Incubators and accelerators are structured programs designed to help early-stage companies grow through mentorship, education, and access to networks. While both aim to increase a startup’s chance of success, they differ in pace and intensity.
Incubators provide longer-term, flexible support, often including workspace, advisory services, and community programming. Examples in Ontario include MaRS Discovery District and Invest Ottawa’s Incubator Program.
Accelerators are typically shorter, cohort-based programs that focus on rapid growth, investment readiness, and market entry. Examples in Ontario include Creative Destruction Lab and the Accelerator Centre in Waterloo.
Research shows that participation in these programs can have a measurable impact. Accelerators often improve funding outcomes and milestone achievement, while incubated firms benefit from ecosystem support that boosts survival rates and early revenue.
To get the most out of an incubator or accelerator, founders can take a proactive, strategic approach.
1. Define Objectives
Set a small number of program goals that directly influence growth. Prioritize activities that support those outcomes, and avoid getting sidetracked by less relevant offerings.
2. Align Program Resources with Gaps
Map your most pressing strategic or technical gaps against the resources available, such as mentors, workshops, or programming. Ask for targeted support rather than relying solely on the general curriculum.
3. Engage with Mentors
Bring data, not just questions. Customer interviews, financial models, or experiment results enable mentors to give precise, actionable guidance.
4. Leverage Peer Learning Within Your Cohort
Identify peers who excel in areas like sales, regulatory navigation, or product deployment. Schedule structured exchanges with them. Cohort insights are often as valuable as mentor advice and may lead to future collaborations.
5. Expand Your Network Beyond the Program Team
Develop a relationship plan targeting partners, investors, and customers introduced through the program. Track interactions, follow up promptly, and clearly communicate value. A structured tracker can help keep these connections organized.
6. Test and Iterate
Turn program insights into controlled experiments with defined hypotheses and measurable results. Determine which recommendations drive performance and which should be deprioritized.
7. Track Key Performance Indicators (KPIs)
Select a small set of KPIs that reflect real traction, such as conversion rates or pilot engagement timelines. Review these regularly with your team to ensure program activities are driving meaningful results.
8. Carry Program Momentum Forward
Before the program ends, create a timed execution plan to implement recommendations and advance leads. This ensures you maintain momentum and translate insights into action.
Final Thoughts / How We Can Help
Incubators and accelerators can be powerful drivers of early growth, but only when founders take an active, intentional approach. We’re connected with many of these programs across Canada and can help you navigate the ecosystem, identify the right fit, and make meaningful introductions. If you’re exploring opportunities to accelerate your startup, reach out. We can help you turn program participation into tangible business results.
