Growing a business can be tough, especially for an innovative startup that not many people have tried, or even know anything about. Questions like how do I find capital, the right network, or the right experience have been answered in 2005 with the creation of the first Accelerator named Y Combinator.
But before we get to that story, what exactly is an accelerator?
“Startup accelerators, also known as seed accelerators, are fixed-term, cohort-based programs, that include mentorship and educational components and culminate in a public pitch event or demo day.”, according to Wikipedia.
From a more local point of view, the Albanian Startup Law has this definition regarding startup facilitators (Accelerators and Incubators): “Startup Facilitators are the different actors of the ecosystem that offer supporting programs and services for startups, including but not limited to: incubation, acceleration, work environments, work equipment, mentors, advisors, trainers, assistance during the process of business development, technology and innovation centers, event organizers, higher education institutions, pre-university education and professional schools, research organizations, legal, financial, or business consultancy service providers, as well as entities that offer startups alternative financing such as capital investment, venture capital investment, innovation vouchers, business angels.”
As mentioned, the first independent startup accelerator was Y Combinator, which was originally started in Cambridge, Massachusetts but then moved to Silicon Valley. After this business model was proven successful, seed accelerator programs began growing rapidly across the United States and Europe. By 2015, it was observed that around one-third of startups that achieved funding went through an accelerator.
In Albania, the first accelerator for digital startups is Oficina, brought in the country in 2016 when the first acceleration program was held. Since then, Oficina has evaluated more than 400 startups in the selection process and accelerated 72 of them.
In 2019, another era of acceleration was brought by Uplift Albania, currently named Uplift Western Balkans because of the spread of its operations into startups from the Western Balkans, parallel to Albanian startups. Uplift is an early-stage accelerator program implemented by local organization ICTS Media, in collaboration with SOVVA, and funded by SlovakAid. Uplift’s program consists of a 4-months acceleration program, including a €3 000 cash prize for the best teams, workshops, networking sessions, dedicated business coaching, and 1-on-1 mentoring.
At the moment, over 15 startup accelerators and incubators operate in Albania, that are listed below:
Oficina: Ofiçina runs yearly incubation and acceleration programs in partnership with various international support organisations and private sector companies.
Yunus Social Business: Growing and supporting social businesses to solve the world’s pressing problems.
IDEA-Challenge: The IDEA-Challenge offers a unique opportunity to 2000 innovative start-ups, to scale up their entrepreneurial competences and business skills, by helping them to develop the necessary set of skills for generating ideas and delivering a final, convincing business plan.
Metropolitan Incubator: Metropolitan Incubator is the first "On Campus" incubator in the district of Albanian universities. Its mission is to support the successful development of businesses, influencing regional economic development.
Hapide Combinator: This acceleration program is part of the "Hapide Impact Combinator" program and aims to contribute to increasing the skills of young entrepreneurs and women, to reorganize, restructure and recover their businesses as soon as possible from the consequences of the earthquake and / or the situation. created by Covid-19.
B4Students: B4Students is a dynamic program, entirely tailored-fit and fully dedicated to students, purposely contributing to their needs in relation to linkage of studies, practical experience, social initiatives, as well as the development of their potential and entrepreneurial ideas, powered by BALFIN Group.
Barleti Hub: "Marin Barleti University" constantly offers courses and programs for young people who want to be an active part of the BARLETI Hub.
Oficina Hub: OFICINA HUB part of the Harry Fultz Institute is an innovation and co-working hub that seeks to build an ecosystem of innovators and social changemakers working on technology, accountability, and social change.
UK-Albania Tech Hub: UK-Albania Tech Hub is a program that supports collaboration between Albania and the UK in the area of technology.
Argjiro Innovation Hub: Chamber of Commerce and Industry of Gjirokastra created a unique Innovation Hub, through a series of projects co-financed from European Union and National Sources that’s incorporates holistic services for start-ups, SMEs. Enterprises and Local Stakeholders.
Uplift Western Balkans: Uplift is an early-stage Start Up accelerator program focused on growing business and increasing valuation. It aims to support dozens of the most innovative and promising startups from the Balkans region. Through Uplift, Startups will learn how to pitch to investors, protect their intellectual property, improve their business models and apply the lean methodology.
Tirana Inc.: Tirana Inc. is an initiative by Albanian universities and the City of Tirana to kick off a brand new student incubation program.
RISE: The RISE project helps young purpose-driven people. After a year of training and business development, the first cycle of the RISE journey has ended. Full of dynamism and talent, our first generation of entrepreneurs is currently launching their positive-impact projects all across the Balkans.
Growpreneur: Growth Accelerator and Flexible support provider for startups.
Elevator Lab Challenge by Raiffeisen Bank International: Elevator Lab is a leading fintech partnership program, powered by Raiffeisen Bank International (RBI), looking for innovative fintech solutions, in order to jointly develop tomorrow’s banking business. Once selected for Elevator Lab, you get the chance to scale your business across the CEE Region.
Albanian Innovation Accelerator: AIA’s mission is to help businesses innovate and thrive through a programme of training, mentoring, coaching and networks.
Women Founders Network Albania: First Accelerator for Women Founders in the Western Balkans. Based in Tirana, Albania.
IMAA offers more than 25 coaching and training programs and operates as an accelerator for startups. As an accelerator, IMAA provides a range of services and resources to help early-stage startups grow and succeed. These services include mentorship, coaching, and connections to IMAA's extensive industry partners and expert network. IMAA's accelerator program is designed to help startups overcome common challenges and accelerate their growth, ultimately increasing their chances of success in the market. By leveraging IMAA's expertise and resources, startups can achieve their goals faster and more effectively than they might have been able to on their own.
INNVEST is an innovation accelerator that aims to support startups and entrepreneurs to develop their ideas and bring them to the market. Through its programs, INNVEST provides access to funding, mentorship, networking opportunities, and business development services. The accelerator is committed to fostering a culture of innovation and sustainability, and it focuses on supporting startups that are working on solutions related to the Sustainable Development Goals (SDGs) of the United Nations. INNVEST works closely with its partners, angel investors network, and corporate members to identify emerging trends and opportunities in the market and provide startups with the resources they need to succeed.
For more information on the Albanian Startup Ecosystem register below.
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