The role of accelerators in the success of cleantech firms

Abstract

This paper examines whether accelerator programmes meaningfully influence the performance and development of UK Cleantech firms. Drawing on insights from entrepreneurial ecosystem theory, market validation, and the resource-based view (RBV), we investigate four key outcomes: survival, external equity financing, innovation activity, and commercial milestones (time to revenue and profitability). Utilising propensity score matching and staggered difference-in-differences, complemented by logit and Cox proportional hazards models, we find that accelerator participation significantly increases revenue generation, helps secure external equity financing, and fosters patenting. However, accelerator effects on firm survival and profitability are inconclusive, suggesting that while accelerators can expedite early market traction, they may not overcome the deeper capital intensity and extended development cycles inherent in Cleantech firms. Our findings highlight the sector's structural challenges, including large upfront investments, heightened technology uncertainty, and protracted timelines to profitability. Nonetheless, accelerators play a vital role in reducing information gaps, enhancing investor confidence, and connecting start-ups with essential networks and resources. Taken together, these results provide evidence on how accelerators benefit Cleantech firms, highlight areas where their impact is limited, and offer implications for policymakers, practitioners, and scholars committed to strengthening Cleantech ecosystems and accelerating the transition to a low-carbon, sustainable future.