This article aims to examine the evolution of the business accelerators and their impact in New Zealand over the course of last decade to develop a better understanding of the role accelerators have played within the New Zealand innovation ecosystem, their influence on the innovation community and how accelerators measure their success. An exploratory qualitative study was undertaken which mainly draws from semi-structured interviews with mentors, participants and senior executives of accelerator programs. Secondary data were collected from presentations on YouTube, consultancy reports and internal reporting to provide context for the interviewee’s perspective. New Zealand with its remote geographical location, distinct company environment and its uniqueness within the wider business environment and institutional configuration provides a novel context to this study. The findings indicate that after more than a decade of operations, long-term outcome and benefits of accelerators to New Zealand innovation ecosystem are still unclear.