Objective
Conceiving, building and scaling a business (pursuing a start-up) is a career path that is very different from the traditional career path, which may involve participating in one or more internships, followed by an entry-level job where you learn the ropes and then, quickly, as a Bentley grad, applying all you have learned to climb the ladder. However, there is one thing that is similar in the start-up career path. There are no shortcuts. One has to go through multiple steps where you can establish your credentials over multiple steps. These may be include building your idea, understanding customers and markets, developing a market strategy, establishing operational elements and much more. When the investors see that you have demonstrated due diligence at each step, they are much more inclined to work with you in the next step. Therefore, as a part of this process, an entrepreneur must often weigh different funding options. Of these options, perhaps the most important are Incubators and Accelerators.
Purpose
This page serves as a resource for student teams to understand these options (Incubators and Accelerators). It provides some definitions, a sense of what Incubators and Accelerators are meant to be, how to effectively participate in these Incubators and Accelerators, and pointers to several external Incubators and Accelerators that you can access and participate in. It also allows you to think about how to develop your own strategy for participating in these programs, once you learn from the E-Hub Incubator program. In addition to these resources, Bentley E-Hub now partners with global initiatives such as the Hult Prize, giving student teams a direct pathway from the Incubator into world-class competitions and accelerator-level experiences.
Understanding Incubators and Accelerators
What is an Incubator?
The word in.cu.ba.tor /ˈinkyəˌbādər/ describes an enclosed apparatus that provides a controlled environment for the care and protection of small babies or an apparatus used to hatch eggs or grow micro-organisms under controlled conditions. That same perspective - helping a team of students to refine, develop and grow high-potential startup ideas (their baby) is at the heart of a start-up incubator. An Incubator (often within a university environment) is structured to operate locally and provide a host of resources such as mentorship (see E-Hub Mentor Neworks), a shared workspace for student teams (see the Somers Garage and E-Hub CIC desk), access to legal consultation (see E-Hub Legal Resources), guidance and help to develop products or ideas and experiments to improve product-market fit (see E-Hub expert consultants). With these elements, an Incubator (see E-Hub Incubator) can (often) provide seed funding, sometimes in return for a small stake in your start-up and (often) without anu equity in your start-up. The E-Hub Incubator also provides additional resources such as the E-Hub knowledge-base to understand funding options, explore different business models, and additional curated resources available on-demand.
The E-Hub Incubator and Beyond
If you are interested in developing your start-up, it is highly recommended that you start with the E-Hub Incubator. The alumni judges for the E-Hub Incubator will provide you honest, direct and friendly feedback that will help you develop your ideas. Even if you do not succeed in some of the phases of the Incubator, you will continue to have access to several resources. This is invaluable because you may be able to leverage personal funds or funds from friends and family (see Funding Options) but the knowledge base, expert consulting assistance and mentorship that you can leverage to build your ideas can be invaluable.
References
What is an Accelerator?
The word ac·cel·er·a·tor /əkˈseləˌrādər/ describes a person or a thing that causes something to happen or develop more quickly; in common parlance, it describes a device, typically a pedal, that controls the speed of a vehicle's engine. That same perspective - pushing a team with an early-stage startup in a fast-learning, fast-failure, and fast-growth mode through mentorship, education, and resources - is at the heart of a start-up accelerator. An accelerator may not be part of a university environment. Instead, it is more likely to be run by an independent entity that may be privately funded. A well-structured start-up accelerator is typically run as a cohort-based program for a fixed period of time (often three to six months) with intense mentorship, guidance and structure. In exchange for these services, the start-up accelerator often seeks a small equity stake in the startup (such as 3–10%). To leverage this mentorship and guidance from the accelerator, the team must be at at the right stage. Very early stage startups that are still unclear about their product/service idea, market segment, scaling potential, operations or value proposition may consider learning the basics by participating in an Incubator first.
Top Accelerators
It is difficult to rank-order different accelerators because their industry vertical focus may be different, their equity stake policies may be different, and their geographical focus may be different. The fit for a team building a start-up, therefore, requires individual conversations and guidance. The E-Hub, along with the network of mentors, can provide this guidance when the time is right for each team. Nevertheless, there are a few accelerators that are known because of their reputation, track-record and high quality mentorship they offer. They include:
MassChallenge (Equity free funding, Focusing on AI, ML, Mobile)
YCombinator (Uses SAFE (Simple agreement of future equity), Industry-vertical agnostic)
Techstars (Equity plus Debt structure, Industry-vertical agnostic)
500 Startups (Equity stake plus SAFE with MFN clause (early investors receive same terms as future investors), Industry-vertical agnostic)
Getting into an Accelerator
Accelerators tend to be selective, competitive (some accept 2% or less of the applications). Because they tend to be short duration (often 3-6 months), include intense mentorship (drawing on the talent of a few individuals), and provide funding - they must marshall all these resources (time, talent and treasure) to ensure that they are focusing on teams and ideas (entrepreneurs) that, in their assessment, have the potential to succeed. Significant preparation is, therefore, essential to gain entry into the accelerator. Most accelerators have rigorous criteria such as (adapted from Neklo):
Product or Service with a validated product-market fit with a proof of concept (POC) prototype or minimal viable product (MVP).
Market Opportunity that points to sustainable revenue growth in a particular market segment with a competitive advantage.
Traction demonstrated by initial success such as user engagement, revenue generated, customer acquisition rate, or others.
Vision and potential for growth in terms of features for the product or service and revenue streams.
Team with expertise and experience with a track record of successful projects or a skill set to engender trust.
References
Incubators vs. Accelerators
If you read through the descriptions of Incubators and Accelerators, it becomes clear that they serve different purposes. For an early-stage start-up especially when the idea, product, or service is still being shaped an Incubator is the right first step.
As teams enter an Incubator, they should expect their assumptions to be challenged and their ideas questioned. This is intentional. Through guidance from multiple mentors, teams learn to evaluate feedback, make decisions quickly, and build confidence in their own judgment. The Incubator is often the first semi-structured environment where entrepreneurs experience real deadlines, manage seed funds, seek targeted help, and leverage a variety of resources to move their ideas forward. This learning curve fast, practical, and hands-on—is invaluable.
Once teams leave the university environment, however, the scrutiny increases. Competing in external incubators or applying to competitive accelerators (with low acceptance rates) requires stronger preparation. Teams must understand evaluation criteria, refine their value proposition, demonstrate traction, and show readiness for scale.
References
University Lab Partners. 2021 Incubator vs. Accelerator: What's the Difference?
HBS Insights. 2023 Startup Incubator vs. Accelerator: Which Is Right for You?
Programs & Pathways Beyond E-Hub
Hult Prize Partnership
Bentley E-Hub is now a partner of the Hult Prize, one of the world’s largest and most prestigious student entrepreneurship competitions. This partnership creates a direct pathway for Bentley teams to move from the E-Hub Incubator into the competition’s multi-round structure from qualifiers to nationals, a digital incubator, global accelerator, and finally the global finals where the winning team receives up to $1 million in seed funding. E-Hub will support teams with application guidance, pitch preparation, and mentorship to help them compete on this global stage. This opportunity helps student founders test their ideas on an international stage while gaining exposure to investors, innovators, and global entrepreneurship networks.
Learn more about the program: Hult Prize Partnership
Bentley University is an institutional partner of VentureWell, a national nonprofit that supports early-stage innovators developing science and technology based solutions with social or environmental impact. VentureWell provides student teams with funding, training, venture development programs, and access to a national network of mentors and innovation leaders. Through this partnership, Bentley teams can apply to several VentureWell programs that help them move from idea to prototype, validate markets, strengthen business models, and prepare for future investment opportunities.
VentureWell Programs for Bentley Student Teams
| Program | Type | Organizer | Start Date | Description |
|---|---|---|---|---|
| E-Team: Pioneer Program | Accelerator | VentureWell | January + two more cohorts each year | Provides $5k in non-dilutive funding, a training workshop for market discovery and kickstart your work. Grants awarded to universities, not to individuals or teams. You need an an innovation and a team (other students, advisors, mentors, etc), to qualify for the E-Team Program. Individuals do not qualify. Three cohorts per year: winter, spring, and summer. |
| E-Team: Propel Program | Accelerator | VentureWell | January + two more cohorts each year | Provides $20k in non-dilutive funding, traking workshop and more. Teams who have received a Pioneer grant and have successfully completed the Pioneer workshop can apply to Propel, the second stage in the E-Team Program. Three cohorts per year: winter, spring, and summer. |
| E-Team: Ascend Program | Accelerator | VentureWell | Currently not open | A program to validate your business model as you prepare for investment. It is designed for startups that have incorporated but pre-seed that have completed some work on customer discover and product-market fit. |
| E-Team: Aspire Program | Accelerator | VentureWell | Currently not open | A program to develop your fundraising strategy. It is designed for starts that have incorporated, and now preparing to raise equity investment. |
Here are some of the options you may consider, organized with attention to the start date. Most have an annual cadence, so you can plan ahead based on your stage in the entrepreneurial journey.
| Program | Type | Organizer | Start Date | Description |
|---|---|---|---|---|
| Values and Ventures Competition | Competition | Texas Christian University: Institute for Entrepreneurship and Innovation | January each year | Open to undergraduate students in any university. Only 1 team allowed per university. If interested, reach out to the E-Hub. Teams must have a faculty/staff sponsor. The values-centered venture must contribute to the well-being of specific stakeholders through products, services and/or profits. Nonprofit ventures are not allowed. Prizes vary from 2k to the top prize of 40k. If invited to campus, TCU covers lodging, local transportation and most meals; the E-Hub will support travel to Fort Worth, TX. |
| Rice Business Plan Competition | Competition | Rice Alliance | January each year | Open to start-ups with at least two current student founders or management team members (at least one current graduate degree-seeking student from a college or university) Described as the largest and richest student startup competition in the world. Prizes (1k to 150k or even higher), most in the form of convertible debt notes or equity investment, and most require the company to be (re)structured as a Delaware Corporation before receiving funding. Teams selected after screening applications, pitch presentations in person |
| Heartland Challenge | Competition | University of Arkansas: Office of Innovation | January each year | Open primarily to graduate students (exceptional undergraduates ok). Students from any graduate program (not just MBAs) are eligible to participate. Participation requires video pitch, busines plan and in-person presentation if invited. Five teams selected (prize varies from 40k to 2k), but also prizes for video pitch, startup expo and more. If selected to pitch, the E-Hub will support travel to Bentonville, AR. |
This page is a summary of important considerations and jump-off point for additional exploration, not a comprehensive reference.