First point.<p>$6000 in funding that comes with all these restrictions and gives away 9% of ownership is a terrible deal. It values your company at only $67,000.<p>If your company is only going to be worth $67,000 or less you should stop what you are doing right now and get a job working in services or retail.<p>On the other hand, if your company is worth much more than $67k, then this is not a good deal at all. VCs are not going to invest unless they think the company will be worth much more than $67k.<p>Second point.<p>If you need $6000 and somehow have not managed to save $6000 in the bank working as an engineer or designer then you should also reconsider whether you have the skills to create a successful tech company out of nothing.<p>Third point.<p>If you can't get a credit card with a greater than $6000 limit because of poor credit, please consider whether your financial skills are conducive to running a business.<p>Summary.<p>If $6000 is what you need to launch your company, borrow the money from mom, sell your car, or get a job for a couple months and save it.
I love how detailed their website is. They know exactly what they're looking for, who's companies they can make a difference with, and they're upfront about it. I'm really interested to see who comes out of this Accelerator since they're so focused.
This is a long time coming. Project Skyway has the coolest selection process ever for an accelerator plus they don't require a technical co-founder because they are providing every single team 2 full-time developers.
From their application:<p>"Each member must have a moderately full [LinkedIn] profile with a minimum of 2 recommendations and 50 connections."<p>Is this a thing now?
Now that the Tevatron is being decommissioned, perhaps we can reuse it as a "tech accelerator". One stream will be VCs at 512GeV, and the other stream will be people with ideas for Facebook clones. Then we just aim them at each other, and suddenly the HN frontpage will have 1TeV less annoyance.<p>What I meant to say is: "tech accelerator" is a dumb name.