Think technology accelerators are just for early stage startups? Think again. DreamIt Ventures is discarding its playbook in favor of one that doesn’t involve taking an equity stake in companies and has added an initiative for growth stage businesses.The idea is to attract more competitive companies with the prospect of benefiting from the firm’s network and mentoring program.
Avi Savar has been named DreamIt Ventures CEO after serving as a partner since April. He observed in a statement that “the market has matured enormously since Dreamit was founded,” and it’s “evolving its offering to meet the changing needs of entrepreneurs, partners, and investors.”
He has worked as a seed investor, and founded social media agency Big Fuel.
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DreamIt Health will do away with chapters in Philadelphia and Baltimore in favor of a national approach to specific industries. So DreamIt Health will become a national program and it is already seeking applications for its class that gets started in February. Additionally it is adding an educational technology track.
The move to become geographically agnostic reflects a trend set by other accelerators and incubators. StartUp Health runs a StartUp Health Academy — a three year long program that does not require participants to live in any one part of the country but does expect them to be able to assemble at quarterly meetings. 1776 runs a virtual incubator which have cultivated a global group of healthcare startups partly centered on accessing its virtual model.
It will also provide later stage companies a no-cash, no-equity offer with an option to invest in the future, as well as a virtual curriculum. For younger companies, Dreamit will continue to offer stipends and office space as part of the Dreamit program, the statement said.
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