Training in management or innovation? An experiment reveals that the answer depends on whom you ask.

We designed a randomized controlled experiment involving 305 early-stage companies in an acceleration program in Colombia, comparing two approaches: managerial capital (operational efficiency) versus entrepreneurial capital (innovation and networks).

The result is not uniform: for average startups, managerial capital generated 18% more growth. But for high-potential entrepreneurs, entrepreneurial capital drove growth up to 43%, with more full-time jobs.

Are accelerators training the wrong entrepreneur with the wrong formula? Find out in the full report.