The greater Washington region has an accelerator problem and we have to fix it if we want to grow the next generation of technology businesses.
A business accelerator is a term used to describe a broad range of business models that share characteristics: assisting a founder form a new businesses through mentorship, partnership connections, access to related expertise (for example, how to set up a limited liability company or a sales team) and access to investors.
Many accelerators get equity ownership, licensing revenue, rental fees or membership dues from the fledgling businesses. Accelerators tend to be of more use to inexperienced start-up founders since experienced entrepreneurs often already have the skills and networks to cultivate a smart idea.
Steve Case, one of the region’s most forward-thinking innovators made headlines last month by teaming up with others to invest $7.2 million in start-up incubator 1776. Accelerators help businesses scale while incubators often focus on innovation. Both are life-lines for many brilliant young local companies, and we should be doing more to follow Steve Case’s lead.
Because accelerators and incubators serve…
Read entire column at WashingtonPost.com.