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FAQ


 

Frequently Asked Questions

 

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FAQ


 

Frequently Asked Questions

 

When and where does the next accelerator program take place?

The next Dreamit cycle runs for 14-weeks starting  March 2017. Applications open 3 months in advance of selection. Startups can choose to participate in the program remotely or co-locate with us in our Philadelphia offices immediately adjacent to the University of Pennsylvania, Drexel University and a short walk to Penn Medicine, Children’s Hospital of Philadelphia, Independence Blue Cross, and more . Those startups opting to join us in Philadelphia will have special access to high-level industry insight from local healthcare executives at key Philadelphia organizations as well as ongoing guidance on how to address needs of payers and providers from assigned corporate mentors. Additionally Philly based startups get space in  the Dreamit Philadelphia office for up to 4 team members for the entirety of 2017 at no cost. Finally, by joining us in Philly, you are physically part of a community of other world class companies and entrepreneurs bouncing ideas off of each other, have exposure to live curriculum, greater exposure to the Dreamit team, and surprise interactions as you never know who may walk in the door. If you choose to be with us in Philly we ask that you commit core team members to be in Philly for at least half of the program (~8 weeks). All companies are expected to travel with Dreamit for 4 out of the 14 weeks of the program for Customer Immersions and our bi-coastal Investor Roadshow.

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. 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). 

Are there any costs to participate in the program?

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.

What are the key elements of the Dreamit accelerator program?

  • 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

What types of companies do you accept?

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.

What customers will I meet with during the Customer Immersions?

Dreamit curates a full two-week schedule of immersions that leverages our deep relationships with key partners in the Philadelphia, New Jersey, New York City  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.

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.

How does the application process work?

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.

When will I hear back if I’ve been accepted?

We expect to schedule final round interviews in mid 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.

What criteria do we use to evaluate startups?

We do all selection and due diligence in-house and evaluate every application across five criteria:

  • Product/Idea

  • Team

  • Market (Size & Competition)

  • Traction

  • Go-to-market Strategy

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 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.

Key Program Dates:

Although Dreamit allows companies to participate in the program remotely. No matter where you are located, we require that you are physically present for key dates during the program. These dates are listed below.

February 10: Application Closes

March 27: Spring Cycle Officially Begins

April 24 - May 5: Customer Immersion Prep (can participate remotely but be prepared for intensive time commitment - multiple meetings per week))

May 8 - 12: Customer Immersions Week 1 (on the road with Dreamit team)

May 15 - 19: Customer Immersions Week 2 (on the road with Dreamit team)

May 22 - June 9: Investor Roadshow prep (can participate remotely but be prepared for intensive time commitment - multiple meetings per week)

June 12 - 16: Investor Roadshow 1 (on the road with Dreamit team)

June 19 - 23: Investor Roadshow 2 (on the road with Dreamit team)

June 30: Spring Cycle Ends