Startup accelerators, also known as seed accelerators, are fixed-term, cohort-based programs, that include mentorship and educational components and culminate in a public pitch event or demo day according to Wikipedia.
The truth is there absolutely nothing wrong with running things at your speed. But if you are serious about growth, mentorship, expansion and of course capital/seed funding, you should wholeheartedly accept/endorse accelerators. Here is how accelerators can catapult or drive African startups to success. Before then, here are some African Accelerators-Grindstone Accelerator by Knife Capital, Seedstars, SXSW Accelerator, Pangea Accelerator, Global Startup Ecosystem Africa, Think, and Katapult Accelerator among others.
Learning at a faster rate
Accelerators aren’t just for startups. Even companies that have been around for a while can transform themselves for the digital age. Working with an accelerator, businesses can learn quickly about the new economy and technology can improve their processes. You have the opportunity to be more organized, more creative, more efficient, and have a process to handle every situation that arises and making training easier.
Networking and mentorship
This is another obvious way an accelerator can boost your startup. It gives you unlimited access to meet people and potential partners and investors. And at the same time, you are mentored by the grounded glitterati in the global and African business community.
The support you need
Accelerators have the newest tech-savvy gadgets, software and equipment, putting timely and often expensive resources and tasks at your fingertips! The cost of business hardware and software quickly adds up, especially for startup business already seeking to fund. This support you can never get without the help of an accelerator.
Building a strong team and set up an office
Accelerators can help startups meet new people who have the potential to become members of their teams. They can also help founders find a location their growing businesses can call home. It may be in their home-country or anywhere in Africa.
Getting a different perspective
As the owner of a startup, you live and breathe your business idea and searching for ways to boost and increase ROI- Return On Investment. That passion is great. However, it can also blind you to certain things that the second pair of unbiased eyes can see. An accelerator can point you in the right direction even if that means pivoting.