Newchip review: Virtual resources for startups
Take your business to the next level with an accelerated program of knowledge and investor access.
For founders in the startup phase, an online accelerator program like Newchip can help entrepreneurs learn how to grow their businesses, support growth and potentially get funding. Learn the ins and outs of this type of program before signing up.
What is Newchip?
Newchip is a 100% online business accelerator that is equity-free. Its program includes masterminds, one-to-one mentorship, virtual demo days with investors, live classes and training sessions.
Regardless of which stage your business is in or where you’re located in the world, you’ll get access to Newchip’s network, knowledge base and startup communities.
How can I use Newchip for my business?
Newchip’s programs are designed to provide the following benefits to startup founders looking to fund their ideas and grow their company:
- Join an equity-free program. While most accelerator programs require you to commit up to 10% of your startup in exchange, Newchip only charges you for the services it provides.
- Operate from anywhere. The Newchip program is 100% online and remote, so you won’t have to pay travel costs or rent workspace for your training.
- Fast-track your skills development. Each Newchip accelerator program offers you the opportunity to learn from experts and advisors instead of through trial and error.
- Find the network your business needs. Through the accelerator, you can connect with a global community of founders, venture capitalists and seed investors.
- Plan for the future. Develop your startup and fundraising roadmap with expert mentors.
What are Newchip’s programs?
Newchip offers three programs for companies at different levels of their startup phase.
The Pre-Accelerator course allows you to have lifetime access to course content and associated perks for making a $100 donation to Newchip’s scholarship fund for minorities and female founders.
|Pre-accelerator Program||Pre-seed Accelerator||Seed & Series A Accelerator|
|Program Length||Self-paced||3-6 months||3-6 month|
|Requirements||$1,000-$50,000 raised, or|
$1,000-$50,000 in revenue
|$50,000-$250,000+ raised, or $50,000-$250,000+ in revenue||$250,000-$3 million+ raised and $250,000-$3 million+ in revenue|
Pros and Cons
- No equity required. Where most accelerator programs offer limited funding for your startup in exchange for equity in your company, Newchip helps you get grants and scholarships to cover your tuition, offers payment plans for the part of your tuition not covered by scholarships, and takes no equity in your company. But funds can take a warrant option to invest up to $120,000. This gives them the right, but not the obligation, to invest in your company.
- Completely remote. The entire program is run online, which means you don’t incur the expense of moving your entire operation to a new city for six months.
- Program tailored to you. Newchip offers three programs based on how much funding you’ve already acquired and where you are in the startup process.
- No guaranteed funding. Because Newchip takes no equity in your company, it also doesn’t guarantee funding. As part of the program, you’re introduced to venture capitalists and angel investors who may or many not invest, based on the work you do.
How does Newchip compare against alternatives?
Newchip is fairly unique in the industry as both an equity-free and 100% remote option. To help you decide if Newchip is right for you, we’ve compared some of the key aspects to some similar alternatives.
|Location||Fully remote||Silicon Valley, California||Programs run in 34 locations around the world with two remote options|
|Admission costs||Covered by grant or scholarship||7% equity||6% equity|
How to apply
The vetting process can take anywhere from 20 to 30 days, and consists of the following steps:
- Application review (3-5 business days). Your application is evaluated and you’re informed by email if you have been selected for an interview.
- Interview (5-20 business days). Once approved, you can schedule an interview with the Newchip team.
- Evaluation (2-3 business days). Newchip determines your suitability and meets with its acceptance committee.
- Selection. Once accepted, you’re given five business days to accept your seat in the program.
How to contact Newchip
Newchip is headquartered in Austin, TX, but doesn’t provide an email address or phone number for contact until you’ve applied to the program. A contact form is available on the website for media inquiries and you can contact the company through social media on Facebook and Twitter.
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Newchip’s accelerator program could be a solid option for founders seeking an immersive program to grow their startups without having to work out of another city for six months. But unlike some other programs that offer funding options upon acceptance in exchange for equity, Newchip takes no equity and doesn’t guarantee funding.