One size does not fit all: Why do some new ventures benefit from participating in accelerators more than others?

This study investigates why some new ventures derive greater benefits from participation in accelerator programs than others. Specifically, we examine how differences in pre-entry core product knowledge shape ventures’ ability to leverage accelerator-based structured learning and mentoring, and how these mechanisms jointly influence venture performance at program graduation (Demo Day) and survival up to 2 years later. We conceptualize learning from the accelerator’s structured program through the lens of absorptive capacity (ACAP), encompassing knowledge acquisition, assimilation, transformation, and exploitation. Additionally, we examine mentoring effects through the intensity of mentor–venture interactions and ventures’ intentional pivoting in response to mentors’ feedback. The analysis draws on a longitudinal dataset of 90 early-stage ventures across 11 cohorts within a single entrepreneurial ecosystem, with data collected at four stages: program entry, midpoint, graduation, and 2-year post-graduation. The findings show that pre-entry core product knowledge strongly predicts both Demo Day graduation performance and short-term survival. However, new ventures with lower initial product knowledge benefit more from a cohort-based, structured learning program, indicating that the learning gained in the accelerator can compensate for limited prior expertise. Moreover, mentoring intensity enhances outcomes only when ventures translate mentors’ advice into intentional pivoting. By integrating initial knowledge endowments, accelerator-based learning, and mentoring dynamics, this study advances accelerator research by highlighting the boundary conditions under which accelerators create value and by identifying pivoting as a key mechanism by which mentoring influences venture performance and short-term survival.