Our RAPID Hardware Accelerator is a twelve-week program focused on helping hardware entrepreneurs jump-start their business by providing them with hands-on technical and business consulting. In addition to access to state‐of‐the‐art equipment, software, and training, NextFab will invest up to $25,000 in each of the four accepted teams.
Membership to NextFab state-of-the-art facilities for you and your team. You’ll gain access to experienced professionals and a community of creative entrepreneurs.
We invest up to $25k in each venture. In addition, we connect you with our network and share additional funding opportunities. There’s also opportunity for follow-on funding.
Workshops on Marketing & Sales, Launching a Crowdfunding Campaign, Product Development, Investment Readiness, IP Protection & Licensing.
We love helping hardware startups refine initial prototypes and complete product development. NextFab provides hands-on technical and business support to help you achieve product-market fit.
NextFab’s team creates and shares a custom plan and roadmap with each of the participants in the program based on their application, previous conversations, and on-boarding session. Subsequent consultation sessions are based on this initial plan and needs, but changes could be made to meet the participant’s new strategic needs uncovered during the acceleration period.
Applications Open: June 28, 2019
Application Deadline: August 10, 2019
Phone Interviews: August 5 - August 16, 2019 (the sooner teams apply, the sooner we will interview them)
In-person Meetings: August 19 - August 28, 2019
Due Diligence: August 30, 2019
Investor Presentations: September 3 - September 6, 2019
Announce Teams: September 10, 2019
Start of the Program: September 19, 2019
Graduation: December 12, 2019
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 direct access to NextFab’s Product Development staff. Think of them as an extension of your team. We’ll offer you advice, make introductions, and fill skill gaps or relieve bandwidth constraints that are preventing you from reaching development milestones. In addition to all of this, we’ll introduce you to mentors and experienced advisors, as well as our broader community of talented designers, artists, engineers, and entrepreneurs.
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).
Most events will take place at NextFab’s main location at 2025 Washington Ave.
We usually accept 4-5 teams or individuals for each cohort of the RAPID Hardware Accelerator program.
If for some reason you and your team are not able to apply for the upcoming cohort, you can submit your application to be considered for a future cohort. Applications are accepted on a rolling basis and reviewed twice a year.
Yes! RAPID participants will be matched with mentors as part of the program.
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.
NextFab will issue a Convertible Note Term Sheet indicating the key terms of our investment and a proposed investment amount. A Convertible Note means that no equity will be exchanged until the accepted team goes out to raise an equity round of financing. Using this investment vehicle keeps legal costs low allowing for each company to spend more on de-risking their product to attract future investment. In addition to capital investment, you may also receive credit to work directly with NextFab’s Product Development team for 12 months after the start of the program.
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.
No. However, we have a preference for startups incorporated as Delaware C-Corporations.