What type of companies are you looking for?
We are looking for companies that are led by under-represented minorities in the technology industry. Specifically, this means the CEO or Founder is African-American, Latino, or Female. Additionally, companies of interest to NewME are product-focused companies in the consumer internet and/or mobile space. We are also interested in companies trying to solve large data problems through cloud computing. Finally, while we aren’t particularly interested in content (digital publishing) businesses it doesn’t hurt to apply… who knows, you may wow us!
Can I apply if I am outside of the United States?
No, for now we are just accepting startup companies located in the US.
Can I apply if I don’t have a prototype yet?
We are interested in teams that can execute by any means necessary. That said having a prototype is very important in the evaluation process of your idea and ultimately your admission to NewME. However, it’s important to note that the term prototype means different things to different people. In some cases it may be semi- functional, completely function, or even hi- fidelity designs put together to show the products functionality. We are using the term prototype so that you submit SOMETHING that shows the product and what it is intended to do. Please DO NOT apply without a prototype to show.
Do you take equity?
Yes, a 4% equity stake.
Do you provide funding?
No not at this time.
So, what does NewMe provide?
NewME provides a few simple things:
- A roof over your head in the heart of Silicon Valley for the duration of the 12 week program;
- A place to work;
- Local public transit passes;
- A community of entrepreneurs;
- Rock star speakers and mentors with invaluable, in depth knowledge;
- One-on-one mentorship;
- Assistance in developing your professional network in Silicon Valley;
- Awesome perks on services from RackSpace, Google, and many others. Once you’re apart of NewME you’ll get full details on how to redeem some of these perks;
- Professional and legal services;
- Access to top-tier investors.
Our program is an intense co-live/co-work situation that gives Founders literally 24×7 immersion into the tech start-up scene. We work hands-on with you to help your startup succeed. Being apart of NewME doesn’t end after your 12 week cycle is over. We are committed to helping you through our network even after you’ve completed the program.
What doesn’t NewMe provide?
Right now NewME doesn’t provide funding to startups. Also while we DO provide shelter, basic food needs, and many other great things listed above; we DON’T give stipends or any other financial assistance. It is also your responsibility to get to the programs location for day one, we don’t help with airfare, cab fare, etc. BUT once you are with us there is very little to worry about.
Can you recommend other investors who might be interested in our idea?
Sorry, referring someone to an investor is like a recommendation and you can’t recommend people you don’t know. If you’re looking for investors, you should find friends of friends who’ve started or worked for startups, and ask for introductions to their investors.
Can you help me launch my idea or give me advice on it?
If you are admitted to the NewME Program you will get tons of feedback on your product and running your business! However, if you’d just like to ask a quick question or get advice we aren’t able to help everyone out and right now need to focus on startups and Founders who’ve been admitted to the program.
What if we’ve already taken some funding. Can we still apply?
Yes, just please reference this in the designated area on your application.
Why should I participate?
NewMe is here to help entrepreneurs of color achieve their goals. If you have a great idea, but need a launching pad, look no further, NewMe can give you the needed boost. We also have some great perks and benefits to being in NewME.
What do I get from Demo Day?
Simple. You get the opportunity to pitch in front of some pretty impressive people. If you’re on your game you’ll rise to the top. Whether you’re on your game or not, being an entrepreneur is about hustle and tenacity. We encourage Founders to embody this spirit not just on Demo Day but throughout the program. ***Disclaimer: We still suggest you bring your A game***
What type of commitment do you require?
We require a full-time focus during the program so that teams can successfully launch or scale their companies. The first few months in a startup’s lifespan are often the most productive and can make or break the company.
Can we do it without moving to where you are?
Unfortunately, no. Because NewME is so intense and is co-live/co-work it’s crucial to have in-person interaction. It’s important to note that the move is temporary for the 12 week cycle however about half of Founders from Cycle 1 relocated to the Bay Area. Additionally, those that have family obligations often take visit family when the program doesn’t have anything schedule, generally on the weekends, and up to twice during the 12 week period.
How large of a team can apply?
Generally 1 to 4 people, but experience has shown that teams of 2-3 work significantly better.
Does my whole team participate in the co-live and co-work portions?
For the residential part of the program we currently only have the ability to house 1 team member, it’s generally the Founder/CEO. However, your entire team, up to 4, can participate in the rest of the program. Our reasoning for this is only due to spacing constraints. In the past teams have been able to over come this by housing other team member nearby temporarily.
Do I need a technical co-founder?
No but it’s HIGHLY encouraged. Ideally, we are looking for teams with at least one very talented technical founder.
Do I need to provide a business plan?
No, a business plan is not necessary. We are more interested in the talent of the team, how well you know your market, and your ability to execute.
Will NewMe sign an NDA?
No, we cannot sign an NDA due to the large number of applications we receive, but we do not share applications outside of our selection committee. The more details you are able to provide about your startup and its’ plan, the higher the likelihood of you being accepted into the program. Furthermore, most startup concepts change and evolve over time. The execution (rather than the initial idea) is really what is going to make your startup succeed.
Are you looking for investors?
Yes. We are looking for strategic venture capital partners as well as direct investors, or donors to the NewME Accelerator or the NewME Community program. Please email firstname.lastname@example.org if you’d like more information.
Help! I wasn’t able to find my answer here!
Feel free to shoot us a line via our contact form to get your question answered. Due to the volume of emails we receive please be patient with us.