As an early-stage startup, choosing to join an accelerator or incubator can have a significant impact on the direction of your company. These organizations come in many forms, sizes, and focuses, but share a similar goal to help startups get to the next level. With so many different programs, selecting one that best aligns with your needs is crucial. Below are some criteria to consider when finding your fit.

Does the location fit your team?

• An onsite program may require relocation, but it gives you the opportunity to engage in person with the network of support and be local to a specific industry hub. A fully virtual program allows the flexibility of global reach but potentially misses the value of in-person interaction with peers and mentors. Take time to evaluate the move as you scale; does relocation offer a long-term advantage? Will you have access to human capital, options for physical office/manufacturing centers, or do you need to be physically near your customers?

Does the program timeline match your goals?

• Programs come in various commitments. Some are 6-week intensive programs focused on a particular problem or milestone, while others are 2- to 3-year programs for deep technology and business development to launch a product to market. The offerings at a 6-week program are going to be different from those at a multi-year program.

Do the resources and benefits support your development needs?

• Consider what resources they provide and your current stage and development needs. Some programs offer dedicated lab space on site or in conjunction with large corporations and software for deep tech, whereas others are more focused on business mentoring and legal advice.

How readily available and engaged are the resources?

• Are you looking for a more “hands-on” or “hands-off” approach? Gauge the program’s involvement not only with your startup but also with its partners. If fostering outside connections and resource support is important, you’ll want a program that leans more towards open access from partners.

What is the historical success of the program?

• Looking at program alumni can be a good indicator of program strength. You can look at metrics such as how many startups have gone on to IPO, their current standing, and how many have been acquired. Make sure, as you evaluate the historical numbers, that you compare the startups in a similar technology space. If your startup is going to ship physical hardware, do not compare it to startups developing web apps.

Do the equity and funding requirements fit your strategy?

• Consider the program’s equity and fee requirements and how they balance with the supporting resources and potential funding or investment opportunities. Ask if the accelerator offers grant writing support. If you can fill out the forms needed, there is non-dilutive money available.

Are they a good ecosystem fit?

• You want to find a program with leaders in your technology ecosystem. While some programs are broad-based, accepting startups from many industries, many are focused on a particular sector. This can be advantageous, as your support system and potential investors are specific to this area.

While there are many other factors to consider when applying to and choosing a program, it ultimately comes down to finding a program that best fits your needs. Look at your short-term goals, but don’t lose sight of your long-term objectives, either.

At MathWorks, we factor many of the same considerations when selecting partners to work with. With over 600 partners worldwide, we have a variety of programs, all with the same goal: to help accelerate the development of startups. Let’s hear more from Taylor with MathWorks Accelerator Program: