# S3 E3: Accelerators, Incubators and How to Leverage Them with Raphaele Leyendecker

- Show: [The Builder Circle](https://hardwarepodcasts.com/podcast/the-builder-circle)
- Published: 2025-10-28
- Length: 1h 00m
- Page: https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker
- Listen: https://rss.com/podcasts/thebuildercircle/2294824

## Summary

Raphaele Leyendecker, Managing Director at Techstars Sustainability Paris, explains the distinction between incubators and accelerators, advising hardware founders to target accelerators only when reaching Technology Readiness Level (TRL) 4 with commercial traction like LOIs or revenue. She warns against 'accelerator-hopping' and outsourcing core IP without maintaining internal expertise, citing her own experience with a biomass company that failed due to supply chain delays. Leyendecker emphasizes that founders should prioritize business de-risking over pure technology development and evaluate equity dilution based on the specific market expansion opportunities, such as entering Europe via a Paris-based program.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker#t=0) Introduction: Sarah Agema and Raphaele Leyendecker
- [3:04](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker#t=184) Incubator vs. Accelerator: TRL 4 and Traction
- [10:10](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker#t=610) What Founders Should Expect from Accelerators
- [13:53](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker#t=833) Selecting Hardware Startups: TRL and Scalability
- [16:16](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker#t=976) Commercial Traction vs. Fundraising Focus
- [23:53](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker#t=1433) Outsourcing Risks and IP Protection
- [26:16](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker#t=1576) Accelerator Hopping and Cap Table Dilution
- [42:25](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker#t=2545) Hardware Horror Story: Biomass Supply Chain Failure
- [51:20](https://hardwarepodcasts.com/podcast/the-builder-circle/2025-10-28-s3-e3-accelerators-incubators-and-how-to-leverage-them-with-raphaele-leyendecker#t=3080) Lightning Round: De-risking, Solo Founders, and Pivoting

## Topics

- [Fundraising & investors](https://hardwarepodcasts.com/topic/fundraising)
- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)
- [Intellectual property](https://hardwarepodcasts.com/topic/intellectual-property)
- [Manufacturing partners & offshoring](https://hardwarepodcasts.com/topic/manufacturing-partners)
- [Starting a product company](https://hardwarepodcasts.com/topic/starting-a-company)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)

## Most relevant to

early-stage companies

## Mentioned

- Techstars Sustainability Paris (company)
- NYSERDA (company)
- BPI (company)
- Criminist Water (company)
- Wind Fisher (company)
- Urek (company)
- One Credible (company)

## Related episodes from other shows

- [#025 - How to benefit for your startup from the one and only hardware accelerator of Southern California, with Shaun Arora of Make in LA, USA](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2017-05-10-025-how-to-benefit-for-your-startup-from-the-one-and-only-hardware-accelerator-o) (The Hardware Entrepreneur)
- [#011 - Accelerate with an IoT accelerator, with Bay McLaughlin of Brinc, Hong Kong](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2017-02-01-011-accelerate-with-an-iot-accelerator-with-bay-mclaughlin-of-brinc-hong-kong) (The Hardware Entrepreneur)
- [197: Go From Hardware Startup to Scale Up](https://hardwarepodcasts.com/podcast/product-startup/2023-10-12-197-go-from-hardware-startup-to-scale-up) (Product Startup)
- [#049 - RERUN - Elements of building a successful tech business, with (proven) serial entrepreneur Milton Chang of Incubic Venture Fund, USA](https://hardwarepodcasts.com/podcast/the-hardware-entrepreneur/2018-02-28-049-rerun-elements-of-building-a-successful-tech-business-with-proven-serial-ent) (The Hardware Entrepreneur)
- [108: Hardware Design Tips from Apple & Intel Leader](https://hardwarepodcasts.com/podcast/product-startup/2022-01-05-108-hardware-design-tips-from-apple-intel-leader) (Product Startup)

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