Although all accelerators offer training, mentoring, and access to networks, their approaches vary: some prioritize managerial capital by improving operational efficiency, while others focus on entrepreneurial capital by fostering innovation, network expansion, and new opportunities.

In a randomized controlled experiment conducted as part of an acceleration program for 305 early-stage companies in Colombia, we found that:

     • For average startups, training in management capital reduces the time spent on administrative tasks, improves operational monitoring, and facilitates the adoption of operational metrics, resulting in 18% higher growth than for those that received venture capital.

     • However, for entrepreneurs with greater growth potential, venture capital promotes innovation (primarily in products and services), resulting in 43% more growth and more full-time job opportunities than those who receive management capital funding.