Application Deadline: August 18 | Apply Now
Key Dates for Dreamit Health
Dreamit Health is an accelerator designed to help startups scale with enterprise customers in the healthcare space. The program is 14 weeks (4 weeks in person and 10 weeks virtual) of growth-focused programming, education, coaching, and one-on-one interactions with executives at large hospitals, insurers, and pharma companies. The program is completely designed to give startups a chance to gain new customers and to pilot their technologies.
During the following key dates, founders must commit to participate IN PERSON:
Dreamit Health Kickoff Summit | October 30 | This is an opportunity for you to bond with the other members of the cohort and to get to know the Dreamit team.
Customer Immersions | December 4 - December 16 | This 2-week, multi-city roadshow is designed to jumpstart partnerships, trials, and sales through in-depth customer meetings with key strategic partners. Dreamit has developed the most extensive customer network in healthcare. These organizations provide critical feedback, become paying customers and can serve as references in fundraising documents and marketing materials.
The Investor Roadshow | February 5 - February 17 | Startups gain access to some of the world's most active VCs during our 2 week roadshow on the East and West Coast. Each team receives a bespoke list of investors pre-vetted to ensure interest in the particular problem being solved. We will also make intros to a vast network of early-stage investors throughout the course of the program.
How many team members need to participate in the program? And how involved do they need to be?
The CEO and at least one other key team member must be prepared to participate fully in the program, including all required preparation sessions as well as the two-week customer immersion and two-week investor roadshow segments. These are intensive, multi-city events that require full-time commitment in order for you to make the most of these opportunities.
Does Dreamit take equity in my company?
Dreamit has reengineered the accelerator model to better serve startups. Our founder-friendly offer allows startups to participate without initial material dilution. The program is designed specifically for founders with runway, product fully deployed, and who are looking to increase the number of large, enterprise-level customers before raising a Series A. Given that startups come into the program with some traction and momentum, these founders are not typically looking to give up equity for a cash investment.
The details: Upon accepting our invitation to participate, the startup will issue a $50,000 convertible security for the cost of the program. This security will convert in the next round of funding, but instead of receiving a cash investment this note is used to cover the cost of the program. Note, it is not a cash investment in your company. In addition, startups must issue Dreamit Ventures an “investment rights agreement” for a right to invest up to $500k at a 20% discount in the next round of funding.
Other than the convertible security mentioned above, there are no costs for companies to participate in the program apart from travel costs for the Investor Roadshow and Customer Immersion Program.
What kind of health tech companies are you looking for? What stage?
This question varies depending on the nature of your product, so we encourage you to apply if you have not yet raised a Series A but have some way to show traction or product market fit. We care less about the stage of funding than about the readiness of the technology to be sold to customers. The fundamental question we ask is whether a startup is ready to scale with enterprise level customers who make up our customer network. If a startup does not have a product deployed and ready to put in the hands of customers, then it is probably too early for our program to truly get the best results.
Ideally, startups would be able to show some level of traction. If we can talk to customers who are thrilled to be using your product, you're at the right stage for the accelerator. Traction can mean many things. Some companies have revenue. Other companies may have pilot programs with relevant partners and can show results that prove their product is ready to be presented to a larger array of potential partners. Typically, startups will enter the program having raised some capital, having 6+ months of runway, or having completed pilots of the technology.
How do you judge startups in the application process? What criteria do you look at?
We do all selection and due diligence in-house and evaluate every application across five criteria. We look at the product and judge whether it solves a pressing problem for stakeholders in the health system. We look at the background of the team-- do cofounders have a unique insight into the problem and do they have technical experience to solve the problem. We look at the market size and competition to judge whether this problem is already being solved by other more entrenched startups and whether your startup is providing a 10x improvement over the existing competition. We look at the traction and momentum behind the product. We judge the go-to-market strategy for gaining new customers and how deeply the founder knows the customer they are selling to. And we look for startups that would be a strong fit to sell to our customer network of payers, providers, pharma companies, and other health organizations.
Each startups is given numerical ratings across those five criteria by 3+ reviewers from the Dreamit team. Then, we invite the top ~50 startups based on numerical rankings in for interviews with the Dreamit team. Because we use this numerical ranking system, we cannot give specific feedback for each individual company. We do take into account outlying scores. If one team members rates a startup significantly lower, we review the score given. We encourage founders to complete each section of the application very thoroughly so that you receive the full allotment on this point system. Skipping a section can significantly reduce your score. For instance, we have seen startups with significant traction fail to include a G2M or a thought-out team section. They did not receive a score on that section, and they were not granted an interview.
How many companies will you accept into the cohort?
We purposely limit the size of our cohorts to create powerful cross-collaboration between startups while maintaining a strong focus on helping each company succeed. Typically, our cohort size is 8 to 15 companies within each industry vertical.
Confirm app submission? Edit Application?
Interested applicants must fill out an application on Gust. Our team reviews every application that we receive. If we have any questions, we’ll reach out to you directly for clarification. After we review all applications, we’ll begin to schedule final round interviews with select companies. Tip: More than half of the applications come in on the last two days, so if you want us to spend more time on your application, we strongly recommend that you apply early.
To confirm your application is submitted, go to your home page on Gust (https://gust.com), i.e. the default page you land on when you log in or finish submitting an application. Then scroll down - you'll see all the completed and in progress applications to accelerator programs and investors.
To make a change an application that's already been submitted, all a founder has to do is click on the "Apply" link again. They'll be taken into their existing application and they'll be able to review and make changes to it. Changes will be automatically visible the next time someone views the startup in Gust.
To resubmit an application from last cycle, all a founder has to do is click on the "Apply" link again. They'll be taken into their existing application and they'll be able to review and make changes to it. However, you must email email@example.com to confirm that we have moved it to the appropriate evaluation stage.
When will I hear back if I’ve been accepted?
We expect to notify all companies of their acceptance or rejection at least a month prior to the start date of the program. Please do not reach out to us directly to ask the status of your application -- we promise that we’re working on it and will be in touch. Unfortunately, due to the large volume of applications that we receive we cannot provide feedback on specific applications.
Do I need a tech co-founder / tech in-house?
Your odds of being accepted are much better if you have a technical co-founder on your team. We are strongly biased against outsourced development but we will still consider your application. Keep in mind that the team is one of the areas we evaluate (perhaps the most important criteria) and you will be competing against teams with tech in house, so it will be on you to convince us that you can move as fast and as effectively as they can.
Do you fund companies that are competitive with each other?
We do our very best to avoid accepting competitive companies into the same cohort. However pivots happen so it’s possible we will have a company in the same space in our portfolio. We make sure not to share sensitive data or information between companies that would be considered competitive.
Can I still apply if I’m not from the U.S.?
Yes. We receive applications from all over the world and typically accept 15-25% of our companies from outside the United States. You must be able to visit the U.S. at minimum for the duration of the Customer Immersions and Investor Roadshows.