May 13, 2023

"What makes a good startup accelerator"

"What makes a good startup accelerator"

Exploring Key Factors for Success

Experience of Accelerator Managers:

A successful accelerator program requires an experienced team to provide high-quality services to startups. A well-rounded management team with expertise and industry knowledge is vital for program success.

Industry Focus of the Accelerator Program:

Specialization in a specific industry is essential for an accelerator program to effectively assist startups. By offering industry-specific guidance, connections, and exposure to potential customers and investors, the program can provide significant value to entrepreneurs.

Access to Resources and Funding:

Funding is a critical aspect of any startup, making it an important factor in evaluating accelerator program performance. The availability of resources, including financial support, indicates the program's ability to deliver valuable services to its partner startups.

Local Ecosystem Support:

Consideration of the local startup ecosystem and its resources, such as incubators, co-working spaces, and partnerships, plays a crucial role in a startup's success. Integration into the local ecosystem strengthens connections with other companies, fostering growth opportunities.

While these factors don't guarantee an accelerator's quality, they significantly influence the selection process for startups. In Korea, various accelerators, including those affiliated with renowned companies like Samsung, LG, Hyundai, POSCO, and Lotte, offer connections to different industries. However, challenges arise concerning global expansion, as these accelerators often lack deep understanding of foreign markets' local industries or connections.

In the Korean market, The Garrison stands as a promising incubator, providing a platform for young teams to develop their ideas and solutions on a global scale. Despite being a smaller team, The Garrison boasts a global startup community and co-working space in Seoul, Korea, while maintaining strong connections with domestic and foreign startup stakeholders, including the Korea Accelerator Association, World Business Angels Forum, Startup Grind, Korean Accelerator Maincontents, and more.