Last week we filled out an application on the US accelerator Newchip's website, hoping to get through to an interview or at least get some feedback. The accelerator could help us not only with funding but also with developing the project itself. After 3 working days we heard back that we were approved and proceeding to interview.
On Wednesday 4.8.2021 I participated in a video call with a representative of the accelerator, where I presented the so-called Pitch Deck. The accelerator team had 24 hours to evaluate. In yesterday's meeting they told me that they want to work with us! We are one of less than 10% of all applicants that apply to them.
There will be 6 months of training and mentoring from experienced entrepreneurs and investors (duration may vary), and most importantly help with raising money and negotiating with investors. Once we have gone through the entire training process and prepared the necessary materials for foreign investors, we will pre-record a video presentation to send to investors at the "Demo Days" and if they are interested in our project, we will negotiate with them for investment. Thanks to this event, individual startups have raised the most capital from investors in the past.
Throughout, we will have access to a platform that connects all the entrepreneurs, mentors and investors involved in the accelerator, so we can already be in talks with individual investors. We'll get access to credits and discounts worth roughly USD 750,000 on apps like Amazon Web Services and Google Cloud.
What is an accelerator?
The accelerator is dedicated to companies that have already solved their basic existential issues (the so-called seed phase). In accelerators, you will find start-ups or companies that need help to be steered or pushed in the right direction - to accelerate their idea, product, know-how or other part of their business. Companies only stay in an accelerator for a few weeks or months.
Mentoring, education and networking are typical forms of support in an accelerator. Through networking and the facilities that the accelerator provides to companies, it is easier to find investors.