Building ecosystems: the role of startup accelerators in fostering innovation ​

The emergence of startup accelerators is a relatively new phenomenon that made its appearance against the backdrop of the digital economy, which has changed the scenario in which businesses operate. In the global innovation landscape, the paradigm shift from the traditional closed innovation to the open innovation model made the role of startups increasingly relevant: due to their innovative and scalable business models, they are the most suitable entities to develop high-tech solutions able to rapidly gain market traction.In this context,accelerators play an essential role in helping startups in their initial stages by improving their performance and shortening their time-to-market.This happens through fixed-term and cohort-based programs that include mentorship and up-front equity or quasi-equity investments.Since startup acceleration is a recent and fast-evolving phenomenon, the topic is not fully covered yet. Acknowledging the existence of a number of gaps, this dissertation aims to explore the field, following specific research questions,with the aim to establish a comprehensive framework and capture trends that are reshaping the field as we know it. Considering that the impact of innovation is not limited to the relationships among corporates and startups, it is necessary to widen the concept of open innovation to include all the actors involved in an innovation process: investors, governments, foundations, universities, and research centers.This makes clear the need for an ecosystem approach, which is the driving force behind this research work. To this end, the key objective is to comprehend whether, and to what extent, accelerators can be considered as catalysts for innovation ecosystems.The present research leverages a two-pronged methodological approach.Firstly, an in-depth analysis was carried out to shed light on the Techstars Smart Mobility acceleration program, based in Turin. The city,known as the home of the automotive industry for decades and now exploring new mobility trajectories, represents the ideal location for the first Techstars accelerator launched in Italy. The program is a joint endeavor of Compagnia di San Paolo, Fondazione CRT, and Intesa Sanpaolo Innovation Center, which decided to team-up with a three-year commitment to attract in Turin some of the brightest entrepreneurial projects worldwide and make them an integral part of the innovation ecosystem under development. In such a setting, qualitative research was performed through semi-structured interviews with key actors meant to understand the dense network of connections created in the ecosystem.Resulting insights were codified and compared with the KPIs collected at the end of the 2020 edition of the program.The second methodology adopted is case study analysis,used to examine 12 top-notch accelerators chosen in view of geographical area, number of investments, and connection with relevant startup ecosystems. Each case is analyzed according to both quantitative and qualitative variables by means of a common protocol allowing to compare cases under the lens and run a cross-case analysis intended to generalize patterns detected.The overall findings, summarized in the concluding remarks, add to the existing literature and document evidence about the multi-dimensional impact exerted by acceleration programs on startup ecosystems.Furthermore, the present study provide ground for further research in the field having both academic and industrial relevance.