Tuesday, March 21, 2023

How to Boost your Fintech Startup with Incubators and Accelerators

Journalist verified by MuckRack's editorial team

Starting a fintech business can be a stressful and demanding endeavor. Finding the right connections, perfecting your product, and attracting investments can be tough, but incubators and accelerators can help you through this process.

The difference between incubators and accelerators

Incubators are perfect for new entrepreneurs wanting to develop their idea from scratch. These tools will help you improve your product, build a successful team, and gain traction. Incubators don’t usually offer capital and they don’t require equity. 

Accelerators are designed for companies that are already thriving and their goal is to help these businesses grow quickly. They usually put founders in contact with investors and provide them with capital. 

Getting accepted into an accelerator program is extremely difficult and the application process usually involves five steps. On average only 45 to 90 startups are accepted every year for each program. Unlike incubators, accelerators also require equity. 

Are incubators and accelerators for you? 

Incubators can be a great choice if you have a brilliant fintech idea but lack the sales background and the right network. Accelerators are always useful to grow your company faster and, even though it may take you some time to apply for a program, your business will surely benefit from this if you will get selected. 

The Main Accelerator Programs

There are plenty of accelerator programs currently on the market. Some of the most popular are MassChallenge, Techstars and Y Combinator. However, there are also a few that have been designed to boost businesses from underrepresented founders. For instance, Foundervine, a UK program whose goal is to support black entrepreneurs and other minorities. Other alternatives are StartOut Growth, a US accelerator helping businesses with LGBTQIA+ founders, and The Female Innovators Lab, focusing on startups developed by women. 



Michael Peres
Michael Pereshttps://www.michaelperes.com
Michael Peres (Mikey Peres) is a software engineer, journalist, tech investor and founder of Her Forward News.   Peres has developed an interest in exploring the unique mindsets of life’s outliers: extraordinary people who have weaponized their perceived limitations and found a way to succeed. His passion is to share their stories, giving strength and inspiration to those who are trying to find their way in life.

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