Supporting start-ups in the process industries with accelerator programs: Types, design elements and success measurement

Accelerators support the fast-track development of start-ups. Although their emergence and popularity has increased during the last years, limited research exists on accelerator types and whether the organizational context (e.g. nature of business, industry) influences their five design elements: 1) funding structure and governance, 2) strategic goals and focus, 3) selection process, 4) program package, and 5) alumni relations. For the identification of accelerator types in the context of the process industries, ten interviews with accelerator managers were conducted. Three different accelerator types were found: 1) Corporate accelerator, 2) Public accelerator, and 3) Hybrid accelerator. This study provides an overview of each accelerator type and their respective design elements. In addition, for each accelerator type, success factors, key challenges, and success measurements are presented. The results of this study will help those, who fund, setup, manage and operate accelerators in the process industries to design their program appropriately in order to attract, select, and fully exploit the economic potential of participating start-ups