“Newchip was a very "cookie cutter" experience, not a true accelerator. I'm pretty sure the graduation ceremony was pre-recorded and the "homework" was never checked. Lots of confusion around connections and their investor network was weak at best. I participated in 3 demo days and most investors contacted me through LinkedIn, so it's hard to know if they did anything proactive to encourage investment or actual introductions. Our company is definitely investable as proved by us raising $450k in one month on StartEngine, but not a dollar was from Newchip or an intro from NewChip. The best part of NewChip was getting to try Sofos.ai.”
“The CEOs in the program should come more prepared for their sessions with the mentors. We are giving valuable time away and if the CEO doesn't have an agenda, it puts pressure on the consultant to fill the time. I am hoping you will add more structure to these sessions otherwise I am not sure they are worth my limited time.”
“I started the program in Spring 2020. The staff of Newchip is knowledgeable and friendly to work with, but it felt like I may have started the program while they went through significant (non-COVID) organizational and program changes. The program went through considerable system changes that were confusing and created technical challenges and UX adjustments for end-users; some of the metrics requested did not apply to our stage.
One of the key elements I was most excited about was the opportunity to have a mentor. Over the program's course, we were assigned three different mentors, causing us to restart a relationship each time. In the end, I never had a mentor that lasted through the entire length of the program, which was a waste of our time and effort, and it could have been worth so much more.
Another aspect of the program is the live cohort sessions with the Newchip advisor. This was an important part of the program, but more interaction and sessions would be beneficial. We started the program with two meetings a month and then decreased to one meeting a month after our first advisor's departure. Online learning has its advantages, but I find in-person, traditional class style sessions more meaningful. In the last few months of the program, Newchip offered a weekly session that allowed founders to discuss any topic. Unfortunately for us, we are bootstrapping our company and work other jobs, which was always in conflict with these midday sessions.
The "connect" program (Sofos) through LinkedIn can be an impactful part of the program. It allowed us to connect and network with people as I searched for people interested in our work. This tool can be overwhelming at times and requires several hours a week to manage responses and meetings; that's neither good nor bad, just an aspect to know upfront so you can plan to address the additional time commitment.
I found the course content helpful in many ways. I recommend that pre-seed, pre-revenue companies focus on family/friends fundraising. Looking back, I don't know that I would have started the program had I known all the changes Newchip seemed to undergo. Based on what I now see on the platform, I suspect companies going through the program now have a very different experience.”
