Denis Oakley – Engineers to Entrepreneurs

The Ultimate Guide to Designing, Setting Up and Running a Corporate Accelerator: A Comprehensive Resource for Innovation Managers

Denis Oakley on January 23, 2023

Innovation is crucial to the success of any organization, and corporate accelerators have emerged as powerful tools to foster innovation and growth. This comprehensive guide will provide innovation managers in the UK with the knowledge and resources they need to design, set up and run a corporate accelerator that can help their organization stay ahead of the competition.

Part 1: Understanding Corporate Accelerators

What are corporate accelerators and why are they important?
Different types of corporate accelerators (internal, external, hybrid)
Benefits of corporate accelerators for businesses and startups
Challenges and risks associated with corporate accelerators
Case studies of successful corporate accelerators

Part 2: Designing a Corporate Accelerator Program

Identifying the objectives and goals of the program
Defining the target audience (startups, entrepreneurs, internal teams)
Identifying the resources required (funding, mentors, office space, etc.)
Developing a timeline and program structure
Establishing key performance indicators (KPIs) to measure success
Recruiting and selecting startups or internal teams

Part 3: Setting Up and Launching a Corporate Accelerator Program

Building partnerships with accelerators or startup communities
Developing a marketing and communications plan to attract startups or internal teams
Setting up program infrastructure (office space, technology, etc.)
Recruiting mentors and advisors
Developing legal agreements and contracts
Launching the program and onboarding startups or internal teams

Part 4: Running a Corporate Accelerator Program

Managing the program timeline and schedule
Providing support and resources to startups or internal teams
Measuring and evaluating the success of the program
Addressing challenges and risks
Building a culture of innovation within the organization
Graduating and post-program support for startups or internal teams

Conclusion

The future of corporate accelerators and their impact on innovation in the UK
Lessons learned and best practices for designing, setting up and running a successful corporate accelerator
Resources and tools for innovation managers to continue learning and improving their corporate accelerator program.

Part 1: Understanding Corporate Accelerators

What are corporate accelerators and why are they important?

Corporate accelerators are programs run by established companies or organizations that aim to support and foster innovation by providing mentorship, resources, and funding to startups. The startups selected for the program usually work closely with the corporation and benefit from its expertise, resources, and network. In return, the corporation gains access to new and innovative ideas, technologies, and business models that can help them stay competitive in their industry.

Corporate accelerators are important for several reasons:

They foster innovation: Corporate accelerators provide a platform for startups to work on innovative solutions to complex problems. This can lead to the development of new products, services, and business models that can benefit both the startup and the corporation.
They provide access to new talent: Startups are often made up of talented and passionate individuals who can bring fresh ideas and perspectives to the corporation. Through a corporate accelerator program, corporations can gain access to this new talent and potentially hire them in the future.
They enhance the corporation’s reputation: By supporting startups and innovation, corporations can enhance their reputation as a forward-thinking and innovative company. This can help attract new customers, investors, and employees.
They promote collaboration: Corporate accelerators provide a platform for collaboration between the corporation and startups. This collaboration can lead to the development of new partnerships and opportunities for both parties.

Overall, corporate accelerators are an important tool for corporations to foster innovation, access new talent, enhance their reputation, and promote collaboration.

Different types of corporate accelerators (internal, external, hybrid)

The three main types of corporate accelerators are internal, external, and hybrid.

Internal corporate accelerators are programs run by an established company or organization for its own employees or internal startups. The goal is to foster innovation within the organization and help employees develop their entrepreneurial skills. Internal corporate accelerators provide employees with resources, mentorship, and networking opportunities to develop new products or services that can benefit the organization. The startups selected for the program are usually focused on solving specific problems or challenges within the organization.

External corporate accelerators are programs run by an established company or organization for startups outside of the organization. The goal is to gain access to new and innovative ideas, technologies, and business models that can benefit the organization. External corporate accelerators provide startups with resources, mentorship, and funding to help them develop their products or services. The startups selected for the program are usually focused on solving problems or challenges that are relevant to the organization’s industry.

Hybrid corporate accelerators are programs that combine elements of both internal and external accelerators. These programs are designed to foster innovation both within the organization and with external startups. Hybrid corporate accelerators may provide resources, mentorship, and funding to both internal and external startups, and may focus on solving problems or challenges that are relevant to the organization’s industry.

Each type of corporate accelerator has its own advantages and disadvantages, and the choice of which type to use depends on the organization’s goals, resources, and needs.

Sources:

Corporate accelerators offer a wide range of benefits for both the established company or organization and the startups that participate in the program. Here are some of the key benefits:

Access to new and innovative ideas and technologies: By working with startups, established companies can gain access to new and innovative ideas and technologies that can help them stay competitive in their industry.
Enhanced reputation: By supporting innovation and startups, established companies can enhance their reputation as a forward-thinking and innovative company. This can help attract new customers, investors, and employees.
Talent acquisition: Through the accelerator program, established companies can gain access to new and talented employees and potential partners who can bring fresh ideas and perspectives to the organization.
Collaboration opportunities: By working with startups, established companies can develop new partnerships and collaborations that can benefit both parties.
Increased revenue: By supporting startups, established companies can potentially gain access to new revenue streams or business models that can help them grow and expand.
Entrepreneurial culture: By fostering innovation and entrepreneurship within the organization, corporate accelerators can help create an entrepreneurial culture that encourages employees to think creatively and take risks.
Improved employee engagement: By providing employees with opportunities to participate in the accelerator program or work with startups, established companies can improve employee engagement and satisfaction.

Overall, corporate accelerators offer numerous benefits for established companies and startups alike, including access to new ideas, technologies, and talent, as well as opportunities for collaboration and growth.

Benefits of corporate accelerators for businesses and startups

Corporate accelerators offer a wide range of benefits for both established companies and startups that participate in the program. Some of the key benefits include:

Access to new and innovative ideas and technologies: By working with startups, established companies can gain access to new and innovative ideas and technologies that can help them stay competitive in their industry.
Enhanced reputation: By supporting innovation and startups, established companies can enhance their reputation as a forward-thinking and innovative company. This can help attract new customers, investors, and employees.
Talent acquisition: Through the accelerator program, established companies can gain access to new and talented employees and potential partners who can bring fresh ideas and perspectives to the organization.
Collaboration opportunities: By working with startups, established companies can develop new partnerships and collaborations that can benefit both parties.
Increased revenue: By supporting startups, established companies can potentially gain access to new revenue streams or business models that can help them grow and expand.
Entrepreneurial culture: By fostering innovation and entrepreneurship within the organization, corporate accelerators can help create an entrepreneurial culture that encourages employees to think creatively and take risks.
Improved employee engagement: By providing employees with opportunities to participate in the accelerator program or work with startups, established companies can improve employee engagement and satisfaction.

Academic Evidence for the Impact of Corporate Accelerators

There has been limited academic research on the benefits of corporate accelerators, but here are a few notable studies:

“Corporate Accelerators: Building Bridges between Corporations and Startups” by G. W. Mullins and L. Forlani, published in California Management Review in 2016. This study explores the benefits and challenges of corporate accelerators through a survey of 150 corporate accelerators.
“Accelerating Corporate Innovation: Lessons from the Cisco Innovation Grand Challenge” by M. Lakhani, K. R. Lohse, and S. Lonstein, published in Research-Technology Management in 2013. This study examines the impact of a corporate accelerator program on innovation outcomes by analyzing the results of the Cisco Innovation Grand Challenge.
“Corporate Accelerators: A Review and Research Agenda” by J. Franke, M. Hader, and C. von Hippel, published in Journal of Business Research in 2020. This study provides a comprehensive review of the literature on corporate accelerators and proposes a research agenda for future studies.

Overall, these studies suggest that corporate accelerators can offer significant benefits for both established companies and startups, including access to new ideas and talent, improved innovation outcomes, and enhanced reputation. However, they also highlight the challenges and risks associated with running a successful accelerator program, such as managing expectations, selecting the right startups, and fostering a culture of innovation within the organization.

Challenges and risks associated with corporate accelerators

While corporate accelerators offer many benefits, there are also several challenges and risks associated with running a successful program. Here are some of the main challenges and risks:

Integration with the existing company culture: One of the biggest challenges is integrating the accelerator program with the existing company culture. This can be particularly challenging if the company culture is risk-averse or resistant to change.
Selecting the right startups: Another challenge is selecting the right startups to participate in the program. The startups must have the potential to provide real value to the company and its customers, and there must be a good fit between the startup’s goals and the company’s strategic objectives.
Managing expectations: Both the established company and the startups have high expectations for the accelerator program, and it can be difficult to manage these expectations effectively. The company may expect immediate returns on its investment, while the startups may expect significant resources and support.
Providing sufficient resources: Running an accelerator program requires a significant investment of resources, including time, money, and personnel. Companies must be willing to commit sufficient resources to ensure the success of the program.
Intellectual property (IP) concerns: Corporate accelerators can raise IP concerns, particularly if the startups are developing technologies or products that are similar to those developed by the established company. Companies must develop clear guidelines and policies to address IP concerns and protect their own interests.
Maintaining relationships with startups: Even after the accelerator program is over, companies must continue to maintain relationships with the startups that participated. This can be challenging, particularly if the startups have moved on to other opportunities or have been acquired by other companies.
Maintaining momentum: Finally, companies must ensure that the momentum created by the accelerator program is maintained and that the innovations developed during the program continue to be developed and implemented over the long term. This can be a significant challenge, particularly if the company culture is resistant to change or if there are competing priorities within the organization.

Case studies of successful corporate accelerators

Here are a few examples of successful corporate accelerators:

Samsung Next: Samsung Next is a global innovation group that operates as an independent entity from Samsung Electronics. The group invests in and supports startups focused on emerging technologies such as artificial intelligence, machine learning, and blockchain. Samsung Next offers startups funding, mentorship, and access to Samsung’s network of customers, partners, and resources.
Intel Capital: Intel Capital is the venture capital arm of Intel Corporation, and it has been supporting startups for over 25 years. Intel Capital invests in startups at all stages of development, with a focus on companies working in areas such as artificial intelligence, autonomous systems, and the Internet of Things. Intel Capital provides startups with funding, mentorship, and access to Intel’s technology and network.
L’Oreal Founders Factory: L’Oreal Founders Factory is a startup accelerator and incubator launched by L’Oreal in partnership with Founders Factory, a London-based startup studio. The program focuses on startups working in the beauty and fashion industries and offers funding, mentorship, and access to L’Oreal’s resources, including its expertise in consumer insights and marketing.
Unilever Foundry: Unilever Foundry is a platform launched by Unilever in 2014 to connect the company with startups working on innovative technologies and solutions. The platform offers startups access to Unilever’s resources, including its brands, marketing expertise, and supply chain, as well as funding and mentorship.
Barclays Accelerator: The Barclays Accelerator is a startup accelerator launched by Barclays in partnership with Techstars, a global startup accelerator. The program focuses on fintech startups and offers funding, mentorship, and access to Barclays’ resources and network, including its customer base and distribution channels.

These successful corporate accelerators demonstrate the benefits of working with startups, including access to new ideas, technologies, and talent, as well as opportunities for collaboration and growth. They also highlight the importance of providing startups with the resources and support they need to succeed, as well as the importance of maintaining relationships with startups over the long term.

Part 2: Designing a Corporate Accelerator Program

Identifying the objectives and goals of the program

To identify the objectives and goals of a corporate accelerator, it is important to consider the overall strategy and mission of the company, as well as the specific areas of innovation and growth that the company wants to focus on. Here are some examples of objectives and goals that a corporate accelerator might have:

Driving innovation: A corporate accelerator might aim to drive innovation within the company by working with startups and developing new technologies and solutions. For example, Next47, the venture firm launched by Siemens, aims to drive innovation across a range of industries by investing in startups working on emerging technologies.
Accessing new markets: A corporate accelerator might aim to access new markets by working with startups that have unique insights or solutions in a particular industry or region. For example, Unilever Foundry, the platform launched by Unilever, aims to connect the company with startups that can help it reach new markets and customers.
Talent acquisition: A corporate accelerator might aim to attract and retain talent by working with startups and offering them access to the company’s resources and network. For example, the Barclays Accelerator aims to attract top fintech talent by providing startups with funding, mentorship, and access to Barclays’ resources and network.
Branding and reputation: A corporate accelerator might aim to enhance its branding and reputation by working with startups and positioning itself as an innovative and forward-thinking company. For example, L’Oreal Founders Factory aims to position L’Oreal as a leader in the beauty and fashion industries by working with startups that are developing innovative products and solutions.
Business development: A corporate accelerator might aim to develop new business opportunities by working with startups and developing new products or services. For example, Intel Capital aims to develop new business opportunities by investing in startups working on emerging technologies that can be integrated into Intel’s products and services.

In summary, the objectives and goals of a corporate accelerator depend on the overall strategy and mission of the company, as well as the specific areas of innovation and growth that the company wants to focus on. A corporate accelerator can help drive innovation, access new markets, attract and retain talent, enhance branding and reputation, and develop new business opportunities.

Defining the target audience (startups, entrepreneurs, internal teams)

Defining the target audience of a corporate accelerator involves identifying the key stakeholders who will benefit from the accelerator’s programs and services. Here are some examples of the target audience for a corporate accelerator:

Internal teams: Corporate accelerators may also target internal teams within the company, such as research and development teams, product teams, and marketing teams. Internal teams may be interested in collaborating with startups and gaining insights into new technologies and trends.
Business units: Corporate accelerators may also target specific business units within the company, such as those focused on particular industries or product lines. Business units may be interested in working with startups that are developing solutions that can be integrated into their existing products or services.
Executives: Corporate accelerators may also target executives within the company who are responsible for driving innovation and growth. Executives may be interested in working with startups to develop new business opportunities and gain insights into emerging technologies and trends.
Employees: Corporate accelerators may also target employees within the company who are interested in entrepreneurship and innovation. Employees may be interested in participating in the accelerator’s programs and services, or in collaborating with startups to develop new ideas and solutions.
Startups: Startups are the primary target audience for external corporate accelerators, as they are the ones who will receive funding, mentorship, and other resources from the accelerator. Corporate accelerators may target startups at various stages of development, from early-stage companies to more established businesses.
Investors: Corporate accelerators may also target investors who are interested in funding startups and have a particular interest in the industries or technologies that the accelerator is focused on. Investors may also be interested in networking opportunities and access to industry experts and thought leaders.
Corporate partners: Corporate accelerators may also target corporate partners who are interested in collaborating with startups or who are looking to invest in emerging technologies. Corporate partners may also be interested in gaining insights into new trends and technologies, as well as access to new markets and customers.
Industry experts: Corporate accelerators may also target industry experts who can provide mentorship and guidance to startups. These experts may have experience in specific industries or technologies, and can offer valuable insights and advice to startups.
Government agencies: Corporate accelerators may also target government agencies who are interested in supporting startups and promoting innovation. Government agencies may be interested in funding opportunities or in partnering with corporate accelerators to support startups in their region or industry.

Identifying the resources required (funding, mentors, office space, etc.)

Identifying the resources required for a corporate accelerator involves assessing the infrastructure, staffing, funding, and technology necessary to support the accelerator’s operations. Here are some examples of the resources required for a corporate accelerator:

Physical space: Corporate accelerators require physical space to house startups, mentors, and staff. This may include office space, conference rooms, event spaces, and shared workspaces.
Staffing: Corporate accelerators require a team of dedicated staff to manage operations, recruit startups, and provide mentorship and support. Staff may include program managers, business development managers, marketing and communications staff, and administrative support.
Funding: Corporate accelerators require funding to support startup investments, operations, and events. Funding may come from the parent company, corporate partners, investors, or government grants.
Technology: Corporate accelerators require technology infrastructure to support their operations, including software for managing applications, tracking metrics, and communicating with stakeholders. Additionally, startups may require access to specific technology tools and platforms.
Mentors and subject matter experts: Corporate accelerators require a network of experienced mentors and subject matter experts who can provide guidance and support to startups. This may include industry experts, entrepreneurs, investors, and corporate partners.
Access to capital: Corporate accelerators need access to capital to fund startup investments and provide resources to accelerate growth. This may include seed funding, follow-on investment, and access to venture capital networks.
Partnerships and networks: Corporate accelerators require partnerships and networks to connect with startup communities, investors, and industry experts. This may include partnerships with other accelerators, industry associations, universities, and research institutions.

By identifying the resources required for a corporate accelerator, organizations can better plan and allocate resources to support the accelerator’s operations and achieve its objectives.

Developing a timeline and program structure

Developing a timeline and program structure for a corporate accelerator involves a careful planning process that takes into consideration the goals of the accelerator, the needs of the startups, and the available resources. Here are some steps to follow:

Set the start and end date: The first step is to set the start and end date for the accelerator program. This will help to define the timeline and ensure that all activities are completed within the specified timeframe.
Identify the phases: Next, identify the different phases of the accelerator program. Common phases include application and selection, incubation, acceleration, and demo day. Each phase should have a specific set of goals and activities that contribute to the overall objectives of the program.
Determine the duration of each phase: Once the phases have been identified, determine the duration of each phase. This will help to ensure that the program is structured in a way that allows for maximum impact within the given timeframe.
Plan activities and milestones: Within each phase, plan the activities and milestones that need to be achieved. This may include workshops, mentorship sessions, pitch sessions, networking events, and other activities that support the growth and development of the startups.
Assign responsibilities and timelines: Assign responsibilities for each activity and set timelines for completion. This will help to ensure that everyone involved in the program understands their role and can work together to achieve the program’s goals.
Test and refine: Test the program structure and timeline with stakeholders, and refine as necessary. This may involve adjusting the duration of certain phases or activities, or adding new activities based on feedback from participants.

By following these steps, you can develop a timeline and program structure for a corporate accelerator that is well-planned, organized, and effective in achieving its objectives.

Establishing key performance indicators (KPIs) to measure success

Establishing KPIs (Key Performance Indicators) to measure the success of a corporate accelerator is an essential step in evaluating its effectiveness and impact. Here are some steps to follow when establishing KPIs for a corporate accelerator:

Identify the goals: The first step is to identify the goals of the corporate accelerator program. These goals should be aligned with the overall objectives of the parent company and may include increasing innovation, driving revenue growth, or improving brand recognition.
Define the metrics: Once the goals have been identified, define the metrics that will be used to measure success. These metrics should be specific, measurable, and relevant to the goals of the program. Examples of KPIs for a corporate accelerator might include:

Number of startups accepted into the program
Number of startups that successfully complete the program
Amount of funding raised by participating startups
Number of patents filed by participating startups
Revenue generated by participating startups
Number of jobs created by participating startups
Customer acquisition rates for participating startups

Set targets: After defining the KPIs, set targets for each metric based on the goals of the program. These targets should be challenging but achievable and should be reviewed regularly to ensure they remain relevant.
Monitor and measure progress: Throughout the program, monitor and measure progress against the KPIs. This can be done through regular reporting and analysis of data collected from startups, mentors, and other stakeholders.
Adjust as necessary: Based on the progress made against the KPIs, adjust the program as necessary. This may involve changing the selection criteria for startups, modifying the program structure, or adjusting the level of support provided to startups.

By following these steps, you can establish KPIs to measure the success of a corporate accelerator that are aligned with the goals of the program and help to evaluate its impact.

Recruiting and selecting startups or internal teams

Recruiting external teams for a corporate accelerator involves a targeted outreach strategy to attract startups that meet the desired criteria. Here are some steps to follow when recruiting external teams for a corporate accelerator:

Define the selection criteria: The first step is to define the selection criteria for the accelerator program. This should include factors such as the stage of the startup, the industry or sector they operate in, and the specific skills or expertise they bring to the table.
Develop a marketing plan: Once the selection criteria have been defined, develop a marketing plan to attract startups to the program. This may include targeted social media campaigns, email marketing, and outreach to relevant industry associations and networks.
Attend industry events: Attend industry events and conferences to meet with potential startups and promote the accelerator program. This is a great way to build relationships with startups and learn about emerging trends in the industry.
Leverage existing networks: Leverage existing networks, such as alumni networks or industry associations, to identify potential startups for the program. This can help to expand the reach of the program and attract startups that may not have been aware of the opportunity.
Use online platforms: Use online platforms, such as startup directories and investment platforms, to identify potential startups for the program. This can help to streamline the recruitment process and provide access to a wider range of startups.
Conduct due diligence: Once potential startups have been identified, conduct due diligence to evaluate their fit with the selection criteria and the goals of the program. This may involve reviewing their business plans, financials, and team structure, as well as conducting interviews with key stakeholders.

By following these steps, you can recruit external teams for a corporate accelerator that are well-aligned with the program’s goals and have the potential to deliver significant value to the parent company.

Recruiting internal teams for a corporate accelerator involves identifying and selecting the most promising teams or individuals from within the parent company to participate in the program. Here are some steps to follow when recruiting internal teams for a corporate accelerator:

Define the selection criteria: The first step is to define the selection criteria for internal teams. This may include factors such as the team’s track record, their level of expertise or experience, and their alignment with the goals of the program.
Promote the program internally: Promote the accelerator program internally through company-wide communications and announcements, to ensure that all employees are aware of the opportunity. This may also involve presentations or workshops to educate employees about the program and its benefits.
Identify potential teams: Identify potential teams or individuals that meet the selection criteria. This may involve reviewing internal databases, consulting with HR or department heads, or soliciting nominations from employees.
Conduct due diligence: Once potential teams or individuals have been identified, conduct due diligence to evaluate their fit with the selection criteria and the goals of the program. This may involve reviewing their previous work, conducting interviews, or assessing their potential for innovation and entrepreneurship.
Provide support and resources: Provide support and resources to internal teams to help them develop their ideas and products. This may include funding, mentoring, access to facilities, and other resources that can help accelerate their progress.
Evaluate progress: Evaluate the progress of internal teams throughout the program, using established KPIs, to ensure that they are on track to meet the program’s goals. Provide ongoing feedback and support to help them achieve success.

By following these steps, you can recruit internal teams for a corporate accelerator that are well-aligned with the program’s goals and have the potential to deliver significant value to the parent company.

Part 3: Setting Up and Launching a Corporate Accelerator Program

Building partnerships with accelerators or startup communities

Building partnerships with accelerators or startup communities is an important step for larger corporations looking to run their own corporate accelerator. Here are some steps to follow when building these partnerships:

Identify potential partners: The first step is to identify potential partners among the existing startup communities and accelerators. This may involve reviewing their websites and social media profiles, attending industry events, or seeking recommendations from other companies or industry experts.
Evaluate the fit: Once potential partners have been identified, evaluate their fit with the goals and values of the parent company. This may involve assessing their track record, their focus areas, and their reputation within the industry.
Develop a partnership agreement: Once a suitable partner has been identified, develop a partnership agreement that outlines the terms and conditions of the partnership. This may include details about funding, resources, and support for the accelerator program.
Provide support and resources: Provide support and resources to the partner accelerator or startup community to help them attract and support startups that meet the selection criteria for the parent company’s accelerator program. This may include funding, mentoring, access to facilities, and other resources that can help accelerate the progress of participating startups.
Establish communication channels: Establish clear communication channels between the parent company and the partner accelerator or startup community to ensure that goals and expectations are aligned, and that progress is being tracked effectively.

Here are some examples of larger corporations that have successfully built partnerships with accelerators or startup communities to run their own corporate accelerator:

Microsoft Ventures: Microsoft Ventures partners with leading accelerators and startup communities around the world to run its own accelerator program, providing funding, mentorship, and access to technology to participating startups.
Barclays Accelerator: Barclays Accelerator partners with Techstars to run its accelerator program, which focuses on fintech startups. The program provides startups with funding, mentorship, and access to industry expertise and resources.
John Deere Startup Collaborator: John Deere Startup Collaborator partners with startup accelerators and incubators to provide support to startups that are developing innovative solutions for the agriculture industry. The program provides funding, mentorship, and access to John Deere’s industry expertise and resources.

By building partnerships with accelerators or startup communities, larger corporations can leverage the expertise and resources of these organizations to run their own successful accelerator programs.

You can also partner with Engineers to Entrepreneurs to run your corporate accelerator if you want to leverage your internal engineering resources to become more innovative

Developing a marketing and communications plan to attract startups or internal teams

External Focus:

Developing a marketing and communications plan is crucial to attract startups to a corporate accelerator. Here are some steps to follow:

Identify the target audience: The first step is to identify the target audience of the accelerator program. This could include startups in a particular industry, geographic region, or with specific technological expertise.
Develop a messaging strategy: Develop a messaging strategy that speaks to the pain points and needs of the target audience, and highlights the unique benefits of the accelerator program. This could include messaging around funding opportunities, mentorship, networking, and access to industry expertise.
Utilize multiple channels: Utilize multiple channels to reach potential applicants, including social media, email marketing, online advertising, events, and direct outreach. It’s important to reach potential applicants where they spend their time online and offline.
Leverage industry influencers: Leverage industry influencers and thought leaders to help promote the accelerator program. This could include partnering with accelerators, incubators, or venture capital firms, as well as reaching out to influential bloggers and social media influencers.
Create compelling content: Develop compelling content that highlights the benefits of the accelerator program, as well as the success stories of past participants. This could include case studies, blog posts, videos, and social media content.
Develop a referral program: Develop a referral program to incentivize past participants, mentors, and industry contacts to refer startups to the accelerator program.
Track metrics and adjust strategies: Finally, track metrics such as website traffic, email open rates, and application rates to assess the effectiveness of the marketing and communications plan. Adjust strategies as needed based on the results.

Examples of successful marketing and communications strategies used by corporate accelerators include:

Plug and Play Tech Center uses a combination of email marketing, social media, and direct outreach to promote their accelerator programs, as well as hosting regular events and webinars to engage with potential applicants.
Y Combinator leverages its strong reputation and industry connections to attract high-quality applicants to its accelerator program, and also hosts Demo Day events to showcase its startups to investors and the media.
Techstars partners with corporate sponsors and industry influencers to help promote their accelerator programs, and also develops compelling content such as blog posts, videos, and podcasts to engage with potential applicants.

Internal Focus:

Developing a marketing and communications plan to attract employees to a corporate accelerator is an important step to ensure the program’s success. Here are some steps to follow:

Define the target audience: Identify the employees who would be interested in participating in the accelerator program, such as those who have an interest in entrepreneurship or innovation.
Develop a messaging strategy: Develop messaging that speaks to the needs and pain points of the target audience, and highlights the benefits of participating in the accelerator program. This could include messaging around professional development, access to industry expertise, networking opportunities, and potential career advancement.
Utilize internal communication channels: Utilize internal communication channels such as email newsletters, company intranet, and internal social media platforms to reach potential participants. It’s important to promote the program internally to maximize participation.
Host information sessions: Host information sessions to provide more details about the program and answer any questions that employees may have. These sessions could be in-person or virtual and can be promoted through internal communication channels.
Partner with HR: Partner with the HR department to ensure that the program is promoted through the company’s recruitment channels, such as job postings and recruitment events.
Leverage employee referrals: Develop a referral program to incentivize current participants to refer their colleagues to the program.
Track metrics and adjust strategies: Finally, track metrics such as participation rates and employee feedback to assess the effectiveness of the marketing and communication plan. Adjust strategies as needed based on the results.

Examples of successful marketing and communication strategies used by corporate accelerators to attract employees include:

Google’s Launchpad Accelerator offers an internal version of its accelerator program, which is promoted through the company’s internal communication channels, including email and the company intranet. The program is also promoted through the company’s recruitment channels.

Setting up program infrastructure (office space, technology, etc.)

Setting up a program infrastructure for a corporate accelerator, whether virtual or in-person, requires attention to details and the provision of resources that will enable startups to thrive. Here are some steps to consider when setting up program infrastructure for a corporate accelerator:

Choose the right space: If your program is in-person, select an office space that is convenient for startups and mentors. The office space should be accessible, have adequate parking space, and be conducive for collaboration.
Equip the space with the necessary technology: Outfit the office space with high-speed internet, computers, and other technology tools that will facilitate startups’ operations. Provide access to software and tools that startups will need for their business operations.
Set up a communication platform: Establish a communication platform that will allow startups to connect with mentors, investors, and program managers easily. This platform could be a messaging app, a virtual meeting software, or a project management tool.
Establish a funding mechanism: Set up a funding mechanism that will allow startups to access capital during the program. This could be in the form of seed funding, access to investors, or access to government grants.
Provide mentorship and support: Provide startups with mentorship and support from experienced entrepreneurs and industry experts. Encourage regular check-ins between startups and mentors to ensure that they stay on track.
Create a community: Build a community that fosters collaboration, networking, and knowledge sharing among startups, mentors, and other stakeholders. Organize regular events, workshops, and social activities to facilitate interaction and build relationships.
Ensure adequate security measures: If you are providing technology tools or office space, ensure that you have adequate security measures in place to protect against cyber-attacks or physical theft.

By following these steps, you can create an effective program infrastructure that will support startups in achieving their goals and driving innovation within your organization.

Recruiting mentors and advisors

Recruiting mentors and advisors for a corporate accelerator program is a critical component of its success. Here are some steps you can take to recruit mentors and advisors for your corporate accelerator:

Identify your mentor and advisor needs: Determine the areas where startups in your program will require guidance, and identify the specific skill sets needed in mentors and advisors.
Develop a mentor and advisor profile: Based on the identified needs, create a mentor and advisor profile that outlines the experience, expertise, and qualifications you are looking for. This profile will help you to focus on individuals who meet your criteria.
Leverage existing networks: Reach out to your organization’s alumni, investors, and business partners to identify potential mentors and advisors. Utilize LinkedIn and other professional networks to reach out to individuals with relevant experience.
Attend industry events and conferences: Attend industry events and conferences where you can network with potential mentors and advisors. Seek out people with experience in your industry, business stage, or those who have experience in your accelerator program’s focus area.
Create a mentor and advisor application: Develop an application form for interested mentors and advisors to fill out. This application form should capture relevant information such as their experience, expertise, and availability.
Conduct interviews: After receiving applications, conduct interviews with potential mentors and advisors. These interviews can be conducted in-person, over the phone, or through video conferencing. During the interview, assess their experience and suitability for the program.
Provide incentives: Offer incentives to mentors and advisors to participate in the program. These incentives could include equity in participating startups, payment for their services, or access to resources within the organization.

By following these steps, you can attract and recruit experienced mentors and advisors who can provide valuable guidance and support to the startups in your corporate accelerator program.

Developing legal agreements and contracts

When setting up a corporate accelerator, whether internal or external, several legal agreements and contracts are necessary to ensure that the program operates smoothly and protects the interests of all stakeholders involved. Below are some legal agreements and contracts that a corporate accelerator may require:

Confidentiality agreements: Startups participating in a corporate accelerator may be exposed to sensitive information about the corporation’s operations, business strategies, or intellectual property. A confidentiality agreement will protect the corporation’s information by prohibiting the startup from disclosing confidential information to third parties.
Mentor and advisor agreements: Mentors and advisors participating in a corporate accelerator program need to agree to provide guidance and support to startups in exchange for compensation or equity. These agreements should clearly outline the scope of the mentor or advisor’s role, compensation, and equity distribution.
Startup agreements: Startups participating in a corporate accelerator program should sign an agreement that outlines the terms of the accelerator program. This agreement should detail the equity or funding offered, the duration of the program, and the expectations of the startup during the program.
IP agreements: Intellectual property agreements protect the corporation’s intellectual property rights in technologies, ideas, and products developed by startups during the accelerator program. These agreements should outline the corporation’s rights to the startup’s intellectual property and the compensation or equity distribution for the corporation’s use of the startup’s intellectual property.
Lease agreements: If the corporate accelerator is located in a physical space, the corporation may need to enter into a lease agreement to rent the space. This agreement should detail the terms of the lease, including rent, utilities, and maintenance.
Service agreements: The corporation may need to enter into service agreements with third-party service providers who will provide support services such as IT, legal, or accounting services.
Investment agreements: If the corporation plans to invest in participating startups, it should have investment agreements that detail the investment terms, equity or debt structure, and exit strategy.

In conclusion, a corporate accelerator needs several legal agreements and contracts to protect the interests of all stakeholders involved. The specific agreements required will depend on the structure of the accelerator and the services provided. It is important to consult with legal counsel to ensure that all necessary agreements are in place.

Launching the program and onboarding startups or internal teams

The week before the kickoff day in a corporate accelerator is a critical time for onboarding startups or internal teams. Here are some essential tasks that need to be done to ensure a smooth onboarding process:

Finalize program details: Ensure that all program details, such as the schedule, activities, and mentors, are finalized and communicated to the startups or internal teams.
Set up the workspace: If the program has a physical space, make sure that the workspace is set up and ready for use. This includes providing necessary equipment, such as desks, chairs, computers, and internet access.
Conduct orientation sessions: Conduct orientation sessions for the startups or internal teams to familiarize them with the program’s structure and expectations. Cover topics such as the program’s goals, milestones, and resources available to them.
Establish communication channels: Set up communication channels, such as Slack or email, to facilitate communication between the program staff and the startups or internal teams. Ensure that all participants are aware of these channels and how to use them effectively.
Prepare mentors and advisors: Prepare mentors and advisors by providing them with information on the startups or internal teams they will be working with. Ensure that they understand their role and responsibilities in the program.
Plan social activities: Plan social activities, such as networking events or team-building exercises, to help the startups or internal teams get to know each other and build relationships.
Review legal agreements: Review all legal agreements, such as confidentiality agreements and IP agreements, with the startups or internal teams to ensure that they understand their obligations and responsibilities.

By completing these tasks in the week before kickoff day, the onboarding process for the startups or internal teams can be much smoother and more effective, setting the stage for a successful corporate accelerator program.

Part 4: Running a Corporate Accelerator Program

Managing the program timeline and schedule

Managing the program timeline and schedule for a corporate accelerator requires careful planning and execution to ensure that the program runs smoothly and achieves its objectives. Here are some best practices for managing the program timeline and schedule:

Define program goals and objectives: Before creating a timeline, it is important to define the goals and objectives of the program. This will help you determine what tasks and activities are required to achieve these objectives and the timeline required for each of them.
Create a detailed program timeline: Develop a timeline that includes all the key activities and tasks required to run the program. This should include key milestones, such as the start and end of the program, key events, and deadlines for deliverables.
Assign responsibilities: Assign responsibilities for each task and activity to specific team members or departments. This will help ensure that everyone is aware of their role and is accountable for their tasks.
Use project management tools: Use project management tools, such as Gantt charts, to help visualize the timeline and ensure that all tasks are on track. You can use software tools like Asana, Trello, or Jira to manage tasks, assign responsibilities, and track progress.
Be flexible: Be prepared to adjust the timeline and schedule as needed. Unexpected events or changes in circumstances may require you to revise the timeline or adjust the schedule.
Communicate regularly: Regularly communicate with all stakeholders, including program participants, mentors, and sponsors, to ensure that everyone is aware of the timeline and schedule. This will help ensure that everyone is aligned and working towards the same goals.
Monitor progress: Regularly monitor progress against the timeline and schedule. This will help you identify potential delays or issues early, allowing you to take corrective action as needed.

By following these best practices, you can effectively manage the program timeline and schedule for a corporate accelerator, ensuring that the program runs smoothly and achieves its objectives.

Providing support and resources to startups or internal teams

Providing support and resources to startups or internal teams during a corporate accelerator is critical to their success. Here are some best practices for providing support and resources:

Assign mentors: Assign mentors to each startup or internal team to provide guidance and support throughout the program. Mentors should have experience in the relevant industry and be able to offer valuable insights and advice.
Provide access to industry experts: Provide startups or internal teams with access to industry experts who can offer advice and share their experience. This could include guest speakers, panel discussions, or networking events.
Offer workshops and training sessions: Offer workshops and training sessions on relevant topics, such as product development, marketing, and finance. This will help startups or internal teams develop their skills and knowledge.
Provide access to resources: Provide startups or internal teams with access to resources, such as office space, equipment, and software. This will help them focus on their work and achieve their goals.
Connect them with investors: Connect startups or internal teams with potential investors who can provide funding and support. This will help them scale their business and achieve their goals.
Provide regular feedback: Provide startups or internal teams with regular feedback on their progress and performance. This will help them identify areas for improvement and make necessary changes.
Create a supportive environment: Create a supportive environment that encourages collaboration and creativity. This will help startups or internal teams feel comfortable sharing their ideas and taking risks.

By following these best practices, you can provide the necessary support and resources to startups or internal teams during a corporate accelerator, helping them achieve their goals and succeed in their respective industries.

Measuring and evaluating the success of the program

Measuring and evaluating the success of a corporate accelerator program is critical to determine if the program has achieved its goals and objectives. Here are some best practices for measuring and evaluating the success of a corporate accelerator program:

Define success metrics: Define success metrics that align with the goals and objectives of the program. These metrics should be measurable and specific, such as revenue growth, customer acquisition, or product launch.
Track progress against goals: Track progress against the defined success metrics throughout the program. This will help identify areas that need improvement and allow for adjustments to be made in real-time.
Conduct regular surveys: Conduct regular surveys to gather feedback from program participants, mentors, and other stakeholders. This will help identify areas of strength and weakness and provide insights into how to improve the program.
Monitor the success of individual startups: Monitor the success of individual startups in the program, such as their revenue growth, customer acquisition, and funding received. This will help determine the effectiveness of the program in supporting startup success.
Assess the impact on the organization: Assess the impact of the program on the organization as a whole, such as changes in company culture, innovation, or employee engagement. This will help determine the broader impact of the program beyond individual startups.
Compare against industry benchmarks: Compare the program’s success metrics against industry benchmarks to determine how it stacks up against other programs. This will help identify areas of strength and weakness and provide insights into how to improve the program.
Conduct a post-program evaluation: Conduct a post-program evaluation to assess the overall success of the program. This evaluation should include an analysis of the success metrics, feedback from stakeholders, and a review of the program’s strengths and weaknesses.

By following these best practices, you can effectively measure and evaluate the success of a corporate accelerator program, helping to identify areas of improvement and ensuring that the program achieves its goals and objectives.

Addressing challenges and risks

Running a corporate accelerator can be challenging, and there are several key challenges and risks that need to be addressed to ensure the program’s success. Here are some of the challenges and risks and how to mitigate them:

Aligning with the company’s goals and objectives: A corporate accelerator should be aligned with the company’s overall goals and objectives. Failure to align with the company’s objectives may result in the program’s failure. To mitigate this risk, it is important to involve senior management in the program’s planning and execution.
Attracting and selecting the right startups: Attracting and selecting the right startups can be challenging. It is essential to have a clear understanding of the company’s needs and to attract startups that have the potential to address those needs. To mitigate this risk, it is essential to have a well-defined selection process that includes screening criteria and a thorough due diligence process.
Providing adequate resources: Providing adequate resources, such as funding, office space, and mentoring, can be a challenge. It is important to allocate sufficient resources to ensure that startups have the support they need to succeed. To mitigate this risk, it is important to have a budget and resource plan in place before launching the program.
Managing expectations: Managing expectations can be challenging, both for the company and the startups. It is essential to be clear about the program’s objectives, timelines, and expectations. To mitigate this risk, it is important to have a clear communication plan and set realistic expectations.
Retaining talent: Retaining startup talent can be challenging, as startups may be tempted to leave the program once they have achieved their goals. To mitigate this risk, it is essential to provide ongoing support and resources to startups, even after they have completed the program.
IP ownership: Intellectual property ownership can be a challenge, as startups may develop new technology or products that are relevant to the company’s business. To mitigate this risk, it is important to have a clear IP ownership policy in place, and to ensure that both parties understand their rights and responsibilities.

For example, to mitigate the challenge of attracting and selecting the right startups, a corporate accelerator program can partner with relevant industry associations or startup incubators to help identify startups with a track record of success. The program can also offer attractive funding terms, mentorship opportunities, and access to the company’s network and resources to attract top-tier startups.

To mitigate the challenge of providing adequate resources, a corporate accelerator program can partner with other organizations, such as venture capital firms, to provide additional funding and resources to startups. The program can also leverage the company’s existing resources, such as office space and equipment, to minimize costs.

In summary, by anticipating and addressing these challenges and risks, a corporate accelerator program can mitigate risks and ensure its success.

Building a culture of innovation within the organization

A corporate accelerator can be an effective tool for building a culture of innovation within an organization. Here are some ways a corporate accelerator can achieve this:

Fostering an entrepreneurial mindset: A corporate accelerator can encourage employees to think like entrepreneurs and take a more innovative approach to their work. By exposing employees to the startup culture, they can learn to take risks, be more creative, and think outside the box.
Encouraging collaboration: A corporate accelerator can bring together employees from different departments and encourage collaboration and teamwork. This can help break down silos and encourage employees to work together to solve problems and generate new ideas.
Providing exposure to new technologies and trends: A corporate accelerator can provide employees with exposure to new technologies and trends, allowing them to stay up-to-date with the latest developments in their industry. This can help employees to identify new opportunities and generate innovative ideas.
Supporting internal innovation: A corporate accelerator can also be used to support internal innovation within the organization. By offering employees the resources and support they need to develop new ideas, the program can help employees bring innovative ideas to market.
Encouraging a culture of experimentation: A corporate accelerator can encourage a culture of experimentation within the organization, where employees are encouraged to try new things and learn from their mistakes. This can help foster a culture of innovation and encourage employees to take risks and think creatively.

For example, a corporate accelerator program could be used to identify internal innovation champions within the organization, who are given the resources and support they need to develop and launch new products or services. The program could also be used to create cross-functional teams, consisting of employees from different departments, who work together to develop new ideas and solve problems.

Overall, a corporate accelerator can be an effective tool for building a culture of innovation within an organization. By fostering an entrepreneurial mindset, encouraging collaboration, providing exposure to new technologies and trends, supporting internal innovation, and encouraging a culture of experimentation, the program can help to create a more innovative and dynamic organization.

Graduating and post-program support for startups or internal teams

Graduating and offering post-program support is a critical component of a successful corporate accelerator program. Here are some best practices to consider:

Graduation ceremony: Organize a graduation ceremony to celebrate the startups that have completed the program. This ceremony can be a great opportunity to recognize their hard work and achievements and to provide them with an opportunity to network and connect with potential investors and customers.
Follow-up support: Provide follow-up support to the startups after the program has ended. This can include continued mentorship, access to resources such as office space, funding, and networking opportunities. The support should be tailored to the specific needs of each startup and provided for a set period of time.
Investment opportunities: Provide investment opportunities to startups that have graduated from the program. This can be in the form of direct investment or introductions to potential investors.
Alumni network: Create an alumni network for the startups that have graduated from the program. This network can be a valuable resource for the startups, providing them with ongoing support, mentorship, and networking opportunities.
Demonstration days: Organize demonstration days for the startups to showcase their products or services to potential investors and customers. This can be a great way for startups to gain exposure and generate interest in their products or services.
Post-program evaluation: Conduct a post-program evaluation to assess the success of the program and to identify areas for improvement. This evaluation can help inform the development of future programs and ensure that the program continues to provide value to the startups and the organization.

For example, a corporate accelerator program could offer continued mentorship and support to the startups for six months after the program has ended. The program could also provide access to funding and networking opportunities during this period. The program could organize a graduation ceremony and a demonstration day to showcase the startups’ products or services to potential investors and customers. The program could also create an alumni network to provide ongoing support and mentorship to the startups.

Overall, by providing tailored support to the startups after they have graduated from the program, a corporate accelerator can help ensure their long-term success and provide ongoing value to the organization.

Conclusion

The future of corporate accelerators and their impact on innovation

The future of corporate accelerators looks promising, with their impact on innovation likely to continue to grow. Here are some trends and predictions for the future of corporate accelerators:

Focus on social and environmental impact: In addition to traditional tech-focused startups, corporate accelerators are likely to focus more on social and environmental impact startups, particularly those working on issues such as climate change, sustainability, and social justice.
Increased collaboration: Corporate accelerators are likely to become more collaborative, with companies working together to support startups and share resources. This collaboration can help to create a more diverse and inclusive ecosystem and increase the impact of the program.
Expansion beyond traditional industries: Corporate accelerators are likely to expand beyond traditional industries, with more companies from non-tech sectors launching accelerator programs. This can help to drive innovation and competitiveness across a broader range of industries.
Greater focus on diversity and inclusion: Corporate accelerators are likely to place a greater emphasis on diversity and inclusion, with more programs focused on supporting underrepresented groups such as women, people of color, and LGBTQ+ entrepreneurs.
Increased use of technology: As technology continues to evolve, corporate accelerators are likely to increasingly leverage technologies such as artificial intelligence, machine learning, and blockchain to support startups and drive innovation.

Overall, corporate accelerators are likely to continue to play a significant role in driving innovation in the future. By focusing on social and environmental impact, increasing collaboration, expanding beyond traditional industries, promoting diversity and inclusion, and leveraging new technologies, corporate accelerators can help to create a more dynamic and innovative business landscape.

Lessons learned and best practices for designing, setting up and running a successful corporate accelerator

Here are some lessons learned and best practices for designing, setting up, and running a successful corporate accelerator:

Define clear objectives: It is important to define clear objectives for the accelerator program, including what the program hopes to achieve, what types of startups it wants to attract, and what resources it will provide to the startups.
Secure executive buy-in: Securing executive buy-in is critical for the success of the accelerator program. The executive team should be involved in the design and development of the program, and they should be committed to supporting the program over the long-term.
Leverage external expertise: It is important to leverage external expertise, such as experienced startup mentors and venture capitalists, to help design and run the program. This can help ensure that the program provides the support and resources that startups need to succeed.
Foster a culture of innovation: To foster a culture of innovation, the accelerator program should be integrated with the broader organization’s innovation strategy. The program should also encourage collaboration and knowledge sharing between the startups and the organization’s employees.
Provide tailored support: To help startups succeed, it is important to provide tailored support that meets their specific needs. This support can include mentorship, access to resources such as office space and funding, and networking opportunities.
Measure success: It is important to measure the success of the accelerator program, including the success of the startups that participate in the program. This can help identify areas for improvement and ensure that the program is providing value to the organization.
Continuously iterate and improve: The design and development of the accelerator program should be an iterative process, with ongoing feedback and input from stakeholders. The program should be continually evaluated and improved to ensure that it is meeting the needs of the startups and the organization.

By following these best practices and lessons learned, organizations can design, set up, and run a successful corporate accelerator program that drives innovation and creates value for both the startups and the organization.

Resources and tools for innovation managers to continue learning and improving their corporate accelerator program.

Here are some resources and tools for innovation managers to continue learning and improving their corporate accelerator program:

Startup Program Design: A Practical Guide for Creating Accelerators and Incubators at Any Organization: This book provides insights into the best practices for corporate accelerators and incubators, including case studies and practical guidance.
Global Accelerator Network: The Global Accelerator Network is a community of accelerator programs that provides resources, best practices, and networking opportunities for innovation managers.
Techstars: Techstars provides accelerator programs for startups and resources for innovation managers, including webinars, blog posts, and whitepapers on best practices for running accelerator programs.
Harvard Business Review: The Harvard Business Review publishes articles and case studies on innovation, entrepreneurship, and corporate accelerators.
Startup Genome: Startup Genome provides data-driven insights and benchmarking for startup ecosystems, which can be useful for innovation managers looking to evaluate their program’s impact and performance.
Startup Grind: Startup Grind is a global community of entrepreneurs, with events, webinars, and resources for innovation managers and startup founders.
Lean Startup Circle: The Lean Startup Circle is a community of innovation managers and entrepreneurs focused on the lean startup methodology, with resources and events focused on innovation and entrepreneurship.

By leveraging these resources and tools, innovation managers can continue to learn and improve their corporate accelerator program, stay up-to-date with industry trends, and connect with other innovation professionals to share best practices and insights.