Business accelerators - The case of VeniSIA: A benchmark analysis to conceptualize a possible accelerator within Venice

Abstract

Venice has long been struggling with its three main problems – overdependence on tourism, progressive depopulation, and environmental challenges. The Corona pandemic starting in February 2020 and the resulting absence of tourists has exacerbated the situation and contributed to the initiation of the project called ‘Venice Sustainability Innovation Accelerator’ (VeniSIA). The aim of VeniSIA is to counteract all three main problems by creating a new entrepreneurial atmosphere in the city and the region, where entrepreneurs focus on the implementation of the ‘Sustainable Development Goals’, set up and adopted by all UN member states. By means of a benchmark analysis, insights are gained into which design elements have been used so far to successfully pursue different missions. For this purpose, the most popular accelerators, mainly from the U.S., as well as accelerators specializing in global environmental issues are analyzed. The result provides information on key elements that the new accelerator should have in order to be best adapted to the conditions in Venice. Based on this, VeniSIA should be primarily backed by corporates supporting the acceleration of sustainable start-ups which predominantly serve the environment. The vision is that Venice itself becomes a living laboratory where sustainable solutions are tested and can then be rolled out globally. Venice thus has the chance to become a smart city and transform itself into the oldest city of the future.