Engaging with startups through corporate accelerators: the case of H‐FARM's White Label Accelerator

Corporate accelerators have emerged in recent years as an innovation mechanism that builds bridges between corporations and startups. Through inbound Open Innovation (OI) activities, established firms open their innovation processes to startups to acquire their knowledge. Previous research has focused either on independent accelerators or on corporate accelerator programs that an established firm operates internally. The literature on how accelerators orchestrate different OI practices is sparse, yet large corporations are forging ahead with corporate accelerators. Furthermore, new corporate accelerator models have emerged, rendering the corporate accelerator phenomenon more heterogenous. In this paper, adopting an OI lens, we explore the White Label Accelerator (WLA), a recent model in which an independent accelerator manages the program on behalf of a single corporate organization. Through an in-depth case study of Technogym Wellness Accelerator, a pioneer and most important WLA in Italy set up by H-Farm on behalf of Technogym, a large fitness and wellness company, we investigate how such accelerators function as an OI tool. We found four key dimensions that enable successful outcomes. In particular, the importance of entrepreneurial alertness as a key driver for the effective exploitation of intellectual property represents a significant finding. Our research contributes to OI and entrepreneurial finance literature and provides insightful managerial implications to corporate accelerator stakeholders and startups’ managers.