Accelerator programmes are often promoted as powerful springboards for entrepreneurs, offering mentorship, training, and the skills needed to drive ventures towards success. In principle, they are designed to level the playing field by equipping founders with the tools and networks required to grow. However, emerging research suggests that these benefits are not experienced equally, particularly when it comes to women entrepreneurs operating in different social and economic contexts.

The findings indicate that in countries where gender inequality remains pronounced, women-led businesses that participate in accelerator programmes do not necessarily see improved financial outcomes. In some cases, they may even perform worse than comparable ventures that applied but were not accepted. This challenges the assumption that participation alone is enough to generate positive results and highlights the importance of context in shaping outcomes.

As Sarah Kaplan observed, this pattern was especially evident in programmes explicitly focused on women’s empowerment. Working alongside Nilanjana Dutt, she set out to examine whether accelerators were truly helping to narrow gender gaps in entrepreneurial success. Their work focused on social innovation accelerators, which tend to attract more women than traditional, technology-oriented programmes.
The researchers analysed data from over 1,400 ventures across 65 countries, all of which had applied to 33 accelerator programmes between 2013 and 2015. Using data from the Global Accelerator Learning Initiative, they were able to compare ventures that were accepted into programmes with those that were not. At a surface level, the results suggested that women-led ventures benefited less than those led by men, but a deeper analysis revealed a more complex picture.

In countries with higher levels of gender equality, accelerators were found to be highly effective in supporting women entrepreneurs, particularly when programmes had a clear focus on empowerment. In these contexts, the financial gains for women-led ventures were both meaningful and significant. By contrast, in less egalitarian settings, accelerators appeared less effective, possibly because their offerings were not well aligned with the structural barriers women face, such as restricted access to finance or limited institutional support.

Even within more equal environments, disparities persisted. Women were less likely to be accepted into accelerator programmes than men, regardless of whether the programmes prioritised women’s empowerment or included more women in selection roles. This raises important questions about how decisions are made and whether current models adequately recognise the needs and potential of women entrepreneurs. For founders, the findings suggest that applying to an accelerator should be approached as a two-way decision—carefully considering whether a programme truly aligns with their goals and circumstances.

More information: Nilanjana Dutt et al, Overcoming barriers? The mixed results of social innovation accelerator programs for women entrepreneurs, Strategic Management Journal. DOI: 10.1002/smj.70064

Journal information: Strategic Management Journal Provided by University of Toronto, Rotman School of Management