A Fast Track to Startup Success
Accelerators often work because they can potentially de-risk innovation, allow for quick experimentation, and democratize the innovation process across the organization. A startup accelerator is often a mentor-based program that provides guidance, support and limited funding in exchange for equity.
To establish a successful corporate accelerator program, define clear goals and a specific scope, then scout for promising startups with a strong business plan, minimum viable products, and market potential.
Structure a program offering mentorship, education, funding, and network access, operating over a set period. Cultivate internal champions, clearly communicate offerings, and ensure the program aligns with corporate strategy to drive innovation and achieve desired outcomes.
Slicon Valley Bank, in its blog, “How do startup accelerators work?” breaks down the process of this type of venture. Accelerators typically accept only one to three percent of applicants, focusing on startups that show:
- Strong teams: Founders with experience, cohesion and resilience.
- Innovative concepts: Startups solving important problems with a clear market demand.
- Competitive advantage: A unique product or service that stands out in the market.
- Coachability: Founders who are receptive to feedback and guidance.
- Market potential: Industries with high growth opportunities.
The goal, notes SVB, is that startup accelerators offer short-term programs that focus on mentors, networking and business development to help startups refine their business models, develop products and connect with investors through demo day presentations. In the meantime, the program can offer startups connections, business and management mentoring and a collaborative environment.
Evolving a Corporate Accelerator Program
During FEI25, Dakota Crow, VP/Head of Innovation Programs at U.S. Bank, held a session on “Establishing a Corporate Accelerator.” Crow shared his experience building a successful corporate accelerator program that focuses on discovering and developing both people and ideas within an organization.
The program evolved from a small internship to a comprehensive innovation ecosystem with multiple entry points, including bootcamps, incubators, and a speaker series that engage hundreds of employees annually. By democratizing innovation and providing structured frameworks, the accelerator has generated significant business value while creating a culture where innovation is accessible to everyone, not just an elite team.
Watch the above video or see the full analysis of the session in All Things Innovation’s Discussions section.
Taking a Startup to the Next Stage
A corporate accelerator program might start small and evolve over time. The program could eventually expand from an internship to one that includes speakers, crowdsourcing, boot camps, innovator residences and incubators, flash labs (sprints) and hackathons. Every program may be a little different in terms of implementation, frameworks and tools, culture building and other factors.
These programs are designed to help startups refine their product, connect with mentors and investors, and raise early-stage funding. Many accelerators offer seed capital, equity-free support, or valuable perks like office space and expert coaching.
A business accelerator program might be just what you need as an entrepreneur… and for corporations it might be just the right move to ignite innovation leadership and entrepreneurship within its ranks.
ProFellow’s “10 Startup Business Accelerator Programs,” details some of the top programs in the country and the resources they offer.
Video: “Establishing a Corporate Accelerator,” featuring Dakota Crow, VP/Head of Innovation Programs at U.S. Bank, courtesy of FEI25.
