High-profile examples include the UK’s NHS Innovation Accelerator, a revolutionary programme that gives innovators the skills and guidance to support innovation in the healthcare sector, and Horizon 2020 (H2020), the main European funding programme for research and innovation. H2020 has a budget of €79 billion and is intended to remove barriers to innovation, and make it easier for the public and private sectors to work together within fields as diverse as nanotechnology, food security, green energy and healthcare. On a smaller scale, several large corporations (e.g. BASF, DuPont) have recently begun to nurture start-ups by hosting efforts top bring in outsider technology and foster an entrepreneurial spirit. 

Of course, the process for being accepted by an accelerator is competitive – typically, less than 5% of applicants are accepted, but even an unsuccessful application procedure can be a learning experience and may provide realistic insights into the likelihood of success, or the need for a different approach. The lucky 5% should benefit from intensive expert focus on development and progress, including networking with other industry support providers and further investors. Just remember that funding is generally offered in exchange for equity – and what might seem like a small slice of cake now, might be quite large if your project is successful!

Business leaders in the chemicals space should be aware of the support offered by innovation accelerators in their fields, as demand for ever faster routes to market in an ever more competitive world places them under new pressures. The right accelerators can provide invaluable support for organizations in the early and fragile stages of product development, helping them avoid common mistakes, saving time and money, and increasing success rates. However, make sure you understand the value and pay-back, and how the programme will benefit your organization.