Company

Accelerator deal terms compared: YC vs Techstars, speedrun, ERA

As of October 2026, Y Combinator invests $500,000 and takes 7% plus whatever its uncapped MFN SAFE later converts into, while Techstars invests $220,000 and takes 5% plus the same kind of conversion. a16z speedrun offers $500,000 for 10% with up to $500,000 more in your next round, ERA offers $150,000 for 6%, and Startmate offers A$120,000 for 8% to first-time fundraisers. All five are taking applications for cohorts that start between January and March 2027. The headline percentage is not the whole price, so this page also runs the numbers for a later priced round.

Last checked: October 28, 2026, against each program's own page; Neo's terms come from TechCrunch's report. Terms change between intakes, so confirm on the official page before you sign.

Startup accelerator deal terms side by side (as of October 2026)

• Y Combinator: $500,000 on two SAFEs (simple agreements for future equity). A $125,000 post-money SAFE buys 7%, and a $375,000 uncapped MFN SAFE adds to that stake at your next priced round. YC charges no fee. Winter 2027 deadline: November 2. Sources: deal page and apply page.
• Techstars: $220,000, split into a $200,000 uncapped MFN SAFE and a $20,000 convertible equity agreement that becomes 5% common stock at a priced round of $1M or more. Techstars says there is no fee, and its Asia-Pacific programs invest $120,000 because their MFN SAFE is $100,000. Spring 2027 programs list a November 18 deadline. Sources: investment terms and the April 2025 announcement.
• a16z speedrun: up to $1M. The first $500,000 buys 10% on a SAFE, and up to $500,000 more can go into your next qualifying round of $2M or more within 18 months. There is no board seat, but speedrun asks for pro rata rights and an option pool for early hires, and it generally does not negotiate. SR008 deadline: November 1. Sources: speedrun FAQ, the apply page and our speedrun guide.
• ERA: $150,000 on a post-money SAFE for 6%, with potential follow-on funding, in a four-month program. Winter 2027 deadline: November 2. Source: ERA application page.
• Startmate (Australia and New Zealand): A$120,000 at a A$1.5M post-money valuation, which is 8%, for first-time fundraisers. Founders who have raised A$250,000 or more from VCs or angels get the terms and valuation of that round instead. You choose a SAFE or a priced round, and there is no program fee. Summer '27 deadline: November 1. Source: Startmate.
• South Park Commons Founder Fellowship: $1M, made up of $400,000 that buys 7% on a standard SAFE and $600,000 guaranteed in your next external round. Its page lists only the Fall 2026 intake, which closed on August 2. Source: SPC.
• PearX: $500K to $2M depending on stage and need, with a target of 7% ownership in most companies. Applications run year-round, the program lasts 12 weeks, and teams must relocate to the SF Bay Area. Source: Pear.
• Neo Residency: $750,000 on an uncapped SAFE. TechCrunch reported in February 2026 that Neo's stake would be 5% if the next round values the company at $15M and 0.75% at $100M.

YC vs Techstars: what differs

Fixed share and the MFN SAFE

YC's package is bigger on both counts: $500,000 against $220,000 in cash, and 7% against 5% in fixed equity. Both add an uncapped MFN SAFE, worth $375,000 at YC and $200,000 at Techstars. MFN stands for most favored nation: if you sign a later SAFE with a lower cap or a discount, the accelerator's SAFE takes those terms. If there is no other SAFE to copy, the stake depends on the valuation of your first priced round.

Each program gives an example. YC says a $15M post-money cap on your next SAFEs turns its $375,000 into 2.5%, which is 9.5% in total with the fixed 7%. Techstars says a $20M pre-money round turns its $200,000 into 1%, which is 6% in total. Both are then diluted by the new money and by any option-pool increase.

Program shape

The YC Winter 2027 batch runs January to March in San Francisco and opens with a three-day in-person kickoff. Techstars programs last three months, and the format depends on the city: New York is hybrid, while Anywhere is remote-first for North American time zones with three in-person offsites.

A worked example: what each deal owns after a priced round

Assumptions

Founders own 100%, sign no other SAFEs, and later close a priced seed round at $20M pre-money that sells 20% to new investors. The $20M is an illustration, not a benchmark. Each stated percentage applies just before the new money arrives, as the YC and Techstars pages describe, and uncapped pieces convert at the round's valuation: the stake is the amount divided by $20M, the shortcut Techstars uses in its own example. After the new money, every existing holder owns 80% of what it held. Option-pool increases are ignored, and real conversions depend on the signed documents. These are our calculations, not published figures.

Results

• YC: 7% plus $375,000 divided by $20M (1.875%) is 8.875%, falling to 7.1% after the round.
• Techstars: 5% plus $200,000 divided by $20M (1%) is 6%, falling to 4.8%.
• speedrun: 10%, falling to 8%.
• ERA: 6%, falling to 4.8%.
• Startmate: 8%, falling to 6.4%.
• SPC and PearX (if it hits its 7% target): 7%, falling to 5.6%.
• Neo: $750,000 divided by $20M is 3.75%, falling to 3%.

In this example the eight deals take between 3.75% and 10% of the company before the new money arrives. Founders as a group who took only the YC deal would hold 91.125% before the seed money and 72.9% after it. With only Techstars they would hold 94% and 75.2%. That gap is not like for like, because YC wrote a check more than twice the size.

Dividing the upfront cash by the stake gives the valuation each deal implies, and a higher figure means less equity per dollar: about $5.6M for YC, $3.7M for Techstars, $5M for speedrun, $5.7M for SPC, $2.5M for ERA and A$1.5M for Startmate. The speedrun and SPC figures use only the upfront check. Neo's implied valuation is simply the next round's valuation.

The flexible pieces move with your next valuation. At a $10M pre-money round the totals are 10.75% for YC and 7% for Techstars; at $40M they are about 7.94% and 5.5%. Neo's stake depends on it entirely: 7.5% at $10M and 1.875% at $40M.

What else to check besides the percentage

• Follow-on money. The second $500,000 at a16z speedrun and SPC's $600,000 are investments in your next round, not extra equity taken now. The speedrun FAQ does not fully define a qualifying next round and says your investing partner will walk you through it before you sign.
• Rights. YC and Techstars both keep pro rata rights, which let them buy part of your later rounds to hold their percentage. The Techstars side letter adds drag-along rights and regular reporting of key metrics and burn.
• Place. PearX requires relocation to the Bay Area, and the speedrun residency is in person in San Francisco. Startmate is remote-first, with in-person weeks in Melbourne and at Demo Day.
• Incorporation. YC invests in companies incorporated in the US, Canada, the Cayman Islands or Singapore. Techstars accepts US corporations and their foreign equivalents, and asks companies in non-approved countries, such as India, to reorganize first.
• Perks. The programs cite partner credits: $10M+ at speedrun, $2M+ at Techstars and up to $1M at SPC. The speedrun FAQ notes that each partner sets and can change its amounts.

Equity-free options and where to find dates

• Google for Startups Accelerator describes its support as equity-free throughout the program.
• SXSW Pitch is a startup competition and showcase, and its rules list no equity terms. Entry costs $225 and is non-refundable, founders must keep some ownership, and finalists pitch on March 16 to 17, 2027 in Austin.
• Cloud credits are a separate way to cut early costs. Our guide to startup cloud credits covers the AWS, Google Cloud and Microsoft programs.

Dates move faster than terms. Our accelerator deadline calendar tracks them, with separate guides to the YC, ERA and Startmate deadlines. For what founders raise afterwards, see our funding coverage and founders section.

Frequently asked questions

How much equity does Y Combinator take?

YC takes 7% for $125,000 on a post-money SAFE, plus whatever its $375,000 uncapped MFN SAFE converts into at your next priced round. In YC's own example, a $15M post-money cap on your next SAFEs makes the second piece 2.5%, or 9.5% in total.

How much does Techstars invest?

As of October 2026, Techstars invests $220,000: a $200,000 uncapped MFN SAFE and a $20,000 convertible equity agreement that becomes 5% common stock. Its Asia-Pacific programs invest $120,000 in total, because their MFN SAFE is $100,000.

Is Techstars worth it?

The published terms set the price, not the value. Techstars takes at least 5% for $220,000 and charges no fee, so the useful test is whether its mentors, network and Demo Day matter more to you than the cash per percent in the worked example above.

What is an MFN SAFE?

MFN stands for most favored nation. The SAFE has no valuation cap and takes the best terms, such as the lowest cap or a discount, of any SAFE the company issues before its priced round.

Which accelerator takes the least equity?

By fixed share, Techstars is lowest at 5%, followed by ERA at 6%, YC and SPC at 7% (PearX targets 7% too), Startmate at 8% and speedrun at 10%. Neo has no fixed share, and the uncapped pieces at YC and Techstars add more at your next round, so compare totals as in the worked example above.