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
- Some meals
- 305ELab swag
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 305ELab take any equity?
Yes – For our 4-week program, we take 2% equity from each participating team.
Is housing included in the fee?
No – 305ELab does not provide housing options; however, we can refer you to some area real estate professionals.
Does 305ELab invest in participating teams?
No – At this time, 305ELab 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 305ELab’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 305ELab if you would like to discuss further.
How can teams participate in one of 305ELab’s accelerators?
305ELab’s accelerator participants are selected through an application process. Applications can be submitted by visiting www.305elab.com and clicking on the “Apply Now” button.
What types of startups can participate in one of 305ELab’s accelerator programs?
For 305ELab’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. To discuss further, send a request to firstname.lastname@example.org.
Do 305ELab accelerator programs restrict which industries participating teams come from?
No – 305ELab is inclusive to all industries.
Is the 305ELab 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.