Learning from mentors and their influence for the growth of startups: accelerators vs angels

Purpose This study investigates how angel and accelerator mentoring influence startup success. Design/methodology/approach A sample of European startups that received mentorship from accelerators or angel investors was selected. To mitigate selection bias and improve the comparability of treatment and control groups, coarsened exact matching was employed. Subsequently, t-tests were conducted to identify statistically significant differences in performance outcomes and to reliably test the resource based view between the two groups. Findings Angel-mentored startups outperformed accelerator-mentored startups across multiple metrics, including funding amount, funding stage, funding rounds, investor count, and employee growth. This suggests that the sustained, hands-on mentorship offered by angels is a critical driver of startup success. Research limitations/implications Due to the dynamic nature of the startup ecosystem, with new trends, technologies, and investment models the findings of this study should be interpreted in the context of the current landscape and may not be applicable in the future. Practical implications Angels offer extended, hands-on mentorship and guidance, in contrast to accelerators, which typically operate as short-term programs. This study highlights that the long-term engagement and direct involvement provided by angels significantly enhance startup performance. Based on these findings, accelerators may benefit from extending their association with startups to support more sustained growth. Social implications This research highlights the critical role of long-term mentorship in fostering startup growth and innovation. By understanding the impact of mentorship on startup performance, policymakers, educators, and investors can implement strategies to support entrepreneurs and drive innovation. These positive outcomes can contribute to economic growth, social equity, technological advancement and community development. Originality/value One of the limited number of empirical studies that have provided empirical evidence for the positive impact of long term mentoring on startup performance outcomes.