Opting to skirt student debt, tech geeks turn to accelerators to fast-track business success.
Millennials interested in entrepreneurship are asking themselves if they should apply to accelerators and skirt MBA programs to fast-track their success and avoid huge debt loads. An analysis by Poets & Quantsfound that two-year MBA programs at places like Stanford University or Donald Trump’s alma mater, the Wharton School of Business at the University of Pennsylvania, now cost upward of $200,000.
But getting accepted to an accelerator isn’t a cakewalk: F6S, a website through which founders can apply to more than 1,500 accelerators, found that less than 4 percent of start-ups that applied to accelerators in the U.S. were admitted. And business schools, recognizing the trend, are launching their own accelerator programs and entrepreneurship funds.
“There’s a growing interest and appetite from the student population to learn about start-ups and entrepreneurship,” said Frank Rimalovski, executive director of the NYU Entrepreneurial Institute.
Still, many start-ups that exit accelerators have future success. According to Global Accelerator Network calculations, roughly 65 percent of start-ups that graduated from one of the network’s more than 70 member accelerators raise funding after leaving, while another third successfully raise a second round of financing…