change speed of instantiated prefab

i want to increase the speed of instantiated prefab gradually as time progresses.Here is the code i tried which of course didn’t work. Please help me with the code and could you tell me what i am doing wrong as well?Any Help is much appreciated!!

using UnityEngine;
using System.Collections;

public class ChangeSpeed : MonoBehaviour {
float speed=5f; // speed is supposed to increase as time increases.
float spawnTime= Time.time;
public GameObject bonuses;
public float maxWidth;
public float minWidth;

void Update () {
	Vector3 bonusPos = new Vector3 (Random.Range (minWidth, maxWidth), transform.position.y, 0f);
	float bonusNumber= Random.Range (0,1);

	
	if (spawnTime > 7f)
		
	{		
		GameObject myBonus= (GameObject) Instantiate (bonuses [bonusNumber], bonusPos, Quaternion.identity);
		
		myBonus.transform.Translate (-Vector2.up*speed*Time.deltaTime);
	}


}

}

public IEnumerator MakeSpheare()
{
float timeOfWait = 10f;

		for(int i = 0 ; i < 10 ; i++)
		{
			Instantiate (object, position, rotation);
			timeOfWait -= 1f;
			yield return new WaitForSeconds(timeOfWait);
		}
	}