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Characteristics and Specificities of Local Innovation Accelerators

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Characteristics and Specificities of Local Innovation Accelerators sustainability Article Characteristics and Specificities of Local Innovation Accelerators: A Case of Poland Konrad Szczukiewicz 1,* and Marek Makowiec 2 1 ShelfWise, 33-332 Cracow, Poland 2 Department of Organizational Behaviors, Institute of Management, College of Management and Quality Sciences, Cracow University of Economics, 31-510 Cracow, Poland; [email protected] * Correspondence: [email protected] Abstract: Accelerators are one of the most recent and prominent institutions that support start-up development. The phenomenon of accelerators impacts academia as well as policy makers and practitioners. However, the research on accelerators is still very scant and the majority of research concerns the most prestigious and successful American accelerators. The purpose of this paper is to outline the characteristics of Polish accelerators and their specificities, with the focus on the differences between public and private accelerators. The collateral aim of the authors was to describe characteristics and components of an innovation accelerator and its placement in the ecosystem of institutional support for start-ups. The first part of the study focuses on the definition of an accelerator, the review of relevant literature and the differences between other well established institutions such as incubators and business angels. The second part of the study presents the current state of accelerators in Poland. It is observed that the majority of the accelerators in Poland are publicly funded and accelerators avoid taking equity in accelerated start-ups. This is an effect of the competition from public accelerators, which offer a sizable equity-free grant of 200,000 PLN. This study enriches the research on different models of local accelerators and their acceleration programs. Citation: Szczukiewicz, K.; Makowiec, M. Characteristics and Keywords: accelerators; start-ups; public accelerators; incubators; funding; venture capital; innova- Specificities of Local Innovation tions Accelerators: A Case of Poland. Sustainability 2021, 13, 1689. https://doi.org/10.3390/su13041689 1. Introduction Academic Editor: Despite the fact that the accelerator institution was only introduced in 2005, it quickly Katarzyna Szopik-Depczy´nska became a prominent part of the start-up and entrepreneurship landscape. The creation and Received: 31 December 2020 development of accelerators has been facilitated by a significant reduction in prototyping Accepted: 1 February 2021 costs over the past decade [1]. The growing importance of accelerators is therefore a Published: 4 February 2021 consequence of changes in technology and business philosophy. The costs of setting up a business, including infrastructure costs, have been significantly reduced, especially for Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in cheap and easily scalable IT start-ups [2]. The current conditions for setting up businesses published maps and institutional affil- based on IT solutions, due to the low costs and rapid development potential, generate a lot iations. of interest on the part of investors and potential customers. In such an environment and economic context, accelerators seem to effectively address the growing demand and supply for innovative services and products [3]. The first accelerators focused mainly on start-ups offering services or software, while in recent years more and more of them have also been focusing on other businesses [1]. At first, most accelerators had a general profile, i.e., they Copyright: © 2021 by the authors. accepted start-ups from various industries. Currently, however, vertical accelerators are Licensee MDPI, Basel, Switzerland. This article is an open access article starting to develop in various industries, such as Kaplan in the education industry or Surge distributed under the terms and in the energy industry. Some accelerators only accept start-ups whose founders belong to conditions of the Creative Commons specific social groups, such as those established by women or ethnic minorities, or start-ups Attribution (CC BY) license (https:// originating from the academic community [4]. creativecommons.org/licenses/by/ In 2007, there were only three accelerators in the world, while in 2013, more than 4.0/). 100 accelerators existed in Europe alone [2]. Only in the United States, it is estimated that Sustainability 2021, 13, 1689. https://doi.org/10.3390/su13041689 https://www.mdpi.com/journal/sustainability Sustainability 2021,, 13,, x 1689 FOR PEER REVIEW 22 of of 23 23 ditions of the Creative Commons At- 7000over start-ups 7000 start-ups took part took in part acceleration in acceleration programs, programs, raising raising a total a of total USD of 30 USD billion 30 billion in fund- in tribution (CC BY) license (http://crea- ing.funding. It is also It is estimated also estimated that in that2015 in as 2015 many as as many one third as one of thirdall start-ups of all start-ups obtaining obtaining funding tivecommons.org/licenses/by/4.0/). infunding the United in the States United were States previously were previously part of one partof the of accelerators one of the accelerators[5]. Start-ups [ 5that]. Start- par- ticipateups that in participate top accelerators in top expe acceleratorsrience much experience faster “exit” much (exit, faster i.e., “exit” company (exit, sales i.e., company or stock exchange)sales or stock compared exchange) to start-ups compared using to start-upsthe help of using business the help angels of business[6]. On the angels other [ 6hand,]. On thethe regions other hand, where the accelerators regions where operate accelerators have a higher operate level have of private a higher financing level of for private both acceleratedfinancing for start-ups both accelerated and non-accelerated start-ups and start-ups, non-accelerated thus stimulating start-ups, the thusentire stimulating local eco- system,the entire not local only eco-system, accelerators’ not participants only accelerators’ [2]. Several participants start-ups [2 taking]. Several part start-ups in accelerators taking havepart inachieved accelerators spectacular have achievedsuccess and spectacular recognition, success such andas AirBnB, recognition, SendGrid such or as Dropbox AirBnB, [5].SendGrid Most of or the Dropbox accelerators, [5]. Most including of the accelerators,the three most including popular the ones—Y three mostCombinator, popular TechStarsones—Y Combinator,and SeedCamp—do TechStars not and participate SeedCamp—do in the next not rounds participate of financing, in the next except rounds for theof financing,investment except provided for the during investment the acceptance provided to during the accelerator. the acceptance Nevertheless, to the accelerator. accelera- torNevertheless, founders and accelerator mentors founders sometimes and personally mentors sometimes invest in personallyaccelerated invest start-ups in accelerated [7]. Very often,start-ups accelerators’ [7]. Very often,managing accelerators’ directors managing are entrepreneurs directors themselves, are entrepreneurs having themselves, graduated fromhaving studies graduated related from to IT studies or high related technolo to ITgies or highand technologieshaving successfully and having conducted successfully their companiesconducted [6]. their companies [6]. TheThe environment environment of of innovation innovation accelerators accelerators also also allows allows to to more more effectively effectively approach approach thethe challenge challenge of of “open “open innovation”, innovation”, i.e., i.e., the the open open process process of of developing developing and and implementing implementing innovations,innovations, especially especially important important for for large large co corporationsrporations [8]. [8]. Corporations Corporations struggle struggle with attractingattracting the mostmost talented talented graduates graduates and and they they do notdo adaptnot adapt as fast as as fast start-ups. as start-ups. This makes This makesthem willing them willing to cooperate to cooperate with start-ups with start- andups acceleration and acceleration programs. programs. As the educationAs the educa- and tionprestige and prestige of the university of the university completed completed by the candidate by the candidate for work for are work the are determinants the determi- of nantshis qualifications of his qualifications for the employer,for the employer, the brand the ofbrand the acceleratorof the accelerator completed completed by the by start- the start-upup is the is determinantthe determinant of its of attractiveness its attractivene forss corporationsfor corporations or ventureor venture capital capital funds funds [2]. Figures1 and2 show the increase in the number of start-ups that took part in accelerators [2]. Figures 1 and 2 show the increase in the number of start-ups that took part in acceler- and the total value of capital obtained by accelerated start-ups. ators and the total value of capital obtained by accelerated start-ups. FigureFigure 1. Number ofof companiescompanies whowho participated participated in in accelerators accelerators and and get get funded funded over over time. time. Source: Source: https://www.seed-db. https://www.seed- db.com/chartsandtables, [9] (accessed online on 6 May 2020). com/chartsandtables,[9] (accessed online on 6 May 2020). Sustainability 2021, 13, 1689 3 of 23 Sustainability 2021, 13, x FOR PEER REVIEW 3 of 23 Figure 2. Funding (in USD $) raised by start-upsstart-ups whichwhich participatedparticipated
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