ELEVATE Frequently Asked Questions
We think the best way to accelerate early-stage-startups is hands-on support to develop an amazing product that works for its users. We don’t just tell you what to do in order to succeed – we get our hands dirty with you! This is why the core of our accelerator are the 250 hours that your team receives from our in-house experts – whether you need support in development or growth marketing – we will bring the right people on board for you.
ELEVATE has a strong focus on developing an early-stage-prototype to product-market-fit. We accept applications from motivated team from all over the world. There are a few requirements:
- you have at least a first prototype.
- you are a motivated team working on creating a positive impact of some sort.
- you don’t have to be an incorporated company yet (during the time of the program the formation of a company is necessary, support will be provided).
- it is mandatory that at least one of the founders attends the bootcamps.
- you can also apply if you are an already established startup that wants to validate a new product or market.
- your team consists of at least of one software engineer and one marketing-oriented team member, both of which are operatively involved in the business. Ideally, you have a third person on the team that focuses on business development.
Given the circumstances we are planning on delivering a hybrid program. This means that the bootcamps will be held online. As soon as it is possible to do an onsite event, we are ready to deliver one or two bootcamps on Vienna. If feasible for you, we would like you to join these.
If you are located in Vienna, you are invited to stop by as often as possible since inputs and discussions with like-minded people will help you evaluating your current situation with a different perspective.
We do take equity – however, we do that first with a convertible note and give the startups up to two years to receive a proper qualified valuation. Only then we take equity based on the program value (60.000 EUR). That usually ranges between 2-8%.
We only provide small funding to cover short-term expenses to the participating teams in the amount of 5000 Euros. There are no requirements of how this funding needs to be used.
Most of the service will be delivered in hands-on working hours by experts and thought leaders of the industry.
The accelerated companies do receive a wide-ranging package of perks and partnership benefits such as:
- 250 hours of internal & external coaching in the fields of:
- Business Modelling & Product development
- Marketing/growth hacking
- Legal advice
- Funding advice
- €5,000 for travel expenses, first purchases, formation of company etc.
- Possibility to use office space @weXelerate, CEE’s biggest startup hub
- Access to & usage of the Botbase, our bot framework
- Support by University research teams
- Contacts to investors in relevant field
- Support in building your pitch deck, coaching and pitch training
- Contacts to corporates in your relevant field
- Perks and resources from partners like Google Cloud, aws activate, Stripe, etc
Yes! The 5 touch-points throughout the program in form of bootcamps allow us to check up on your progress, while we provide you with new hands-on inputs and bring you together with some of the brightest minds in the industry – leverage this! Our bootcamps don’t just provide you with basic entrepreneurial skills, but also are a great platform for inspirational exchange, where you will get tailored expertise and mentoring on the discussed topics.
No, your company, your decisions ☺
However, we do have an excellent public funding ecosystem for early stage startups which might be of interest to you.
To participate in ELEVATE, your team has to consist of at least of one software engineer and one marketing-oriented team member, both of which are operatively involved in the business. Ideally, you have a third person on the team that focuses on business development.
If you are a single founder, you can still apply, however, further participation conditions will be discussed.