Where is the RAPID program going to take place?
All events will take place at NextFab’s main location at 2025 Washington Ave.
What differentiates the RAPID hardware accelerator from other programs?
We are entirely focused on working with hardware startups and our state-of-the-art makerspace facility in South Philadelphia serves as a one stop shop for all their prototyping needs. The selected teams will get funding and gain access to a dedicated desk, the opportunity to meet mentors, experienced advisors, and become part of a community of talented designers, artists, engineers, and entrepreneurs.
Will you sign a non-disclosure agreement (NDA)?
Applicants and participants in our programs are discouraged from disclosing confidential information about their product(s)/device(s). You are solely responsible for your own intellectual property. We respect the confidentiality of your ideas, but similarly to other organizations in the startup ecosystem that are engaged in reviewing hundreds of business plans and ideas, we do not sign non-disclosure agreements (NDAs).
How many applicants will be accepted for each cohort of the RAPID Hardware Accelerator?
We usually accept 4-5 teams or individuals for each cohort of the RAPID Hardware Accelerator program.
Will I/we get a mentor?
Yes! RAPID participants will be matched with mentors as part of the program.
Do you provide funding?
Yes, we provide seed funding for RAPID participants (up to $25,000 per team). We can provide follow-on capital based on your progress in the program.
Do you take equity?
NextFab’s $25,000 investment will be in the form of an S.A.F.E. instrument or Simple Agreement for Future Equity. Using this type of investment keeps legal costs low allowing for each company to spend more on de-risking their product to attract future investment. In short, no equity will be initially exchanged for entrance into the RAPID program. NextFab’s investment will convert to equity once a company raises an equity round of financing.
What is NextFab looking for in an applicant?
While we’re open to receiving applications from anyone, our ideal team would have 2 co-founders, a physical prototype, a patented technology, and a good estimate of the market size.
Does my company need to be incorporated?
No. However, we have a preference for startups incorporated as Delaware C-Corporations.