Redefining the Accelerator Model

It is no secret that there are many accelerators in Singapore. Singapore prides itself as a hub for startups to flourish. Some of the largest players fund from Day 0, which is what attracts founders, apart from the brand name or other differentiators that make founders take up the deal.

Singapore accounts for over 36 percent of Southeast Asia’s accelerators and is home to more than 1,600 fintech firms. It is also the host of one of the largest fintech events in the region, organized by the Singapore Fintech Festival. The ecosystem is vibrant and well-resourced, supported by government incentives, strong infrastructure, and global investor interest.

Despite the abundance of programs, the offerings of accelerators are quite similar. Most follow a fixed curriculum over 12 to 16 weeks, with an emphasis on pitch preparation, VC exposure, and a culminating demo day. This format works well for some founders, especially in generalist sectors.

However, B2B fintech startups often require a different kind of support. Regulatory complexity, enterprise sales cycles, and regional market expansion are all difficult to compress into a few months of programming. Many founders also need deeper access to business development opportunities, not just introductions.

What we notice is broken about the traditional startup model

The traditional startup model began to show cracks especially after periods of easy credit.

When interest rates were low and VC money was easy to access, it was common for startups to be quickly valued at $1 million or more, with little to no proven traction. Founders often prioritized fundraising over fundamentals, inflating valuations before burning through capital and returning to the market for another round. This created a cycle of dependency on external funding, with little focus on building sustainable, revenue-generating businesses.

The broken startup model that relies mainly on fundraising

We wanted to influence a new way of running businesses

At First Rate Connect, our team has a deep respect for founders. Our company is still fully owned by its founders, Dave and Trina Stone. We believe that fundraising is an enabler for building a lasting business, not a mandatory qualifier. We saw the need for a shift in mindset — that fundraising is a means to an end, not the end itself.

What we set out to support founders with is long-term business health: finding and servicing customers consistently, securing annual recurring revenue, and maintaining a lean bottom line.

The difficulties of running a successful B2B fintech business in Singapore

Achieving that first objective — finding and servicing customers — is particularly difficult in Singapore. We understand the pain point of being a vendor trying to secure contracts with financial institutions headquartered on this small but critical financial hub. Enterprise deals here often take two to four years to close, placing startups in a precarious position as they burn cash without immediate returns.

What we heard from founders about the word “accelerator”

The term “accelerator” often came with baggage:

·      Experienced founders felt it wasn’t worth their time. Many serial entrepreneurs preferred to spend their time closing deals instead of joining another generic program.

·      Accelerators are often seen as more suited for early-stage or first-time founders still validating product-market fit or shaping their business model. For revenue-generating startups or experienced teams, the support often feels too generic or not sufficiently tailored to their growth needs.

·       Some accelerators charged upwards of $20,000. That raised questions about value and access.

·       Expectations equity-based funding. Startups assumed we would take a stake in their business, which they weren’t prepared to give up.

·      Value was unclear. With packed calendars and pressing operational needs, founders needed specific, targeted help, not a one-size-fits-all curriculum.

·      Big-name corporate accelerators already existed. Programs run by major banks promised pilots or proofs of concept, further crowding the landscape.

A new model for running an accelerator

We wanted to provide market access through our network of over 500 financial institutions. By bridging the gap between Singapore and the US, we are closing the chasm and building a highway for startups to serve our clients. Increasingly, we are building connections to more pathways for market access to our clients in the APAC region and South Asia to continue supporting our founders and provide unfair market access to service our clients.

When startups need funding to support these engagements, we offer differentiated offerings — from exclusive access to our tech architects, to end-to-end product builds at competitive rates and with high standards of service delivery.

As a new player, we also faced challenges in explaining our unique model. We focused on:

·       Providing real market access

·       Going to market and selling together with startups in our cohort

·       Extending true value-added support like tech architects and fractional CTO to help founders keep costs low as they build products

·       Avoiding the common practice of onboarding large cohorts in hopes that one might eventually birth a unicorn. Instead, we take a high-conviction approach—partnering with a select number of startups and committing deeply to their success, not just placing bets.

We do not hate accelerators

All of that being said, we think there is a time and space for accelerators and fundraising. Accelerators can be useful given that founders are very clear on the value add and that they align with what is needed for the stage of the business.

Corporate accelerators are promising, but founders often need a pathway that goes beyond building a proof of concept for innovation's sake. Additional mentorship or resources may be required to help founders progress toward sustainable annual recurring revenue.

With our model of accelerator, we want to be clear that:

·       The 14-week program is only the beginning. We see ourselves as a long-term partner in the ecosystem, and every founder relationship is personal.

·       We do not recruit for volume. Our pipeline is built through relationships, referrals, and deep connections, not mass applications.

·       Our goal is not just a show-and-tell pitch to investors. While we may organize client conferences or pitch events, these are milestones — not the finish line.

·       Our accelerator offerings are tailored in close partnership with founders. Everything we do is designed to be value-added and founder-first.