What is the difference between an accelerator and an incubator?

What is the difference between an accelerator and an incubator?

Accelerators are programs that support startups through mentorship and funding for a short period, usually 3-6 months. Incubators, on the other hand, provide a longer-term support system, often focusing on nurturing early-stage ideas.

Can you give me examples of each?

Sure! An example of an accelerator is Y Combinator, which helps startups grow quickly. An example of an incubator is Techstars, which provides resources and support for startups over a longer duration.

Which one is better for a new startup?

It depends on your needs. If you need quick funding and mentorship to scale rapidly, an accelerator might be better. If you need more time to develop your idea, an incubator could be the right choice.

What are the typical requirements to join these programs?

Accelerators often require a developed business model and a team, while incubators may accept earlier-stage ideas and focus more on the concept and team development.