Frequently asked questions
Who can apply?
Technion DRIVE Accelerator is part of the Technion ecosystem and serves the Technion community. We accept companies which use Technion-developed technology to develop the products, or companies in which at least one of the founders is a Technion alumna/alumnus. We are very strict about having a Technion relation as above.
How to apply?
The application is submitted online.
When can I apply to the program?
We accept application on a rolling-basis, so no deadline for submission. About every three months, a committee convenes and makes decisions on acceptance of new companies to the program.
What is the acceptance process?
- After a preliminary review of the application, we communicate with applicants if we need additional information or clarifications
- Shortlisted candidates and the whole founding team will be invited for a meeting with DRIVE Managing Director
- Finalists will be invited to present to a Technion internal committee
- Those that pass the internal review will be invited to an investment committee, composed of Technion and non-Technion people (such as co-investors and sponsors of DRIVE).
Do I have to have a registered company when I apply?
You may apply before founding a company. However, you will have to register a company after being accepted to the DRIVE and before starting the program.
Which startup stage is relevant to the accelerator program?
We accept both pre-seed and seed stage companies. In many cases, we are the first to trust and invest in a company.
What funding do companies participating in the Technion DRIVE Accelerator receive?
Companies accepted to the accelerator will receive an investment of up to $100,000 in return for a SAFE (Simple Agreement for Future Equity) ageement with similar terms to the creator of this instrument: YCombinator.
A company that is accepted to the DRIVE receives much more than the funding.
I have already raised some funding. Am I too far along for the program?
It pretty much depends on the stage of your product development. If you raised a few millions of $ you might be too advanced.
Can I continue working or studying while taking part in the accelerator? How much time would I physically be spending in the accelerator weekly?
We require the CEO and the key team to be fully dedicated to working on the startup, and therefore we do not accept students, unless at the final leg, such as post thesis submission. We do not measure how much time you spend at the office- you have to be outside talking to customers, investors, subcontractors etc.
Didn’t find an answer to your question?
No problem, contact us with your question.