Frequently Asked Questions
Frequently Asked Questions
Dreamit HealthTech 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 HealthTech Kickoff | March 25 - 29, 2019 | This is an opportunity for you to bond with the other members of the cohort and to get to know the Dreamit team. You will be required to be in Tampa, Florida that entire week.
Customer Sprint | April 29 - May 10, 2019 | Dreamit HealthTech includes an ecosystem of the most innovative healthcare providers, payers, medical device manufacturers, and pharmaceutical companies. The products these organizations use often become the industry standard. During a two-week Dreamit Customer Sprint, startups visit the offices of these organizations to meet senior decision makers, discuss pilots and sales and create partnerships. Typically, Dreamit startups have Customer Sprints in Philadelphia, New York City, Tampa, and Boston.
The Investor Roadshow | June 17 - June 28, 2019 | Dreamit’s 14-week cycle culminates in a highly curated, 2-week, bi-coastal series of one-on-one meetings with institutional investors in their offices. Dreamit’s Investor Roadshow is a faster, more efficient way to raise a round versus a typical “Demo Day” since at best, Demo Day can only lead to an investor meeting. In advance of the Investor Roadshow, Dreamit startups receive intensive pitch prep and go through demanding mock-VC interviews. Weeks in advance, Dreamit’s Platform team reaches out to our investor network to lock in and coordinate a bespoke multi-city Investor Roadshow for each startup. Typically, Dreamit startups have one-on-one investor meetings in Silicon Valley, San Francisco, New York City, and Boston.
Accepted startups must complete at least one week of the two-week Customer Sprint in the Dreamit cohort they are accepted into. We encourage startups to take advantage of the full two-week Customer Sprint, but we offer flexibility. We allow founders to defer one week of the two-week Customer Sprint until a later accelerator cycle. For example, if you are accepted into the Spring cycle and want to defer one week of the Customer Sprint, you have the opportunity to join the next Fall startups during their Customer Sprint process. After you accept your Dreamit offer and as you begin the Dreamit kickoff week, approximately 4 weeks prior to when the Customer Sprint will occur, you will discuss with your Dreamit Managing Director and Program Manager your Customer Sprint options and if you want to defer one of the two weeks.
If you are not fundraising or have just completed a capital raise, you can defer the Investor Sprint until a future cohort of the accelerator, for up to one year. For example, if you are accepted into the Spring cycle and elect to defer the Investor Sprint, you would have the opportunity to join the Fall or following Spring Investor Sprint. As well, if you want to split up the two Investor Sprint weeks across cycles, you may do so. Some startups are so busy they don’t want to travel and meet with investors in their offices, nearly back-to-back, for two weeks. Or they want to take one week and “take the temperature” for a future round and then go out later for a week for the actual raise. After you accept your Dreamit offer and as you begin the Dreamit kickoff week, approximately 11 weeks prior to when the Investor Sprint will occur, you will discuss with your Dreamit Managing Director and Program Manager your Investor Sprint options and if you want to defer one or both of the two weeks of the Investor Sprint.
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 the 2-week Customer Sprint and the 2-week Investor Roadshow. These are intensive, multi-city events that require full-time commitment in order for you to make the most of these opportunities.
Complete the first page of the application here, and you will receive a message from a Dreamit team member. You can ask questions via email or request a time to speak over the phone.
Startups can expect to hear back from the Dreamit team within a month of the application deadline with news about whether they have been selected to interview with the Dreamit team and customer partners. 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 generally cannot provide feedback on specific applications.
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. You should receive an automated email confirming you have completed all steps of the process.
Tip: More than half of the applications come in on the final week, so if you want us to spend more time on your application, we strongly recommend that you apply early.
Dreamit has re-engineered the accelerator model to fit the needs of more mature startups. Our founder-friendly offer allows startups to participate without initial material dilution. The program is designed specifically for founders who are looking to increase the number of large, enterprise-level customers before raising their next material round of financing. The program also assumes that your company has sufficient capital to participate in the program or to achieve your next round of funding (approximately six months).
Upon joining the program, startups provide Dreamit with the following:
The right to invest up to $500K in your next round of funding at a 20% discount to the terms set by your lead investor. For example, if your next funding round is a $5M financing at a $15M pre-money valuation, Dreamit would have the right to take up to 10% of the round ($500K) at a $12M pre-money valuation (20% discount).
A $50K Convertible Security that will convert into your next round of funding with no discount. To be clear, this is not a cash investment in your company. In essence, this is a program fee to help us cover a portion of the program costs. Continuing with the example above, this $50K would convert at the $20M post-money valuation ($15M pre-money + the $5M raised), making it worth just 0.25% of your startup’s outstanding equity. Other than the Convertible Security mentioned above, there are no additional costs for companies to participate in the program. However, founders must cover their own travel costs for the Investor Roadshow and Customer Sprint Program.
The fundamental question we ask is whether a startup is ready to scale with enterprise level customers. If a startup does not have a product deployed and ready to put in the hands of customers, then it is too early for our program. Typically, startups will enter the program having raised some capital, having runway, and having piloted the technology in some way or demonstrated product market fit. Most, but not all, of the startups we accept are already generating revenue and have customers who are thrilled to be using their product who we can talk to.
We care less about the stage of funding so, as long as your technology is customer-ready, we encourage you to apply regardless of whether you are pre-seed or pre-Series A. 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.
We run a very hands-on program and spend a lot of time working one on one with each startup so we purposely limit the size of our cohorts to 8 to 12 companies within each industry vertical.
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 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 U.S. You must be able to visit the U.S., at minimum, for the duration of the Customer Sprint and Investor Roadshow and the other home-city touchpoints which are typically four to seven weeks out of the fourteen week program.