FREQUENTLY ASKED QUESTIONS
What is included in the program?
In addition to all educational content provided, participants will receive:
Access to a co-working space for the duration of the program
Weekly meetings in-person or virtually with a mentor to help with specific problems
Pitch practice with feedback each week
Participation in a demo day at the conclusion of the program with investors in attendance
Regular team building and leadership activities
Will each team be assigned a mentor?
Yes and no – All teams have access to a pool of mentors with varying areas of entrepreneurial and industry experience. Teams are encouraged to identify with and build ongoing relationships with those mentors they best connect with.
Is there a fee to participate?
Yes – We have found that those who contribute some financial commitment are more invested in the program and more apt to take advantage of the tools and resources available. We also use the participant fee to help off-set our expenses incurred to run the program.
Does 305XL take any equity?
Yes – For our 4-week program, we take 5% equity from each participating team.
Is housing included in the fee?
No – 305XL does not provide housing options.
Does 305XL invest in participating teams?
No – At this time, 305XL does not have a funding component and does not offer any financial investment; however, we do have access to a pool of investors, which will be available at some pitch practice sessions, as well as on demo day.
If accepted into one of 305XL's accelerator programs, how many team members can participate?
The maximum number of team members who can participate is two (2); however, we understand there are unique situations and some startups have 3-4 founders. Based on participant enrollment, there may be opportunities for up to four (4) members to participate for an additional fee. Please contact 305XL if you would like to discuss further.
How can teams participate in one of 305XL's accelerators?
305XL’s accelerator participants are selected through an application process. Our next cohort will take place June 4 – 29, 2018 in Miami, Florida. Applications are currently closed. Stay tuned for our next cohort dates and application process.
What types of startups can participate in one of 305XL’s accelerator programs?
For 305XL’s accelerator program, startups should already be established as a company and generating less than half a million US dollars in revenue. For those still in the idea stage, startups only needing minimal assistance, or businesses generating over $500K in revenue, we have individualized support services available.
Do 305XL accelerator programs restrict which industries participating teams come from?
No – 305XL is inclusive to all industries.
Is the 305XL accelerator program delivered in a face-to-face format or is it virtual?
The accelerator program is face-to-face and requires participating teams to be located in the South Florida region while participating in the program.