McGill X-1 Accelerator FAQs
1. What are the benefits of joining the McGill X-1 Accelerator?
- $5,000 will be available for each eligible co-founder based on milestones achieved, up to a maximum of $15,000 per team
- Dedicated startup space all summer at McGill.
- World-class mentorship and resources to develop your skills and accelerate your startup towards investment readiness and launch.
- Pitch to investors at Demo Days in Montreal, Boston, San Francisco, Toronto and New York City.
2. What are you looking for?
- We’re looking for exceptional McGill founders with later-stage startups that demonstrate traction with a Minimum Viable Product (MVP), customers, and/or revenue.
- We’re in search of startups that can build their business upon a technology, science, or idea that will give them a significant or radically disruptive advantage compared to their peers. Your startup should have the potential for exponential growth to eventually serve global markets.
- You have a great team with at least one technical co-founder and a full-time commitment towards working on your startup for the summer between June 5 and August 11, 2017.
3. Do you take any equity?
- No, neither the McGill X-1 Accelerator nor the McGill Dobson Centre for Entrepreneurship take equity.
- The McGill X-1 Accelerator resources and milestone funding money is granted with no equity attached.
4. How many people can be on my team?
- Teams are made of two to three members and are all founder-level participants, with at least one technical co-founder.
5. On my application, what if I don't know what to put for my team's milestones?
- We're looking for you to take a first stab at defining milestones so we get a better sense of where your team is, and where you think your team can be by the end of the McGill X-1 Accelerator program.
- If you are selected, it’s likely that your initial milestones will change as you iterate through the program and its Advisory Board meetings.
6. Do all of my team members have to be affiliated with McGill?
- No. While we are primarily focused on accelerating McGill entrepreneurs' abilities and practical skills for entrepreneurship, at least one participant should have a McGill affiliation (student, alumni, faculty, or staff).
- If the only affiliation is a McGill alumni, they should have graduated from McGill no more than 5 years ago.
7. Do I have to compete and/or win the McGill Dobson Cup to be eligible for the McGill X-1 Accelerator program?
- No, you do not have to compete and/or win the McGill Dobson Cup to be eligible to apply.
- However, you should be able to demonstrate traction with a Minimum Viable Product (MVP), customers, and/or revenue (see FAQ No. 2)
8. How many teams will you accept for the McGill X-1?
- We expect to select 10 teams for the 2017 cohort. The McGill X-1 organizing team has full discretion over the number of teams selected.
- All decisions are final.
9. What is required of my team once I am in the accelerator?
- We are looking for McGill startup teams that are able to work on their startup full-time in Montreal from June 5 to August 11, 2017.
- Selected teams will be expected to collaborate with the other teams in the McGill X-1 Accelerator program by working primarily out of the McGill Dobson Centre for Entrepreneurship summer space. Team members are expected to engage in the McGill X-1 Accelerator’s extracurricular activities and actively share learnings with other founders in the program.
- Teams are also required to attend and pitch at the McGill Montreal Demo Day. Teams will also be given the opportunity to pitch at McGill Boston Demo Day, McGill San Francisco Demo Day, McGill Toronto Demo Day and McGill NYC Demo Day in Fall 2017.
- If selected to pitch, modest funding will be provided per team to travel to Boston, San Francisco, Toronto and New York City.