Founders apply to accelerators for the cheque and the logo. Both matter, but neither is the real prize.
The genuine value is compression: introductions that would take a year happen in a week, and the peer group normalizes a pace you would not set alone.
For a founder outside the major hubs, that network access is the scarce ingredient.
When It Is Worth It
If you need network and credibility more than you need cash, an accelerator earns its equity.
If you already have both, the maths is harder to justify.