investment
None
Equity taken
None
Y Combinator, Silicon Valley
The first seed accelerator of its kind, Y Combinator is privately
backed and has funded over 500 ventures. Its focus is on
web/mobile applications, although it does fund all types of
startups.
Programme includes: dinners, events, speakers, office hours,
networking, legal and admin support, Demo Day.
Techstars, six US cities and London
Founded in Boulder, Colorado, and the first mentor–led
training network with a global network and support
structures. Privately funded, it has been replicated over 1,000
times globally.
Programme includes: workshops, coaching, Demo Day,
networking, legal and banking support, hosting services, co–
working space.
Fintech Innovation Lab, London
A corporate funded accelerator backed by Accenture and
12 global banks. Focus is on financial services and tech
innovation, and also IT buyers (e.g. banks) rather than
investors. Startups must have a prototype.
Programme includes: coaching with bank execs, mentoring,
workshops, intros to potential customers, PR, networking,
Demo Day.
A cross–section of established accelerators

Length
Six months
Investment
€15k
Equity taken
8 per cent (standard offer)
Startupbootcamp, eight European cities
A privately funded programme based on a traditional tech
accelerator. Focuses on connecting startups to a range of
mentors, advisors and experts, with each location specialising
in a different industry.
Programme includes: workshops, coaching, weekly evaluation,
co–working space, variety of events, Demo Day, networking,
financial and legal support.
Length
Three months
Investment
£15k
Equity taken
6 per cent (basic shares)
Length
Ten weeks
Investment
$17k
Equity taken
6 per cent, plus a small
percentage of future
revenues
Bethnal Green Ventures, London
An impact accelerator backed by public funding from the
UK Cabinet Office, Nominet Trust and Nesta. Focus is on
for–profit early–stage digital startups that have a social or
environmental agenda.
Programme includes: workshops, coaching, networking, legal
and admin support, mentoring, Demo Day.
Fledge, Seattle
Describing itself as a ‘conscious company’ accelerator, Fledge
helps startups bring products and services to consumers
mindful of the environment, health or consumption itself.
Programme includes: workshops, coaching, networking,
mentoring, Demo Day.
Sources: Miller, P. and Stacey, J. (2014) ‘Good Incubation: The craft of supporting early–stage social ventures.’ London:
Nesta.
Clarysse, B. Wright, M. and Van Hove, J. (forthcoming) ‘A Look Inside Accelerators: Building Businesses.’ (Working
title) London: Nesta and Imperial College.
As quickly as new accelerators are emerging, existing accelerators are adapting their
models. Accelerators are still a new phenomenon, and in their own quest for sustainability
the components of the programmes – such as investment models, mentoring structures and
follow–on support – are all fluid factors.

SECTION B:
WHY CONSIDER AN ACCELERATOR
PROGRAMME?
A
ccelerators are one of a variety of ways to support new ideas and
ventures. To succeed they must add value from both the programme
manager or funder and the startup perspective. This section looks at
the reasons behind why you might choose an accelerator programme as an
incubation method, as well as the strengths and challenges involved with
using this model.
The Programme Manager/Funder Perspective
For programme managers and funders of accelerators, the promise is that they offer a model
of startup support that is comparatively resource–efficient.
The hope is that by grouping startups into cohorts, teams can learn from one another, and the
accelerator itself can add value more effectively through intensive mentoring and structured
events, as well as acting as a focal point for professional service firms.
However, the key question for potential programme managers or funders must be whether
an accelerator is the most appropriate vehicle to achieve their ultimate mission. For most
organisations, this will entail viewing accelerators within a broader portfolio of options.
For a venture capitalist looking for deal flow, accelerators will typically compete with other
methods of scouting for deals, such as exploiting personal networks, building relationships
with notable entrepreneurs and professional service providers, scouring universities, attending
pitching events, and so on. That said, potential benefits of the accelerator model include:
• The opportunity to scout for and filter talent.
• The potential to build a pipeline of investable companies.
• The chance to invest smaller amounts of money into a range of startups.
• The chance to provide hands–on support, guidance and information, and to connect
startups with strategic resources.
• The prospect of creating economies of scale for angel investors.
For a corporate with a mission to promote ecosystem development or technical innovation,
the benefits of running an accelerator will need to be weighed against other alternatives.
These might include in–house research and development, open innovation, mergers and
acquisitions, corporate venturing, proof–of–concept funds, collaborative research, challenge
prizes and so on.
For a public body or government agency with a mission to promote local economic growth,
an accelerator will likely be assessed against a very broad range of options, including direct
grants, mentorship and business advice, business parks, co–working spaces, and much more.

The potential benefits in this instance include the possibility of developing the local startup
community and, in the case of impact accelerators, the chance to make a real difference to a
particular social or environmental challenge.
Considerations
Deciding whether an accelerator is the best method of incubation is rarely straightforward,
however. This is partly because every organisation will have its own definition of success. For
example, potential measures of an accelerator’s success might include:
• The impact on the startup ecosystem of the area in which it operates.
• The job creation it generates.
• The social or environmental impact of its members.
• Or simply the return on investment brought about by successful exits.
What constitutes a successful outcome will depend on the aim and purpose of the accelerator.
But equally as important is the fact that the actual impact of accelerators is unclear: despite
the proliferation of programmes, there is still relatively little evidence about exactly what
works, and the extent to which accelerators (or, for that matter, many other types of business
support) actually create success as opposed to selecting for success. This means that it is
almost impossible to choose between incubation options on the grounds of efficiency or
effectiveness alone.
Even just using the narrow measure of financial sustainability, it is unclear whether most
venture–backed accelerators will ever break–even; there is reason to believe that most will not.
Moreover, as the accelerator space becomes more crowded, competition for good–quality
startups will inevitably intensify, making returns for venture–backed accelerators even lower.
Programme managers and funders should be aware, then, that accelerators are high–risk bets.
The Startup Perspective
From a startup’s perspective there are several reasons why accelerator programmes might be
an enticing option:
• They provide initial funding to help get one’s idea off the ground.
• They offer access to experienced mentors.
• They provide opportunities to connect with potential customers and investors.
• The cohort structure encourages peer learning and support.
• The intensity of the programme gives startups the chance to really develop their idea.
• They provide hands–on experience and an alternative to entrepreneurial education.
• They may provide (or been seen to provide) validation of the startup.
Considerations
Each accelerator is different, however, so startups should consider the mission of each
programme to make sure it aligns with their own. As the number of accelerators grows and
the pressure to attract talent increases, startups need to do their research as there can be
considerable differences in the quality of programming and mentoring. This might include
checking the track record of mentors and talking to previous cohorts, including those
companies that didn’t finish the programme.

It’s also important to understand what the alternatives are. Acceleration can help to develop
ideas and find investment, but it might not be the right avenue for every company. Startups
need to weigh up the time and equity commitments of an accelerator against the value they
will get from the programme.
If a startup doesn’t get into an accelerator programme either, they shouldn’t feel doomed –
there are other types of funding which may be more appropriate for some companies, such as
boot–strapping, crowdfunding or funding through existing contacts. If founders already have
connections in the startup community, they may also be able to source some friendly angel
advice.

SECTION C:
SETTING UP AND RUNNING AN
ACCELERATOR PROGRAMME
T
his section of the guide provides basic information on how accelerators
operate. It covers the key aspects of creating and running an accelerator,
and each step comes with a series of prompt questions to help you
begin to think about accelerator design in your own context. It also includes a
worksheet to capture your initial thoughts about setting up an accelerator.
Having read this far, you should have a better understanding of whether an accelerator might
be a suitable incubation method for you or not. This part of the guide now looks more in–
depth at the accelerator model, and is divided into the following nine steps:
STEP 1
MISSION
What will your
accelerator do?
STEP 4
ATTRACTING
TALENT
How will you recruit
startups?
STEP 7
ACCESS TO
NETWORKS
What networks will you
connect them to?
STEP 2
SPECIALISM
Will it have a specific
focus?
STEP 5
SELECTING
STARTUPS
How will you manage the
selection process?
STEP 8
ALUMNI SERVICE AND
POST–PROGRAMME
SUPPORT
How will you support
startups once the
programme has ended?
STEP 3
FUNDING
STRUCTURE
How will the it be funded,
and what funding will you
offer to startups?
STEP 6
PROGRAMME
PACKAGE
What support will you
offer startups?
STEP 9
MEASURING AND
EVALUATING
PERFORMANCE
How will you track
the impact of your
programme?

1. Defining your mission
The primary objective of accelerators is to speed up startup development through a
combination of financial support, guidance and/or training, However, the type of startups they
work with and exactly how they support them will depend on their strategic focus and the
area in which they work. In short, different strategic objectives require different formats.
This means that being clear on the mission of your accelerator is a crucial first step in
developing your programme. As covered in Section A, different types of founders will have
different objectives. To recap, some common examples include:
• Venture–backed accelerators, which typically focus on creating deal flow for investors.
• Government–backed accelerators, which normally aim to stimulate local economic
development, or achieve social and/or environmental impact.
• Corporate–sponsored accelerators, which often tackle specific research issues or help
develop an ecosystem around a core technology.
Some accelerators will also combine these approaches. Defining your own strategic
objectives, and then assessing how different incubation approaches compare, should help you
to evaluate if an accelerator programme is an appropriate way for you to fulfil your mission.
PROMPT QUESTIONS: DEFINING YOUR ACCELERATOR
• What are the unmet needs that your accelerator would work towards meeting?
• How would the accelerator model help in meeting these needs?
• Who else is already providing incubation support in this area?
2. Choosing a specialism
Another factor to consider is whether your accelerator will concentrate on a particular
industry, or take on a wider mix of startups. As the number of accelerators has grown, their
overall scope and objectives have broadened and they now span sectors including health,
food, finance and education amongst others.
Specialisation can be a way of differentiating your particular programme, especially as the
accelerator market becomes more crowded, and having a unique selling point can help attract
the right startups and investors. For insights into specific industries, accelerators typically
partner up with relevant industry players, including executives and external experts. This
means that if you do specialise, it’s important to have access to a credible network.
PROMPT QUESTIONS: DIFFERENTIATING YOURSELF FROM OTHERS
• Does your mission require an accelerator with a specific focus, or a broader approach?
• Why will startups come to you rather than other accelerators?
• What will be your USP for investors?

3. Designing your funding structure
Although there is little concrete evidence around what constitutes a successful accelerator
business model, as with any new venture it’s important to have a clear idea of cost structure
and revenue streams from the outset. Consider how much it will cost to run your accelerator,
and what resources will be required to reach your objectives. Using a tool such as the
Business Model Canvas can help to map out your accelerator design. Questions to answer
include:
• What key resources will you need to run the programme?
• What will your key activities be, and what funding will you need to support these?
• Who might your potential partners be in setting up your accelerator?
• What might your revenue stream look like?
The type of funding that supports an accelerator is often closely connected to its mission.
Privately–backed accelerators can be funded by corporates and/or private investors. Those
that are financed by business angels, venture capital funds or corporate venture capital
usually have profit incentives. Corporate accelerators are usually funded on a yearly basis,
and there is often no profit incentive or finance available to startups – instead, startups are
provided with access to potential customers.
Public funding may come from local, national or international schemes. There has been a rise
in these programmes as governments and foundations increasingly view accelerators as an
additional incubation tool to boost economic development. For example Climate–KIC, which
focuses specifically on climate change, was launched by the European Commission in 2010.
As this is a new and evolving area, the design of accelerator public funding is particularly
important if these programmes are to have some kind of long–term impact. Policymakers
typically have regional development and employment as an objective, but these are
challenging objectives to meet in the short or even medium term. As a result, a funding
programme that lasts only one year may not give the accelerator enough time to build
significant traction in its local market.
Investment model
The core business model of investment–driven accelerators is straightforward: funders and
investors invest in the accelerator programme, which then acts as a small fund. Some part of
the fund goes on the costs of running the programme while some of the fund is invested into
startups that are accepted onto the programme.
The accelerator programmes usually take equity in the startups and hope to make a return
on those shares. Some programmes take ordinary shares, while others prefer what’s called a
convertible note, which offers a discount on stock should the company raise further funding.
Others have a clause that makes the investment into a soft loan (which generally has flexible
terms of repayment at below–market rates of interest) to be returned if certain conditions are
met.5
The equity taken varies, but around 5 to 10 per cent is the average for most accelerators.
Pitching this too high will obviously make it harder to attract a quality intake, and could make
the startups less attractive to follow on investors. The funding offered to startups in exchange
for this equity also varies hugely, although around £15,000 is typical in the UK and $25,000 in
the US.
The ultimate goal for these investor–driven programmes is that the startups mature into
quality investment cases. Accelerators therefore have no constant inflow of revenue, and
investments in companies can take several years to generate a sizeable return. It’s worth
bearing in mind that in a recent sample of startups that had participated in an accelerator
programmes, only 2.1 per cent had gone through an exit of $5 million or more.6

However, making revenue directly from startups is not the primary goal for every accelerator.
Some do not invest any amount of cash or take equity in the ventures, such as Fintech
Innovation Lab and Microsoft Ventures Accelerator. Instead, all programme costs are covered
by the private institutions backing the accelerators, which are usually large multinational
corporations. The advantages of this might include access to talent and new innovations in
a way that is more cost–effective than traditional in–house research and development, or a
boost to the business’s supply chain.
Impact accelerators: Keeping the focus on social impact
There is an argument that equity investment can distract a venture from its social or
environmental mission, depending on the balance of social versus financial return expected
from the investor. For this reason, choosing the right kind of investor is crucial.
Keeping the startups’ focus on social impact happens largely through a combination of
teaching/training and monitoring. One of the biggest differences between impact incubation
programmes and conventional ones is the focus on teaching startups about different
frameworks for measuring impact. This can be done through training sessions, workshops or
more intensive frameworks. And by telling startups that they are going to monitored (i.e. they
will be asked to update the programme managers on their impact), ventures get into the habit
of measuring and reporting.
Diversifying revenues
In addition, some accelerators have developed their offering to create extra revenue streams,
thus providing them with more opportunities to invest in startups. Examples include:
• Selling their expertise and accelerator model to top–tier firms, such as Techstars.
• Introducing a paid learning programme, such as L’Accélérateur’s ‘School for Entrepeneurs’.
• Running a profitable event planning business, as Paris–based accelerator TheFamily has
done by organising dozens of meetups for the French tech community.
• Renting out desks in a co–working space, as Startupbootcamp has done successfully in
London and Berlin.
PROMPT QUESTIONS: DEVELOPING YOUR FUNDING STRUCTURE
• What resources, both financial and non–financial, will you need to run your accelerator?
• What type of stakeholders might be interested in funding your accelerator?
• What type of investment, if any, might you offer to startups? And what form might it take
(e.g. equity, grant, loan)?
• Are there other ways that you could potentially diversify your revenue?

4. Attracting startup talent
Increased competition in the accelerator market means that new programmes must create a
compelling offer to attract the most promising entrepreneurs. Developing a strong brand is
a key element in attracting startups and other stakeholders, but doing this is something of a
virtuous circle – choosing the best companies will lead to good results, which will then attract
good investors, which will in turn lead to strong applications.
There are multiple organisations, stakeholders and channels that accelerators can engage with
to source and attract startups. These include:
1. Referrals from entrepreneurs affiliated with the accelerator.
2. Impact investors (individuals and investment funds).
3. Commercial investors.
4. Entrepreneurial associations (fellowships, scholarships) in the social impact space (for
example UnLtd in the UK or the Social Enterprise Alliance in the US) and beyond (for
example the Entrepreneurs’ Organisation, or Vistage – both started in the US but now
operating globally).
5. Universities.
6. Industry associations focused on specific sectors.
7. Sector–specific conferences (e.g. agriculture, education).
8. Social entrepreneurship or impact investing conferences.
9. Inbound requests from programme marketing efforts and social media.
10. Outbound direct, recruitment (e.g. finding and contacting entrepreneurs on the web,
Facebook, LinkedIn etc.).
It is important to keep in mind that the quality of applications is of far more importance
than the quantity. Attracting startups without growth potential or entrepreneurs for
whom the accelerator has nothing to offer will be of no use. Targeted marketing and clear
communication about the programme’s criteria, what it offers and to whom, is key.
PROMPT QUESTIONS: MARKETING TO STARTUPS
• Which channels or events would be relevant for marketing your particular programme?
• Which networks would be most effective for reaching the type of startups you’d like to
work with?
• How could you communicate clearly the criteria for your programme?
5. Selecting your startups
Choosing the startups to incubate is one of the most important factors in the success of any
accelerator. Pursuing the wrong type of venture – those for whom the accelerator doesn’t
have the means or networks to provide support, or those without the potential to scale – will
spell failure.
Matching accelerator services to the needs of firms is particularly important; since new
venture activity and business support needs vary between regions, industries, prior
entrepreneurial experience and so on, this means that accelerators should also vary
accordingly.

The selection process
Most accelerators spend between one to three months recruiting each cohort, although
some may spend longer on the process.7
This investment of time is necessary, thanks to the
complexity involved in identifying early–stage ideas or ventures with potential. Business plans,
for example, are usually of little interest or value when assessing very young startups; when a
venture is pre–revenue, pre–customer and often without a central proposition, any numbers
are at best simply guesswork. Instead, the quality of the team or idea becomes a key factor.
Accelerator programmes use a wide variety of methods for selection, ranging from a simple
two–staged process to a rigorous multi–staged process. The application period typically
focuses around key dates, and is backed by press coverage and marketing.
In impact acceleration, programmes use the selection process to ensure that ventures have
the potential to create social impact. By being clear that the programme is specifically for
these types of ventures, they can filter accordingly.
Applications
These usually happen online through the accelerator’s own software platform or others
such as F6S.com, Fundacity or Angel.co. Some programmes, such as Startupbootcamp and
Climate–KIC, go one step further and actively scout at startup events before the application
period. Initially, the accelerator management team then uses these submitted forms to
assess all applicants on the quality of their idea, their experience and their knowledge of the
problem.
Interviews
After shortlisting, preliminary Skype meetings can be helpful to learn more about the
applicants. Following on from these, specially organised ‘selection days’ then involve startups
having face–to–face interviews and being asked to pitch and present their business.
In each stage, experts from outside the programme can interact in the screening process
as individual advisors. The use of a selection committee is common practice. These mostly
comprise strategic partners, investors and in some cases even alumni and experts or mentors.
Interviews can range from an hour–long grilling to a 20–minute informal chat, depending on
the information being sought.
Interviews can be useful for spotting signs of chemistry between founders – do they interrupt
each other? Do they know what each person in the team is meant to be doing? These can be
early warning signs of potential problems, as later–stage investors will look for a team that
gels.
Research by the Seed–DB8
database indicates that most European accelerator programmes
select between five and 15 companies per cohort.

Criteria: Highly–focused on team and opportunity; looking for full-time founding team; team focus; team background and
dynamics; prototype required.
Techstars London
Fintech Innovation Lab
Bethnal Green Ventures
Criteria: Open to all early–stage startups that can take value out of the programme, as well as non–established tech
businesses in the financial services; focus on B2B technologies (also B2C focus); full–time founding team; beta–prototype
required; team background.
ONLINE
APPLICATION
Online application
via f6s application
software platform
asking for a
description of the
business, or by referral
through affiliated
investors.
CORE TEAM
REVIEW
The applications are
reviewed by the core
team accelerator to
select the 75+ most
promising startups.
EXPERT
REVIEW
A series of interviews
with the accelerator’s
core team and
external experts to
reduce the selection
to between 20–30
teams for final
selection.
FACE–TO–FACE
INTERVIEW
Face–to–face interview
with a selection
committee made up
of accelerator’s core
team, who then select
the top 10 startups.
ONLINE
APPLICATION
Online application
via own software
platform.
EXECUTIVE
REVIEW
Applications are
reviewed by the senior
executives of the
partner banks
themselves and are
shortlisted down to
15 startups.
BOOTCAMP
‘Bootcamp’ (one half-
day) for the top 15
shortlisted candidates,
who will get to meet
the key financial
services executives
and trial-run their
pitch.
Selected applicants
go to the ‘Dragons’
Den’ (two half–days)
where they pitch in
front of senior
sponsors from the
banks (such as the
CIO, CTO). The best
six startups are
then selected.
DRAGONS’
DEN
Criteria: The following points are taken into account: full–time founding team; team focus; ability to take on new ideas;
social impact and ambition (small lifestyle businesses not accepted); team background and dynamic; incorporation of
the business is not required.
ONLINE
APPLICATION
Online application
via f6s application
software platform
asking for a
description of the
business.
FACE–TO–FACE
INTERVIEW
Face-to-face
interview (30 minutes,
pressure–like testing)
with the accelerator’s
core team, who then
select the final ten
startups.
SHORTLISTING
Applicants are
shortlisted down to
30 candidates by the
selection committee,
which is made up of
the accelerator’s core
team, representatives
of investors, alumni
and mentors.
Examples of selection processes
Source: Clarysse, B. Wright, M. and Van Hove, J. (forthcoming) ‘A Look Inside Accelerators: Building Businesses.’ (Working
title). London: Nesta and Imperial College.

PROMPT QUESTIONS: DESIGNING YOUR SELECTION PROCESS
• What key criteria would you look for in your startups?
• How will you structure your selection process to ensure you find the right startups?
• Which other stakeholders could you engage in the selection process?
6. Developing a programme package
Every accelerator aims to provide the support and training necessary to grow its startups into
market–ready ventures. A new accelerator needs to consider its offering carefully – what will
give it a unique selling proposition? And how will it best ensure that its startups are receiving
maximum support, information and advice? The majority of accelerators have adapted and
developed their services and their programme structure; there emphatically is not a one–size–
fits–all approach. However, most programmes offer:
• Co–working space – important for knowledge sharing and collaboration (although some
accelerators only bring their businesses together occasionally, such as Y–Combinator).
• Regular interactions with the management team – to review progress and provide business
advice.
• Networking opportunities – with experts and professionals, often in the form of a
structured mentoring programme.
• Training programmes – which typically include seminars and vocational training courses
covering topics such as financing, design, PR, marketing, legal aspects and other subjects.
• Demo days – these may also be arranged by the accelerators, where ventures graduate and
pitch in front of qualified investors.
Mentoring
One of the most valuable aspects of any accelerator programme is access to its mentor
network. The creation and management of this network is therefore crucial. Techstars’
mentorship model is the exemplar for most accelerators.
Mentors are rigorously screened on their background before entry and are typically serial
entrepreneurs. They provide their time and expertise on a voluntary basis as part of the field’s
pay–it–forward culture. Some are ad hoc mentors, some have a long–term commitment, while
others even invest (earning them the nickname ‘business angels in disguise’). The quality of
the mentors is typically assessed through feedback surveys completed by the startups.
Increasingly, mentors and mentees are matched through speed dating or matchmaking
events, which enable teams and mentors to quickly find out if there is any chemistry between
them. Accelerators using this method tend to bring everyone together in a room and divide
mentors into groups to circulate around the different teams. These groups then have ten
minutes to pitch what they do to each other, before moving on. While this can sometimes
become a bit chaotic, it also adds levity to the occasionally dull job of repeatedly pitching and
networking.
There are also other options for structuring the mentoring relationship, including:
• Office hours: Navigating a large network of mentors with varied skills can be difficult for
early–stage ventures, so some programmes offer open sessions with mentors that startups
can sign up to as and when they need. These are usually held at the mentor’s place of work
or at the programme venue.

• Peer mentoring: Often the most valuable advice for a startup comes from those who are
just a couple of months, rather than ten years, ahead. This is a huge benefit of incubating
ventures in cohorts – since they are experiencing the same issues, they can help each
other out, on everything from how to hire their first employee to solving complex coding
problems.
One potential pitfall to be aware of with the mentoring relationship is mentor ‘burn–out’. It
is important to determine a realistic sense of work involved for mentors, and properly define
their role when ensuring buy–in.
Techstars’ Mentor Manifesto, created by co–founder David Cohen, is a good example of a
popular approach to managing mentor networks – helping to set both mentor and mentee
expectations in advance.
The Mentor Manifesto
• Be Socratic.
• Expect nothing in return (you’ll be delighted with what you do get back).
• Be authentic/practice what you preach.
• Be direct. Tell the truth, however hard.
• Listen too.
• The best mentor relationships eventually become two–way.
• Be responsive.
• Adopt at least one company every single year. Experience counts.
• Clearly separate opinion from fact.
• Hold information in confidence.
• Clearly commit to mentor or do not. Either is fine.
• Know what you don’t know. Say I don’t know when you don’t know. ‘I don’t know’ is
preferable to bravado.
• Guide, don’t control. Teams must make their own decisions. Guide but never tell them
what to do. Understand that it’s their company, not yours.
• Accept and communicate with other mentors that get involved.
• Be optimistic.
• Provide specific actionable advice, don’t be vague.
• Be challenging/robust but never destructive.
• Have empathy. Remember that startups are hard.
Source: Techstars’ Mentor Manifesto, available at http://www.techstars.com/mentoringattechstars/
The quality and commitment of mentors is one of the most important drivers of accelerator
success. Most of the biggest accelerators are highly selective of the mentors they work with,
and recruit them on referral only – although an informal interview is not uncommon. If the
feedback isn’t sufficiently positive, the accelerator doesn’t work with the mentor again.

PROMPT QUESTIONS: CREATING YOUR PROGRAMME PACKAGE
• What type of support and training would your programme offer?
• What resources might you need to create your programme package?
• Which networks could you tap into to attract high quality mentors?
• How could you facilitate interaction between your past and present cohorts?
7. Accessing customer and investor networks
Startups do not need investment alone, but also access to markets. Successful accelerator
programmes have, or can create, access to key customer networks – both nationally and
internationally.
Startups also often struggle to access networks of investors. Accelerators attempt to cultivate
strong relationships with investors, not simply as providers of capital, but also as the right
kinds of investors who understand the investment landscape and who will participate in their
investments in the right way.
Accelerators also have a role to play in educating potential investors, particularly with impact
acceleration. By making investors aware of the financial gains that can be made through social
investment, and by demonstrating the impact of investing to philanthropists, accelerators
can encourage both sides to become investors in their own startups. This helps to proactively
widen the pool of possible investors.
Demo days are the most obvious way accelerators connect startups with potential investors.
While it’s rare for investors to write cheques at events, they play an important role in
preparing ventures for investment at a later date. Even if investors don’t want to invest
immediately, they can often be a useful source of advice and connections for the startups
involved.
Investor demo days have evolved and often combine an interactive format, such as mini board
meetings or speed dating, as a way of getting the startups used to talking to investors, while
also enabling the investors themselves to get a better feeling for the team.
PROMPT QUESTIONS: IDENTIFYING YOUR ACCESS TO NETWORKS
• What potential networks or markets might you have access to that could help your
startups?
• Is there a large enough pool of potential acquirers, or follow–on investors, in your
accelerator area?
• What role can you take in helping to educate investors?

8. Building an alumni service and post–programme support
It is easy to see the duration of the programme as a set timeframe for which the demo day
marks the end. But this isn’t the way that accelerators themselves perceive it. On graduating
from an accelerator programme, companies are still extremely young – potentially not yet
viable for investment. Everything an accelerator does is geared towards giving their cohorts
the best possible chance of survival after graduation, so it makes sense that most offer
some sort of post–programme support to maintain or enhance startups’ investment (or even
acquisition) viability for as long as possible.
The types of post–programme support on offer typically include:
• Public relations opportunities.
• Connections with investors.
• Board participation.
• HR/recruitment support.
• Regional meet–ups.
• Online communities listing funding and promotion opportunities.
• Office space.
Alumni network
All accelerators acknowledge their alumni network as a valuable asset of the programme:
maintaining an alumni database is therefore a priority. Some host online communities and
alumni events to create and develop the alumni network. Others call in the help of alumni
when selecting a new cohort of potential startups. There is also the phenomenon of recycling
founders, where startups take in unsuccessful alumni as a member of their own team if they
consider them to be of value.
Many programmes now have a strong enough brand that they attract ventures from around
the world, and to a large extent, these programmes are international. The ability to capitalise
on global networks also gives programmes and their members an advantage as a result of the
support startups can access when scaling geographically.
Follow–on investment
Accelerated startups still struggle with gaps between seed funding and successfully raising
Series A investment – often the next stage of funding, which ranges from a few million to
around 15 million euros or pounds, and is typically provided by business angels or venture
capitalists in return for equity. To help combat this, some accelerators offer follow–on
investment once the programme is finished; in this way they can sometimes go some way
towards bridging funding gaps. This could be by offering staged investments, or an additional
capital infusion after graduation.
The latter is possible through a follow–on investment vehicle or a ‘match–funding’ vehicle.
Some accelerators with an investment model, such as Techstars and Healthbox, offer follow–
on funding but also position themselves more upstream in the original selection process, i.e.
they prefer to choose more fundable, mature ventures for their programme in the first place.
Other models, such as the Eleven Accelerator Venture Fund in Bulgaria, combine a seed
fund with an accelerator, which gives the startups more certainty and a chance to bridge the
funding gap.

PROMPT QUESTIONS: DESIGNING YOUR POST–PROGRAMME SUPPORT
• How could you build and manage an alumni network?
• What other post–programme support would you have the resources to offer?
• Will you be able to offer follow–on funding? If so, what criteria will you use for judging
startup viability?
• What other ways might you be able to help your startups secure follow on funding?
9. Measuring and evaluating performance
Another key challenge area for accelerators, and for incubators in general, is around
measuring impact. As yet an agreed framework for measuring the performance of accelerator
programmes does not exist, but common metrics collected and published so far include:
• Number of applications to programmes.
• Number of ventures supported.
• Follow–on investment raised by ventures.
• Survival rate of ventures.
• Number of employees of ventures.
We believe that more attention should be paid to defining performance and metrics for
success – but this is particularly difficult given that not all accelerators have the same goal.
How do you compare a variety of incubation programmes that have different missions,
models, and funding mechanisms? For example, do you measure impact on the venture or
on the individual? If the venture fails but the entrepreneur goes on to set up a prospering
business in the future, does this count as success? And how about measuring the social or
environmental versus financial outcomes for impact accelerators?
Part of the challenge comes from the fact that accelerator data has not been routinely
published. As startups themselves, accelerators often lack the time and resources for such
measurements9
– so with limited data available, the impact of individual accelerator methods
is difficult to judge.
However, with the number of accelerator programmes growing, the push for transparency
has become more intense. In a much more competitive field, startups want to compare
programmes, and existing and potential funders want to see the track record of programmes
before offering their support.
Many accelerators are now starting to publish results openly. For example, Techstars provides
a full breakdown of the companies that it supports on its website,10
and makes an attempt to
measure its impact through job creation and average funding per company. Startupbootcamp
has also started publishing its programme results.11
The Unreasonable Institute in Colorado
publishes its data,12
both by cohort and for its overall portfolio. The UK Cabinet Office has also
started to collect data from the programmes supported by the Social Incubator Fund and has
published the results from the first four accelerators online at data.gov.uk.13

Improving evaluation
The Aspen Network of Development Entrepreneurs (ANDE), which works to promote
entrepreneurship in developing countries, recommends that philanthropists or investors who
support accelerators should also provide support for data collection and assessment. It has
published the following recommendations for improving measurement and evaluation, and
while the advice is directed at impact accelerators it is has relevance to all programmes:
• Invest in platforms and systems to encourage and enable quality data collection from the
enterprises you support.
• Collect data from all enterprises that apply to your programmes, even the ones that are
not accepted or do not receive services, to more comprehensively assess performance
against a control group. Simple data collection processes can be built into your application
form.
• Collect data from participating enterprises for at least five years post–graduation to track
progress and growth over the medium to long term. The impact of accelerator support
can take several years to materialise.
• Partner with academic institutions and industry associations to develop stronger data
collection systems.
Source: Baird, R., Bowles, L. and Lall, S. (2013) ‘Bridging the ‘Pioneer Gap’: The Role of Accelerators in Launching
High–Impact Enterprises.’ Aspen Network of Development Entrepreneurs and Village Capital.
By building data collection and assessment into the accelerator design, managers and
stakeholders will be able to better understand the overall impact and effectiveness of their
programmes.
PROMPT QUESTIONS: MEASURING IMPACT AND EVALUATING SUPPORT
• How could you integrate data collection into your accelerator model?
• What metrics might be appropriate for your particular accelerator?
• How could you attempt to measure the wider impact of your accelerator?
• How could you share best share your data?

WHAT IS THE NAME OR WORKING TITLE OF YOUR ACCELERATOR?
ACCELERATOR
WORKSHEET
Capture your initial thoughts about creating an
accelerator. Discuss key design decisions and
test out thinking with a group of wider stakeholders.
STRATEGY
RESOURCES SELECTION DELIVERY
Mission
What is the mission of your accelerator?
REFLECTION
Assessment
How feasible is your accelerator? Why is this a strong model?
Challenges
What challenges do you foresee when putting this plan into practice and how might you overcome them?
Identify needs
What are the unmet needs that your accelerator will fulfil? What are your objectives and the impact you intend to achieve?
Define aims and objectives Select specialism
Will your accelerator have a specific focus?
Recruiting talent
How will you attract startups?
FilteringOutputs
What will your selection criteria be? And how will you structure the
selection process?
Funding
Thinking about your key resources, what funding will you need?
And who might your potential partners be?
What relevant customer or investor networks could you tap into?
What will your investment model look like?
Investing
What support and training will your programme package provide?
How long will your programme be? What facilities will you provide?
Support
What post–programme support will you provide for alumni?
Post–programme support
Networks

FURTHER RESOURCES
AND READING
Publications
Baird, R., Bowles, L. and Lall, S. (2013) ‘Bridging the Pioneer Gap: The role of accelerators
in launching high–impact enterprises.’ Washington DC: Aspen Network of Development
Entrepreneurs and Village Capital.
Barrehag, L., Fornell, A., Larsson, G., Mårdström, V., Westergård, V. and Wrackefeldt, S. (2012)
‘A Study of Seed Accelerators and Their Defining Characteristics.’ Gothenburg: University of
Technology.
Birdsall, M., Jones, C., Lee, C., Somerset, C. and Takaki, S. (2013) ‘Business Accelerators: The
evolution of a rapidly growing industry.’ Cambridge: University of Cambridge, Judge Business
School.
Bound, K. and Miller, P. (2011) ‘The Startup Factories: The rise of accelerator programmes to
support new technology ventures.’ London: NESTA.
Caley, E. and Kula, H. (2013) ‘Seeding Success: Canada’s Startup Accelerators.’ MaRS Data
Catalyst.
Christiansen, J. (2009) ‘Copying Y Combinator: A framework for developing seed accelerator
programmes.’
Miller, P. and Stacey, J. (2014) ‘Good Incubation: The craft of supporting early–stage social
ventures.’ London: Nesta
Salido, E. Sabás, M. and Freixas, P. (2013) ‘The Accelerator and Incubator Ecosystem in
Europe.’ Telefonica.
Blogs and essays
Many of the founders and directors of today’s accelerators write regularly about their work.
Take a look at the following blogs and essay links:
Paul Graham, Y Combinator
David Cohen, TechStars
Brad Feld, Foundry Group
Paul Miller, Bethnal Green Ventures
Carlos Espinal, Seedcamp
‘The Wall Street Journal’, The Accelerators Blog: Startup mentors discuss strategies and
challenges of creating a new business.

ENDNOTES
1. http://seedrankings.com/Seed-Rankings-SxSW.pdf The 2013 Seed Accelerator Ranking Project.
2. http://www.seed-db.com/about/view?page=definition
3. Bound, K. and Miller, P. (2011) ‘The Startup Factories: The rise of accelerator programmes to support new technology
ventures.’ London: NESTA
4. http://www.seed-db.com/accelerators, sourced 25–06–14
5. Bound, K. and Miller, P. (2011) ‘The Startup Factories: The rise of accelerator programmes to support new technology
ventures’. London: NESTA.
6. Hochberg, Y. and Cohen, S. (2013) ‘Seed Accelerator Rankings Project’. Available online at: http://seedrankings.com/
Seed-Rankings-SxSW.pdf
7. Aspen Network of Development Entrepreneurs and Village Capital (2013) ‘Bridging the “Pioneer Gap”: The Role of
Accelerators in Launching High–Impact Enterprises’. Available online at: http://www.aspeninstitute.org/sites/default/
files/content/docs/ande/Bridging%20the%20Pioneer%20Gap%20The%20Role%20of%20Accelerators%20in%20
Launching%20High%20Impact%20Enterprises%20.pdf
8. http://www.seed-db.com/accelerators
9. As a result, some researchers have started collecting their own proprietorial data sets (for example, the Seed
Accelerator Ranking Project (Gilani, and Quann (2011), Hochberg and Kamath (2012), Hochberg and Cohen (2013)).
10. http://www.techstars.com/companies/stats
11. http://www.startupbootcamp.org/stats.html
12. http://unreasonableinstitute.org/results-and-impact/
13. http://data.gov.uk/data/viz/investment-readiness-programme

Nesta
1 Plough Place
London EC4A 1DE
skills@nesta.org.uk
@nesta_uk
www.facebook.com/nesta.uk
www.nesta.org.uk
Nesta is a registered charity in England and Wales with company number 7706036 and charity number 1144091.
Registered as a charity in Scotland number SCO42833. Registered office: 1 Plough Place, London, EC4A 1DE.

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