What is the difference between an incubator and an accelerator program?

The primary difference between an incubator and an accelerator program lies in the stage of the businesses they support and the structure of the assistance they provide. Incubators are typically geared towards nurturing early-stage startups, often providing a collaborative workspace, mentorship, and access to professional networks over an extended period, without a set end date. They aim to assist entrepreneurs in developing their business models and products with a focus on long-term growth and stability.

Accelerators, on the other hand, usually work with startups that have moved beyond the concept phase and have a minimum viable product. They offer a more intensive, cohort-based program that includes mentorship, education, and access to capital, often within a fixed timeframe, such as 3 to 6 months. The goal of an accelerator is to rapidly scale growth and prepare companies for investment, culminating in a demo day presentation to potential investors.