The Effect of Accelerators on the Regional Entrepreneurial Ecosystem: Financing, Economic Development and Cluster Formation

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Seed accelerators are a new form of support for entrepreneurial firms. Replacing the older model of incubators, seed accelerators operate as fixed-term, cohort-based, "boot camps" for startups offer educational and mentorship programs for startup founders, exposing them to wide variety of mentors, including former entrepreneurs, venture capitalists, angel investors, and corporate executives; and culminate in a public pitch event, during which the graduating cohort of startup companies pitch their businesses to a large group of potential investors. Many local governments have invested in the accelerator model as a means to transform their local economies. Despite their popularity, with estimates of more than 3000 seed accelerator programs worldwide, there is little evidence on the impact of seed accelerator programs, and the degree to which they tangibly contribute to regional economies or simply result in the reallocation of entrepreneurial firms and investment dollars between regions. This project will provide policy relevant evidence on the role of accelerators in facilitating the emergence of an entrepreneurial ecosystem in a local region. The project will document how accelerators affect the provision of venture capital funding, innovation and the development of the local entrepreneurial economy. Results inform not only on the overall value of accelerators to the local entrepreneurial ecosystem, but also the value of establishing links to local industry. Understanding the factors that foster both growth in regional ecosystems or reallocation of entrepreneurial firms and investment dollars across different regions provides an understanding of policies that make a difference to startup founders and investors, and regional economic vibrancy more generally.