These days you don’t have to be a small, agile startup to generate new ideas. Large, more mature companies can and must make innovation a priority to remain competitive.

So it’s not surprising that a growing number of Fortune 500 companies have done just that. Companies as diverse as Google and Coca-Cola have incorporated research labs and other entities to further spur innovation. To remain competitive, savvy executives are looking at new ways to bring creativity and speed into the traditional corporate ecosystem.

Accelerators — entities that provide early-stage companies with mentoring, capital and access to investors in return for an equity investment — are growing by leaps and bounds.

How Common Is This Practice?

Over half of Fortune 500 companies have some kind of accelerator or incubator housed in at least one business unit, according to Boston-based consulting firm New Markets Advisors. What’s more, there was only one corporate accelerator in existence in 2005. Today there are more than 700, according to a study by the Brookings Institution, a Washington, D.C.-based think tank.

Why should startups want to work with big business? Because 90% of startups fail, and established companies have the infrastructure, marketing, manpower and finances to open doors.

One possible advantage for the companies that engage with startups: Corporate executives can select projects to extend and amplify their products and services. In addition, firms can form new entities in their image and have an investment in the future.