What Can AI Accelerators Do For Startups?
Accelerators have been helping startups for years, regardless of the idea or field. As such, AI accelerators have been focused on helping startups develop their artificial intelligence software, hardware, or other projects. But what do they exactly do for one startup?
What Is a Startup Accelerator?
What are accelerators? Startup accelerators are organizations that want to help startups succeed with their idea by providing them with advice, resources, and mentorship. They also offer financial support, but their main focus for startups in their early stages is to combine financial support with mentorship and training. There are also startup accelerators that support non-profit organizations, where they focus on some form of human or environmental benefit with the goal of building a smarter future instead of any financial gain.
The startup accelerator business model focuses on growth-driven ventures in their infancy with the goal of achieving a good return on investment within a short time. Startup accelerators are involved in all stages of development – from the idea stage to the later revenue-generating stage. However, they usually focus on relatively early-stage startups that would benefit from their help.
Accelerators are usually funded by corporations, investors, or even government agencies. They create or fund accelerator programs to support innovation, discover new ideas, and source investments.
One of these accelerators, IoT Tribe is considered as a trusted partner to startups, corporations, investors, and government agencies, and with that trust, brings together people into communities where partnerships and tech talent can thrive.
The main difference between accelerators is their focus. They are focused on a specific industry, technology, market, or stage, and help startups based on these. Just like that, AI accelerators are focused on startups that are developing or want to develop software, hardware, or anything else in the field of artificial intelligence.
However, accelerators have had success in helping many startups be successful, it doesn’t mean it will be like that for everyone. Just because a startup is admitted to an accelerator doesn’t mean it’s a guaranteed success.
How Did Accelerator Programs Start?
In 2005 Paul Graham, who was an American entrepreneur and investor, created the first accelerator program called Y Combinator. He decided to invest small amounts of money in tech entrepreneurs and support them as they develop their ideas. He wanted to create efficiency with his equal investing and offer equal support for all of them.
Ever since then, this concept of accelerator programs that help startups has become a global phenomenon. Following this example, IoT Tribe has been dedicated to accelerating the growth and adoption of disruptive technologies globally. They offer tailored services for partners who have the desire to support business founders and startups.
So far, IoT Tribe has managed to bring technology ecosystems together and shaped the future of disruptive technology. Through their Industrial Tech Accelerator program, IoT Tribe has managed to accelerate over 20 industrial tech startups, and that’s just the beginning.
What Makes an Accelerator Program?
Accelerator programs intend to accelerate the development of startups that are developing new ideas. But, they are defined by a few characteristics:
1. It is a fixed-term program that has a start and end date (usually lasts 3-12 months)
2. It has different startups or participants
3. It has mentors that will support the startups
4. They offer mentoring with the goal of transferring tacit knowledge
5. They have an education program that is aimed towards transferring acquired knowledge
6. It has a selection process when choosing startups to admit
If something doesn’t fit these criteria, then it would be fair to say that it is not an accelerator.
The Benefits of AI Accelerator Programs
Startups that are developing something new in the field of artificial intelligence can benefit a lot from accelerator programs, like the ones the IoT Tribe has to offer. With the help of accelerators, people (and their startups) can learn to manage engagements efficiently and use given resources to their full advantage.
Accelerators bring together different groups of stakeholders and facilitate engagements between these groups in an efficient way. With an open application and selection process, they choose people and startups that are the best in the class of those who applied.
They also bring together mentors that will transfer tacit knowledge to startups, provide a networking connection for future reference, and inspire people to take action towards their goal. However, mentors need to be diverse to bring non-redundant information startups don’t have and won’t receive anywhere else. By giving startups that knowledge, they will bring more value to their work and help them through problems they wouldn’t be able to solve on their own.
With that in mind, the IoT Tribe Deeptech Accelerator aims to attract disruptive global deep-tech startups that want to start their international expansion journey into Asia with their Deeptech Accelerator and for Singapore-based startups wanting to expand into the UK with their London Tech Calling program, by offering them a network of people they wouldn’t be able to learn from in other circumstances. Through IoT Tribe, startups can connect with key corporates and ecosystem players.
Another important aspect of accelerator programs are resources. Many mentors will provide a lot of resources to newly-founded startups, but these programs also have more resources to offer. Like all AI accelerators, the IoT Tribe offers many resources to disruptive startups from across the globe – resources that they can use to develop their proof-of-value. They have workshops, business coaching, and even 1-on-1 sessions with people from selected companies.
Why Should You Apply for an AI Accelerator Program?
The way AI accelerator programs bring together startups and manage engagements with them rapidly in a short time with a fixed-term program has the same efficiency as a university that gathers students into classes. Startups get access to new non-redundant information, mentorship, resources, network ties, and social validation. All of these can help a startup grow from its early stage and develop into a self-sustaining and successful company that has turned their idea into a product.