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October 04, 2015

Are Corporate Accelerators a Farce?

Anand Sanwal of CB Insights believes they are. Extract from his recent newsletter article.
When I see a big corporation launch a buzzwordy accelerator program, I hear the sound of money getting flushed down the toilet. They launch these to get some buzz/look cool and, in theory, support and learn from startups. But here's the rub: if you're a giant, slow-moving company not known for being particularly innovative, the startups attracted to your accelerator are going to be 2nd or 3rd tier. 
..That said, if you are focused on trying to "look innovative," here is the full list of tactics..: 
* Build a startup-y office with an open floor plan, showers, and an Xbox/Playstation... 
* Launch an innovation lab or accelerator. It doesn't matter what it does (if anything) — but do this. 
* Tell people that you don't wear suits and that you wear jeans to work.
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