Building a Corporate Accelerator: A Guide for Intrapreneurs
In today's rapidly evolving business landscape, innovation is not just a buzzword; it's a necessity. Companies like Uber and Airbnb have shown the power of innovative thinking, and many corporates are realizing they must act to stay competitive. One compelling approach to fostering innovation within a corporate structure is through a corporate accelerator. This guide will walk you through the essentials of building and managing a corporate accelerator, highlighting its benefits, objectives, and execution phases.
Why Choose a Corporate Accelerator?
A corporate accelerator offers a structured environment to support startups in their early stages, providing them with resources, mentorship, and access to the corporate's network. Unlike building an internal innovation team or creating a corporate venture capital fund, launching an accelerator is relatively low-cost and low-risk. Here are some key benefits:
Ease of Launch: Accelerators are easier to start compared to other innovation initiatives, requiring less infrastructure and investment.
Low Risk and Cost: By supporting startups already innovating in the market, companies can manage risks and costs effectively.
Short-Term Results: Accelerators can quickly yield results by integrating market-ready innovations into the corporate framework.
Setting Clear Objectives
Before diving into the how, it's crucial to understand the why and the what. Corporates should have clear objectives for their accelerator programs. Typical goals include:
Identifying New Opportunities: Use accelerators to scout for new products, business models, and market opportunities within the ecosystem.
Leveraging In-House Assets: Accelerators can help unlock the potential of existing technologies, distribution channels, and other corporate resources.
Problem-Solving: Address specific internal challenges by tapping into the innovative solutions that startups can offer.
Phases of Building an Accelerator
Building an accelerator involves several key phases, each critical to the program's success. Let's break down these phases:
1. Preparation
Define the goals, scope, and resources needed for the accelerator. This phase involves planning the program structure, identifying the right startups to support, and setting clear criteria for selection.
2. Selection
Selecting the right startups is crucial. Consider factors like the stage of the startup, industry focus, and geographic location. A thorough selection process, including initial filtering and multiple interview rounds, ensures that only the most promising startups are chosen.
3. Execution
Execution involves running the program over a defined period, typically three months. Key elements include:
Education: Providing startups with classes and webinars to ensure they have the necessary knowledge and skills.
Mentorship and Expert Access: Offering tailored guidance to address specific startup needs.
Practical Support: Helping startups apply theoretical knowledge through practical exercises and feedback.
Networking: Leveraging the corporate's network to facilitate introductions to potential clients, investors, and partners.
4. Acceleration
During the acceleration phase, the program supports startups in refining their business models, products, and go-to-market strategies. This phase emphasizes practical application and development of autonomy among startups.
5. Demo Day
The program concludes with a final event, such as a demo day or showcase. This event provides startups with the opportunity to present their progress to investors, potential clients, and other stakeholders, facilitating next steps and potential collaborations.
Corporate accelerators are powerful tools for fostering innovation and staying competitive in today's dynamic market. By providing a structured environment for startups to grow and thrive, corporates can unlock new opportunities, leverage existing assets, and solve internal challenges efficiently. If you're considering launching an accelerator, take the time to understand your objectives, carefully select startups, and structure your program to provide maximum value to both the startups and your organization.
At Rokk3r, we are committed to helping our clients overcome obstacles, seize opportunities, and drive sustainable growth in the digital age. Let us be your corporate innovation consulting partner to build your next corporate accelerator. Contact us at info@rokk3r.com
