August 11, 2020
Corporate Accelerators was made for Teclabs — Tec de Monterrey’s Educative Innovation Center.
This document analyzes and shows the step by step implementation of a corporate startup accelerator process. This case study will show:
a) the alignment with the existing strategy
c) implementation strategy and process
e) advantages and barriers
The research method is mainly qualitative with a descriptive focus. The contents and results of this study were obtained from the actual program run, from the experience of have developed the program and metrics obtained during the program.
ABOUT ORION STARTUPS
Orion Startups is a venture capital firm and business accelerator for Software, Internet and Biotechnology companies in early stage.
The program has a duration of five months and are provided with pre- seed capital, mentorships, infrastructure and networking; allows them to quickly validate ideas, build a full-supported product, define market strategies and obtain their second round of investment.
WHAT’S A STARTUP
A startup is an early stage tech company. Unlike an SME, the startup bases its business in an easy and fast scaling, using — mainly — digital technologies1, explains Eduardo Morelos, Startupbootcamp Fintech México Director.
WHAT’S A BUSINESS ACCELERATOR
This incubation model has an explicit focus in the companies’ growth, unlike any other incubation program. Accelerators with actual investment money have a lucrative scope that intends to achieve a positive ROI to its sponsors or investors, whether that ROI is economic, knowledge or other.
WHAT’S AN ENTREPRENEURIAL CULTURE
The entrepreneurial culture consistes in identifying opportunities and gathering enough resources to transform companies. It is an attitude, in which you need to develop change, experimentation, flexibility, agility, openness and, beyond all, risk abilities-
Corporate acceleration is an innovation program in which the corporate works alongside an external institution to source, select and develop startups that are keeping edge in industry technologies, products, services and business models.
“In the corporate accelerator, what I have found is that companies see this as a way of encourage internal innovation. Today, all companies are learning from entrepreneurship”2, comments Cristóbal García, director of Jump Chile.
Corporate Accelerators Types
This type of corporate accelerator dedicates 100% of its efforts within the corporate. BMW, for example, has this type of accelerator: if employees have any idea, they are able to develop if inside BMW. Most of the times — when an idea is successful, the company owns 50% of the new venture
Hybrid accelerators are those whom give space to employees to develop, validate and prototype new ideas within the corporate industry, but also welcome outsiders. Bizlab, from Airbus, is a clear example of this.
In this particular acceleration model, several corporates associate to support projects with ideas within the industry of interest. They all invest, scout and support startups together.
Authors: Carolina Puente Corral, Orion Startups Program Manager with collaboration of Claudia Navarro Corona, Researcher Professor of Tec de Monterrey.
If you want to read the full paper download the PDF here.