Business Accelerator Programmes: What are they and should I apply?

You need more than a great business idea to grow a successful business. Access to business finance, connections, mentorship, and a suitable workspace all contribute to a fast-growing business.

So if you think all those bits are holding you back, there’s good news: that’s exactly why business accelerator programmes exist.

If you’re focused on rapid growth but need a little help to make it possible, keep reading to learn more about what business accelerator programmes are, how they work, and whether they’re suited to your business journey.

What is a business accelerator programme?

They’re short-term business programmes (usually three to six months) aimed at giving you all the support and guidance you need to get your business on a great growth trajectory. So if you already have a product or service, they can help you scale quickly.

Although seed funding can be part of business accelerator programmes (in exchange for business equity), you can expect mentorship from industry experts, alongside networking opportunities, and access to workspaces. Everything you need to make a real success of your business.

After you graduate from the programme, participants have the opportunity to pitch to investors at a ‘demo day’. This is a key opportunity to secure funding and further widen your business network.

How accelerator programmes can transform your business

Growing at scale can take business owners years and years. Why? Because other things get in the way, there’s a lot of trial and error; it takes time to learn your audience, to build connections, to test your product or service and adjust accordingly.

But with an accelerator programme, the growth period is much more concentrated. You get access to necessary resources and advice, so you can essentially skip over the period where you needlessly struggle:

• Experts push you to refine your offering and your business model, and understand your buyer personas and their behaviours
• You gain access to a network that you can build upon way past the end of the programme
• You build credibility when the accelerator programme accepts you

Top UK business accelerator programmes

Not sure what’s out there? Here are some top accelerator programmes that can give your business a boost:

London Business School Accelerator Programmes

• Offers multiple accelerator programmes from early-stage startups right through to growth-stage companies
• Participants can access London Business School's expertise and mentorship from successful entrepreneurs (including the alumni network)
• Connections with European and global investors
• Perfect for startups looking for a prestigious association and academic rigour

Enterprise Ireland Business Accelerator Programme

• Provides (typically) equity funding, mentorship, and access to international markets
• Focused on scalable companies on a global level, which will create jobs in Ireland
• Business must be Irish-registered and also majority Irish ownership
• Perfect for Irish entrepreneurs looking for capital and market access

Business Wales Accelerated Growth Programme

• Offers custom support from strategy development to leadership coaching
• No equity taken (funded by the Welsh Government)
• Perfect for ambitious Welsh businesses that can demonstrate high growth potential

Other accelerator programmes for UK businesses

It’s worth checking whether your bank offers any business growth accelerator programmes. Barclays has one aimed at companies in the FinTech space, and NatWest offers an accelerator programme with an app for entrepreneurs to access a like-minded community, help find funding, ideas to help you grow, and access to UK-based co-working spaces.

If you’re a tech company looking to scale internationally, Grow London’s free 12-month programme could be a good option. Unlock expert advice, workshops, attend events, and more. To be eligible, you must be based in London, have international growth ambitions, have at least 10 employees, along other eligibility criteria.

What to expect from an accelerator programme

Business accelerator programmes can mean you’re in for a few intense months. The onboarding experience includes working on your business strategy and financial projections. After this, you’ll start regular mentoring sessions and workshops designed to push you out of your comfort zone.

As this programme is built to help you achieve rapid growth, the hours you’re expected to spend developing your business can be above and beyond what you’re used to. The programme will uncover any weaknesses in your business so you can address them before they cause problems, so, as part of the process, you can receive some harsh feedback from the experts on the programme.

But, after you graduate from the programme, you’ll come away with increased confidence in making deliberate and impactful business decisions and with access to a whole host of new contacts to make a real success of your business.

Is an accelerator programme right for your business?

If you’re a brand new business with barely any sales or proof of concept, an accelerated growth business programme might not be for you. They’re aimed at businesses poised and ready for scaling.

But just because you might not fit their criteria now, doesn’t mean you won’t in the near future. You don’t have to wait for an accelerator programme to grow your business, though. There are plenty of other ways to build a network, access expert advice, and seek funding opportunities.

Some useful resources to access expert advice:

• British Chambers of Commerce. Your local Chambers of Commerce will host local business events and networking opportunities, and help put you in contact with useful business connections.
• UK Business Advisors. This platform can connect you with business advisors to help you with things like financial planning, marketing and sales strategies, and people management. You can take advantage of a free 30-minute consultation to help assess your business’s needs.
• Innovate UK Business Connect. Whatever stage of growth, Business Connect can help you access funding and advice to scale your business. A government-funded organisation, you can take advantage of many of the site’s resources for free.

How to get accepted into a business accelerator programme

The best way to secure a place on a business accelerator programme is to have a product or service that is already in demand from customers. If you can prove people want your product and it has traction, then you’ll have a better chance of being accepted.

Knowing which areas you need help in and clearly explaining how the business accelerator programme can help fill those knowledge gaps and help you overcome challenges is also favourable.

Alternative routes to rapid business growth

These programmes don’t accept every business onto them. With so many businesses vying for a spot, it can be pretty challenging to get accepted. So how else can you grow your business quickly?

Apply for a business loan designed for growth

Alternative finance providers offer flexible, affordable, and accessible finance options for businesses at every stage of the business journey. Here are some great growth loan options you can consider:

Startup business loans

You can apply for a startup loan as long as your business has been trading for at least three months. New businesses can struggle to obtain finance through traditional high street lenders, but alternative lenders assess applications on an individual basis and can ask for additional security to lessen the risk, i.e. a personal guarantee.

Fast business loans

If you want to grow quickly, you need to access finance quickly, too. After approval, you can see funds in a matter of days with a fast business loan. The quickest business loans to apply for are unsecured, which means lower loan amounts (but still up to £500,000) and higher interest rates.

Small business loans

Use a small business loan to make big changes in your business, from buying new and essential business equipment to splashing out on a big marketing campaign to drive product awareness and sales. You typically pay these loans back each month with interest, but some products are paid as a percentage of sales (like a merchant cash advance), which can be useful if you have a seasonal business.

Making the right choice for your small business

You know you can start a business and grow it, but it depends on how quickly you want to grow it. If it’s important to you to grow rapidly, perhaps there’s a gap in the market right now, or you need it to work quickly for financial reasons, then applying for a business accelerator programme could be a good choice.

If you think you’ve got the knowledge to grow your business yourself, but you need to inject a little capital to get there, consider applying for a business loan or seeking out finance another way, i.e. through crowdfunding, a family and friend loan, or inviting an investor on board.

However you choose to grow your business, always weigh up the pros and cons of all your options before diving in.

If you’re interested in seeing eligible loan options, find and compare business loan lenders using our free loan comparison tool. Find a business growth loan.