Frequently Asked Questions
Frequently Asked Questions
Dreamit runs dedicated 14-week industry tracks twice per year starting in February & September. Applications open 3 months in advance of kickoff. Although most companies will choose not to relocate, startups accepted into the Dreamit program are expected to travel with Dreamit for 5 out of the 14 weeks of the program for Customer Immersions and our bi-coastal Investor Roadshow. We also offer limited free or discounted office space at our Innovation Hub in Philadelphia.
Dreamit has reengineered the accelerator model to better serve later stage startups. Instead of a fixed percentage ownership stake in your company, Dreamit receives a $50K convertible security in your startup that converts to equity when you raise your next round. Dreamit Ventures, our venture arm, has the option to invest up to $500K in subsequent rounds.
Other than the equity or fee options mentioned above, there are no other charges from Dreamit to participate in the accelerator program. That said, all travel costs for the Investor and Customer roadshows incurred by the companies will be at the company's own expense, and companies in the program are advised to budget accordingly.
Dreamit’s program is focused on helping later-stage startups grow and scale by providing them with access to customers and capital. We work with companies that have already raised some capital and have demonstrated product market fit and early traction.
For the upcoming accelerator program, we’re seeking companies in Health and Edtech.
Past or scheduled Health Immersions include Penn Medicine, Independence Blue Cross (IBX), Jefferson University, Temple Health, Universal Health Services (UHS), Merck, Digitas Health, Mount Sinai Hospital, Pfizer, Intermountain (SLC), Drexel University, Xerox Healthcare, Becton-Dickinson and more...
Past or scheduled Edtech Immersions include Penn State University, Blackboard, Drexel University,George Mason University, University System of Maryland, Strayer Education, Innovate by IZone NYC, Cengage, several K-12 public, private, and charter schools representing hundreds of teachers and thousands of students, and more...
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 about 8 to 15 companies within each industry vertical.
Interested applicants must fill out an application on Fundacity. 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 for that industry track, we’ll begin to schedule final round interviews with the program finalists.
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 applyget it in early.
We expect to schedule final round interviews in late July 2016 and notify all companies of their acceptance or rejection at least a month prior to the start date of the program, September 12, 2016th. 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.
We do all selection and due diligence in-house and evaluate every application across five criteria:
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 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.
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 community portfolio. We make sure not to share sensitive data or information between companies that would be considered competitive.
Yes! We receive applications from all over the world and typically accept 15-25% of our companies from outside the US. You must be able to visit the U.S. for the duration of the Customer Immersions and Investor Roadshows -- ~5 of the 14 weeks.
Although Dreamit allows you to participate in the program remotely, we require that you are physically present for key dates during the program. These dates are listed below.
July 6: Application Closes
September 12: Fall Cycle Officially Begins
September 19: Immersion Prep (must be at Dreamit HQ for full week)
September 26: Customer Immersions Week 1 (on the road with Dreamit team)
October 3: Customer Immersions Week 2 (on the road with Dreamit team)
November 28: Investor Roadshow prep (must be at Dreamit HQ for full week)
December 5: Investor Roadshow 1 (on the road with Dreamit team)
December 16: Investor Roadshow 2 (on the road with Dreamit team)