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How Do the Startup Accelerators Help the Start-Ups to Scale?

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How Do the Startup Accelerators Help the Start-Ups to Scale? Trang Nguyen Thu HOW DO THE STARTUP ACCELERATORS HELP THE START-UPS TO SCALE? Case study Kiuas Accelerator Bachelor Thesis CENTRIA UNIVERSITY OF APPLIED SCIENCES Degree Program in Business Management May 2018 Centria University Date Author of Applied Sciences May 2018 Trang Nguyen Thu Degree programme Business Management Name of thesis HOW DO THE STARTUP ACCELERATORS HELP THE START-UPS TO SCALE? Case study Kiuas Accelerator Instructor Pages Janne Peltoniemi 41 + 2 Supervisor Janne Peltoniemi Start-up entrepreneurs emerged as a phenomenon all over the world and in Finland as well. However, becoming a founder of a startup is one of the most difficult journeys. The young entrepreneurs can create a lot of breakthroughs which will play an extremely essential part for our future. In contrast, they lack the experiences to establish a business. As a result, many potential startups fail because they have not received proper support. The concept of startup accelerator was appeared to support the early-stage or growth-driven startups to reach their potentials and boost their chances for success. The purpose of this thesis is to distinguish the startup accelerators from other institutions which also support the early-stage startup such as incubators. Not only that, it can be used as the guideline for startup founders to choose the right acceleration programs and join the programs. The thesis was designed to understand the structure of acceleration programs and their roles in helping startups to scale. The case study is Kiuas Accelerator’s program which is produced by Aaltoes (Aalto Entrepreneurs Society), to give a look inside an accelerator. The theoretical part was conducted from recent researches, reports, journals and books which provide prevalent insights in term of definitions and business models used. For analyzing the case study, an interview was conducted with the leader of Kiuas Accelerator Program to have an accurate picture of an accelerator program in reality. Key words Aaltoes, Accelerator, ecosystem, entrepreneurs, investors, Kiuas, startup. ABSTRACT CONTENTS 1 INTRODUCTION................................................................................................................. 1 2 ACCELERATOR PROGRAM ........................................................................................... 4 2.1 The appearance of Accelerators .................................................................................... 4 2.2 The growing of Accelerators .......................................................................................... 6 2.3 The definition of Accelerator Program ........................................................................ 7 2.3.1 Key features ........................................................................................................... 7 2.3.2 How is Accelerator different from Incubator? ................................................. 10 2.4 Five components ........................................................................................................... 11 2.4.1 Strategic focus ...................................................................................................... 11 2.4.2 Programme package ............................................................................................ 12 2.4.3 Funding structure ................................................................................................ 13 2.4.4 Selection process and criteria ............................................................................. 15 2.4.5 Alumni service ..................................................................................................... 16 2.5 Three emerging archetypes .......................................................................................... 17 2.5.1 The investor-led archetype ................................................................................. 17 2.5.2 The matchmaker accelerator .............................................................................. 18 2.5.3 The ecosystem accelerator .................................................................................. 19 3 HOW DO THE START-UP FOUNDERS BENEFIT FROM THE PROGRAM?....... 20 3.1 Funding .......................................................................................................................... 20 3.2 Comprehensive advice and support ............................................................................ 20 3.3 Bridge to potential investment ..................................................................................... 21 3.4 Validation ...................................................................................................................... 21 3.5 Peer support group ....................................................................................................... 22 3.6 Pressure and discipline ................................................................................................. 23 3.7 Risk management – Long term view ........................................................................... 23 4 CASE STUDY: KIUAS ACCELERATOR PROGRAM ................................................ 25 4.1 Finnish startup ecosystem ............................................................................................ 25 4.2 Overview ........................................................................................................................ 28 4.3 Program vision .............................................................................................................. 29 4.4 Five components of Kiuas accelerator ........................................................................ 30 4.5 Feedback from founders after programs ................................................................... 34 6 DISCUSSION AND RECOMMENDATIONS ............................................................... 35 7 CONCLUSIONS ................................................................................................................. 37 REFERENCES ....................................................................................................................... 39 APPENDICES FIGURES FIGURE 1. US seed accelerator programs by location ........................................................... 7 FIGURE 2: Examples of selection process ............................................................................. 16 FIGURE 3: Private and venture capital investments in Finnish companies in 2016 .............. 27 FIGURE 4: Vision of Kiuas Accelerator Program ................................................................. 29 FIGURE 5: Vision to dominate the market ............................................................................ 30 FIGURE 6: Kiuas Accelerator' s application process ............................................................. 33 1 1 INTRODUCTION There is no doubt that the phenomenon of start-up entrepreneurs is expanding in all over the world. Following the trend is the emerging of a new method to incubate the technology start- ups: accelerator programs which are backed by the successful start-up founders and a number of investors (Miller & Bound 2011, 3). It was not until 2005, the seed accelerator program named Y Combinator was introduced for the first time in Silicon Valley. In the beginning, their program only accepted a small batch of potential start-ups. They applied the lean start-up approach for the start-ups in their program. (Walters, Stacey, Haley & Roberts 2014, 4-5.) In the period less than ten years, the developing of accelerator program was considerable in the US. Soon after that, the programs were quickly replicated and adapted in Europe. The quality of programs was proved by the number of successful start-ups. The main purpose of this program is to connect the start-ups, investors, and entrepreneurs together, play an essential part in shaping the early-stage startups. It was said that the program can create the positive impact on the start-ups and the founders as well. Especially, accelerator program features the top-notch mentors and good quality start-up teams which can also bring back the benefit of the society and the companies. (Miller & Bound 2011, 3-4.) However, it was not a surprise when the world saw the emerging of the accelerator programs. Taking all advantages of digital technology, the expenses to establish a tech start-up decreased. As a result, along with the increasing of start-ups, the demand for new ways to support them is higher than ever. Additionally, the cost of start-up fell down significantly which means that the investors can invest the smaller amount in start-ups compared to the past. (Walters, et al. 2014, 4-5.) As the author of the thesis, I decided to choose this topic after my internship in an accelerator in Canada. Working closely with start-up founders inspired me a lot since I had a chance to listen to their start-up stories, experiences and also obstacles that they have to deal with. Especially, my supervisor during my internship period, Miryam Lazate, the CEO of LATAM Startup accelerator program, gave me valuable support. She gave me the motivation to investigate more about start-up ecosystem and start-up supporting programs. I realized that I 2 have a passion for supporting start-up founders. To be clear, I am not interested in having my own start-up but supporting and assisting start-ups to overcome the obstacles and develop. Therefore, right after coming back to Finland, I decided to stay in Helsinki and learn about
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