So you have a startup company or at least a great idea? Is DreamIt right for you?
The DreamIt program is designed to get you from where you are today to a world class startup with a fundable product in just three months. By the end of the program, you'll be presenting your startup to a room full of investors who could fund your next round.
You'll work harder than you ever have in your life, side-by-side with other brilliant, ambitious entrepreneurs and technologists. You'll spend your days and nights together. You'll socialize together. You'll help each other when it's crunchtime and you find yourself stuck in the mud.
The DreamIt mentors will provide you with the coaching, encouragement and tough love you need to bring your dream into the real world. We'll provide you with startup funding, technologists and strategists who can join your team, speakers with expertise in every aspect of tech startups, donated legal and accounting services, and introductions to angel investors, venture capitalists and other sources of public and private funding.
In short, we'll do everything we can to make sure this is the summer of your life -- both for you and your company.
What do we look for in applicants? Here are the most important things:
- A potentially BIG idea
- Ability to build a prototype, beta or market-ready product or service within 3 months
- A team whose talents complement each other
- A team where everyone is enthusiastic, bright, and excessively motivated
If you and your idea have these characteristics, we would like you to apply. We are not looking for a detailed business plan -- just a clear understanding of what you propose to do and who you are.
>> Click here to apply for Dreamit 2010
Overall Process
This should give you an idea of our overall process:
Selection Process
Applications must be received by the deadline of March 22. We review applications on a rolling basis, so there is an advantage to applying early.
We screen the applications and contact you via email or telephone if we have additional questions about your application. The most promising applications are sent for outside review by members of the startup community with particular expertise germane to your application.
By late March, we offer invitations to participate in DreamIt and Dollarshipstm to up to 12 applicants that we believe fit best with DreamIt. Our invitation will include a Dollarshiptm (typically $15,000 to $25,000 and intended to cover living expenses during DreamIt), and we will specify what percentage of the company we expect to receive in return for your participation (typically a 4% to 8% passive interest). In addition, as more fully described below, a huge amount of support to build your company will be available to you.
DreamIt Companies are invited to Philadelphia for a Kickoff event the weekend in April. If you accept our invitation to DreamIt, you will be responsible for building a prototype or market-ready product and having your company ready for funding and/or launch by the end of August.
You will live in the Philadelphia area from late May through late August. You will choose where to live, although we have some good options for you. You choose where to work -- be it a coffee shop, the Art Museum, Citizen's Bank Ballpark, or the office space and common space we will have available to you.
Throughout DreamIt there are dinners and breakfasts featuring leading visionaries, entrepreneurs, public relations experts, emerging growth company lawyers and accountants, private investors, and venture capitalists. There also will be opportunities for you to compare progress and notes and to intermingle with other DreamIt Companies.
Your company will be formed and you will receive counsel from top lawyers and accountants, who are donating their services and will help you at no cost except for direct, out-of-pocket expenses like filing fees. We will help you brainstorm and refine your idea (to the extent you desire), identify resources to help you overcome problems and obstacles, and help you develop your go-to-market strategy, your sales and marketing plan, and your funding pitch. It's your company, so during each stage we will be involved only to the extent that you want us to be.
We have assembled a world-class group of Gurus to help you through this process. We also are taking applications from people with rock star business talent in areas such as sales, marketing, operations and other skills. These Strategists will be available to work with you full time if you like. In addition, we are taking applications from Hackers whom you will have an opportunity to bring onto your team if you choose. On Demo Day at the end of DreamIt, you will have a chance to pitch your company to Venture Capital firms, angel investors, private investors, economic development groups and other funding sources.
After DreamIt
By the end of DreamIt you will have a real product and a real company, and if you need it and are good enough, funding. At that point you are free to relocate your company wherever you choose, although given the resources now at your disposal you might wish to stay in the Philadelphia area. Assuming that you have established a good working relationship with one of our Gurus you might wish to ask them to continue to work with you and guide you on an ongoing basis either as an adviser or board member. We also will remain available to help you and your company.