Accelerator programs as a form of business incubation to support the development of start-ups has gained popularity in a variety of industry contexts in recent years. This resulted in a nascent stream of literature that produces little insights into the value creation processes these programs provide to their participants. Hence, this thesis objective is to provide a model for analysing this process from an accelerators perspective and thereby contribute to this new stream of literature. As a theoretical approach, the Service-Dominant logic was used in an exploratory single-case study of a university accelerator in Germany. For the empirical data collection, semi-structured interviews were held with the management of the accelerator and graduates. A framework of reference was then used to compare the primary and secondary data generated throughout this study. Apart from broad insights into the accelerator process, the general findings present the Service-Dominant logic with its facets as an adequate theoretical approach to conceptualising the value creation process within an accelerator. The analysis concludes with the importance of an understanding of the participant’s value creation process to provide operand resources that yield in high value-in-use for the participants.