Incorporating social good into the business model is no longer just a nice concept. Consumers have come to expect it and they are even willing to pay more for an item from a company that has impact, liability, and ethics at its primary.
But launching a successful interpersonal impact startup, like any new business, demands financial support and guidance. Today, a new tool is helping interpersonal entrepreneurs find the right business accelerators to obtain their ideas off the ground.
The Accelerator Selection Tool, created by not for profit Conveners in collaboration with Sphaera, ImpactSpace, and other partners, weeds with the hundreds of social impact accelerators on the market in order to find the right one for you. It released this week at the Social Capital Marketplaces Conference (SOCAP) in San Francisco.
Users can search for accelerators simply by name or location, but the really helpful feature is the ability to select from a variety of filters in the top menus: Impact Region, Impact Focus, System Offering, Corporate Form, Stage, plus Travel.
For example, in case your idea is to help women within Kenya gain access to financial services and empowerment, and you’re primarily looking for mentorship in your startup’s nascent stage, the particular accelerator Spring could be the perfect option.
Conveners calls the particular tool “the first aggregator from the kind, ” and it could reduce hours of work searching for the correct accelerator â? time that, for the new startup founder, is better invested elsewhere.
“Many of the business owners I talk to said that one of the things that will took a lot of their time â? sometimes as much as 100 hours â? was figuring out what accelerator to utilize to, ” Avary Kent, professional director of Conveners, told Fast Company. “I feel like entrepreneurs must be spending time building their businesses, not really figuring out which program can provide the correct support. “
The Accelerator Choice Tool has 750 accelerators in the database. People who work at accelerators, incubators, fellowship programs, and competitions can also add themselves to the search results by making a profile in ImpactSpace’s database.
A lot of entrepreneurs probably understand several popular incubators and accelerators in this space by name. There is certainly Benetech Labs in California, Responsive Green in New York, Uncharted (previously the Unreasonable Institute) in Co, IMPACT in Europe, and even Silicon Valley’s Y Combinator, which has a broader scope but a growing focus on interpersonal impact startups.
But simply because an accelerator has name identification doesn’t mean it’s the right option for all social enterprises, especially on different stages of development.
The Accelerator Selection Tool can be poised to be a startup founder’s greatest chance at cutting out the time-consuming process of finding an accelerator and having started on what really matters: transforming the world.