## 5 Discussion
### Implications for Practice  
The observation of the four cohorts over a four-year period has led to some interesting findings on where accelerators can add more value to start-ups (content), as well as which formats may be more effective for each type of content (delivery). The results of our study suggest that accelerators can adapt their models permanently to allow for more flexible programmes that combine online and in-person activities to deliver more targeted support for founders. In relation to the content, our recommendations follow on the six key areas that determine the rate and extent of the start-ups growth or scaling progress (Technology, Product, Market, Team, PR & Comms, and Financial). These categories have remained stable over the four-year period of the study and have provided the yardstick to assess start-ups needs on entry to the programme and their progress on exit. Regardless of the initial maturity level of the start-ups, the accelerator must offer a balanced programme with content covering most categories, but it is the founders themselves that decide where and when they need to focus their attention and resources. A hybrid model allows this choice to be made without a significant impact on the overall results of the cohort or the relationships with co-founders, mentors and investors. With regard to the content that aims to support the development of Technology, in-person delivery means that the product development, particularly in the case of hardware, can benefit from access to lab and physical infrastructure and tooling. Working on standards, cybersecurity and product performance can be done individually, to processes and principles that are codified and structured. For Product, the possibility of face-to-face networking meetings open up opportunities to talk to potential customers and business partners and work on product-market fit and understanding value-based pricing. When these activities are in-person, conversations are deeper and more lasting than when initiated through online channels. This is also true for progress in Market development, particularly in understanding market needs and achieving sales. Conversely, work on the Team does not in itself require in-person activity. Workshops on compensation, developing career plans and reviewing performance can be held online with the founders then working independently on the internal processes and tools that support good human resource management. With reference to PR & Communications, the results are more mixed. Verbal communication improved more noticeably with in-person coaching and workshops that allowed for founders to gather non-verbal feedback in the practice sessions. For other areas, such as branding, remote working was as effective as the in-person work. Finally, in relation to the Financial content, founders once again seem to progress more with in-person content. One possible explanation is that they are able to adjust pitches to the non-verbal signals they are receiving from potential investors and differentiate their value proposition more clearly, particularly if they are pitching to investors in a non-native language. In terms of the delivery model, the most significant conclusions that can be drawn from our observation are:  
* Virtual acceleration programmes attract more mature start-ups, as they can combine their day-to-day work with participation in the accelerator and even assign different members of the team to different parts of the programme. * The barrier for participation from non-domestic start-ups is also lowered. * Virtual programmes are also able to provide access to a broader range of mentors with specific technology or market expertise, reducing the friction inherent in finding free time and matching founders with the know-how they need. * While during the pandemic founders were able to benefit from remote peer support and relationships with their fellow cohort members were established, these relationships lasted longer and run deeper when they are established in an in-person accelerator.