Frequently Asked Questions
Frequently Asked Questions
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.
Although you may choose to participate remotely for portions of the program, you must commit to be in Philadelphia for 50% of the 14-week program. Philadelphia has been home base for Dreamit since 2008, and we have deep connections to the regional healthcare ecosystem. Your time in Philadelphia will allow you to work hands-on with members of the Dreamit team and high-level executives from our local partners like Penn Medicine and Independence Blue Cross.
To confirm your application is in, 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.
Dreamit has reengineered the accelerator model to better serve startups. Our founder-friendly offer allows startups to participate without initial material dilution. Upon accepting our invitation to participate, the startup will issue a $50,000 convertible security that will convert in their next round of funding. (Please note, this is not a cash investment).
Other than the convertible security mentioned above, there are no charges from Dreamit to participate in the 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 designed specifically for early-stage Digital Health, Health IT, med device, andother HealthTech startups. Dreamit’s goal is to help startups grow and scale by providing them with access to customers and capital. We work with companies that have typically already raised some capital, that have demonstrated product market fit, and usually have shown some early traction.
Read this full post to learn about our customer immersion program.
Dreamit curates a full two-week schedule of immersions that leverages our deep relationships with key partners in the Philadelphia, New Jersey, and New York City, in addition to other areas. Additionally, we target 2 - 3 additional healthcare hub cities each cycle to provide exposure to a variety of potential partners. See the full list of immersion partners on our health tech page.
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.
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.
We expect to schedule final round interviews in late February 2017 and notify all companies of their acceptance or rejection at least a month prior to the start date of the program, March 27, 2017. 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: Product/Idea, Team, Market (Size & Competition), Traction, and G2M Strategy.
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.
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.
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., at miniumum, for the duration of the Customer Immersions and Investor Roadshows -- ~4 of the 14 weeks.
2-week, multi-city Customer Immersion Roadshow designed to help jumpstart your partnership, trial, and sales pipelines through in-depth customer meetings with key strategic partners and customers you can reference in fundraising documents and marketing materials.
Access to some of the world's most active VCs during our 2 week East and West Coast Investor Roadshow as well as one-on-one introductions from our vast network of early-stage investors.
Coaching, insight, and hardcore pressure testing and de-risking via weekly office hours with our managing directors
Weekly webinars and panel discussions with industry leaders around the topics that matter most for early-stage companies