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Basically, there are three main reasons why companies would choose to invest in helping startups in the first place:
These three types of “profits” compose the base of a solid business case in favor of corporate accelerators. But there are clear prerequisites for success to bear in mind before engaging with startups. The key to achieving return on reputation, culture, and investment lies in a strict and transparent selection process, high-quality execution of the program, generous crosspollination and involvement of the company’s employees, and effective marketing and communications.
An accelerator may not be viable (or even relevant) for every business and in every market. Based on our experience, companies interested in starting an accelerator had best start with:
Leading Belgian telecommunications company Telenet launched its accelerator Telenet Idealabs earlier this year, based on a positive outcome of our preliminary study. The final selection of 10 eager startups recently took off. An entrepreneurial journey of four months lies ahead of them, and by the end of the year they will pitch for follow-up funding and a place in the growth program.
Chosen out of 450 applications, the startups are focused on the innovation domains apps & games, e-commerce, media & entertainment, networks & systems, and social innovations. The majority has a positive environmental and/or social influence such as unlocking local value and improve neighborhood ties with mobile and web applications, or paper saving through clever digital solutions. Check out Telenet Idealabs' infographic: The 2014 Accelerator Batch.
Finch & Beak was closely involved in the business plan design of Telenet's accelerator program and is part of the team of advisors that guides Telenet Idealabs on a tactical level. If you want to know more about starting a corporate accelerator, please contact us at hello@finchandbeak.com.
Seasoned advisor in ESG benchmarking, sustainability strategy and stakeholder engagement. | nikkie.vinke@slrconsulting.com
Finch & Beak
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