What is a multi-corporate accelerator?
In general, an accelerator is a fixed-term and cohort-based program where accepted startups are provided with defined assistance and services such as mentorship, education, working space and infrastructure for a limited period of time (usually 3-6 months).
A multi-corporate accelerator is a program that is run by a specific intermediary company - such as weXelerate - on behalf of a number of corporates that financially contribute to the operation of the accelerator program. In return, these corporate partners seek to collaborate with the most innovative and promising startups in their specific area to solve a pressing business issue they are facing. Consequently, weXelerate aims to establish and grow a mutually beneficial cooperation between startups and corporate partners within its innovation ecosystem.
What exactly does weXelerate provide?
First and foremost, weXelerate's 4-months accelerator program offers startups the chance to present their use cases to 16 leading corporate partners with the aim of creating pilots, PoCs or other forms of cooperations. What is more, the program includes mentorship by international executives and serial entrepreneurs, workshops as well as individual coaching sessions on various different topics.
Furthermore, plenty of opportunity to network with and get the attention of investors, free working space and infrastructure in Austria's capital city - Vienna - complete the picture.
What industries does weXelerate focus on?
We focus on the fields of Banking, Insurance, Industry 4.0, Media, Infrastructure & Energy as well as on technologies like IoT, blockchain, cybersecurity, AI & bots and mobility solutions. If your startup does not relate to any of those industry fields, you are not automatically excluded from a chance to participate, and we still encourage you to submit your application.
What stage does my startup need to be at?
We will consider your application independent of the stage that your company is at. Our Startups typically range from pre-seed and pre-revenues to Series A/B stages with existing revenues. Nevertheless you should be able to show us a prototype of your product/service.
How much does the program cost?
Participating in our accelerator is 100% for free.
Does weXelerate take shares of my startup?
No, we do not take any shares. However, in case you are having a potential cash funding round at some point, we’d like to have the opportunity to participate.
Is the program full- or part-time?
Our accelerator is built as a full-time program for 4 months. However, your time will not be crammed with pre-scheduled and mandatory sessions. We rather encourage you to take advantage of our individual and flexible coaching offers in various different areas so we can guarantee that your startup gets exactly what it needs.
Can we do it without moving to Vienna?
Since all the coaching and networking will happen on site, we do expect that you are primarily based on site with a team of at least 1 person during the block weeks (roughly 1 week / month). Our accelerator program might be a good choice if you think about entering the german speaking market and testing your sales and business development approach for 4 months by using the infrastructure we provide.
When does the next batch start/end?
Batch 3 will start on October 1st 2018 and will run until January 22nd 2019.
When does the application period for the next batch open/close?
Application for Batch 3 will start on April 4th 2018. Deadline for applying to the next batch is May 9th 2018.
Will you provide feedback on application results?
Due to the large amount of applications we receive we are unfortunately not able to give any individual feedback.
Is there a guarantee I will be funded when I am accepted into the accelerator?
Participation in the accelerator is not tied to any financial funding. However, you will be exposed to many international investors during your time on-site and especially on the final demo day. It is ultimately up to you to grab their attention with your idea.
Where will we live while we’re attending the accelerator?
Finding accommodation for the time of the accelerator is up to you. We’ll be happy to provide you with some tips and tricks on how to get around on the housing market in Vienna.
I have not officially founded my startup yet, can I still apply?
No problem. If we choose your idea you’ll get all the support you need to officially found your business.
What happens after the 4 months are over?
You’ll be part of our alumni family when you’ve finished the accelerator. If you’d like to stay in our office we’d be happy to chat about potential free office space. In general you are free to move your business wherever you want and continue using the network you’ve been able to build during your time on site under your own conditions.
Do I have to stay in Vienna after the program has ended?
No, the choice for location of your start-up and team is absolutely up to you.
Do we have to start our company in Austria?
No, you are free to found your company wherever you want.
My english is a little rusty, may I still apply?
You do not need to be an english native speaker, however we do expect you be able to follow the program in English and communicate with mentors, coaches and investors.
What size should my team have, and can I bring everybody to Vienna?
The size of your team does not matter to us. However, each team can have a minimum of 2 and a maximum of 4 people on site.
Is there any support for cost of living during the time of the accelerator?
weXelerate does not offer any financial support, but we can certainly help you apply for certain subsidies provided by the state of Austria or the “Wirtschaftsagentur Wien” if you are an international applicant. Please ask us for our special housing cooperations.
My start-up already has investors, can I still participate?
Yes, weXelerate does not take any of your equity, and if you get the attention of one of the many investors on site it will be up to you to make a decision concerning further funding.
We don’t really need money. Does it still make sense to apply?
Absolutely. Being accepted into the accelerator is not tied to, nor does it guarantee any financial funding.
Is my age a factor in your selection process?
No. We’ll likely have a look at your skills and competences, but age is certainly not a factor we consider in the selection process.
Can you get me a visa?
Getting a visa so you can legally stay in Austria for the time of the accelerator is up to you, but we will support you with the right contacts and any other insights regarding any bureaucratic work.
Do we have to be European Union citizens?
No, being a EU citizen is not a criteria in the selection process. However, weXelerate can not guarantee that you will be granted an Austrian visa.
I just applied, now I’m thinking of emailing the mentors to get them interested in my start-up. Good idea?
We receive a big amount of applications per year, which is why there is a systematic process that we follow. Our mentors are eager to help bring forward the startups that weXelerate selects, but are not part of the process itself. Emailing them will not provide you with any sort of advantage.
Can I stop by your office to say hello?
Please don’t stop by without having made an appointment. Contact us first to discuss the need for a personal meeting.
Will you sign an NDA? How do I know you won’t steal my idea?
We will not sign an NDA because of unproportional administrational expense. However, no venture firm would steal your idea at this stage.