Using learning and market signaling theory, we estimate the impact of accelerator programs on venture revenue growth. Participation increases the probability of revenue growth, but the average gain varies widely due to differences in program design and venture business models, impacting different types of ventures differently. Venture-accelerator fit matters, with business model diversification, unstructured curricula, and funding availability being key factors. Surprisingly, non-participants could gain more than participants if given acceleration. These findings reveal the heterogeneous nature of accelerator impact on venture revenue growth and offer new insights into how different ventures benefit from acceleration programs.
