What is DreamIT?
DreamIT Ventures is a pre-seed investment funding company that provides startup capital and business guidance to technology startups. These startups work full-time for three months to get their product or service ready for market and funding.
DreamIT was founded in late 2007 by three Philadelphia-area entrepreneurs and investors David Bookspan, Michael Levinson, and Steven Welch (left to right in picture). The company has an impressive list of advisors including Josh Kopelman of First Round Capital and our own Team and a Dream advisor, Lucinda Holt of Commerce360.
When did it start and when does it end?
This year marks the first year for DreamIT and the program is running from May 21, 2008 to August 22, 2008. Funding day has been tentatively scheduled for September 4, 2008. This is when all the companies will be given the chance to present to angels, VCs and other funding sources provided by connections from DreamIT.
What does DreamIt provide?
DreamIT invests up to $30,000/company in pre-seed funding, experienced business advisors, legal and accounting services in addition to a host of speakers who are Philadelphia's cream of the crop entrepreneurs. Each team member receives $5k for the summer and another $5k for the company as a whole (so a 2-person team would receive $15k). In return, DreamIT receives four to five percent equity.
The DreamIT companies are also given the opportunity to work with C-level business strategists who can help them put together a business plan, perform competitive and market research, promote their company, etc. They are provided with office space courtesy of the Philadelphia Science Center, an incubator for science-and technology-based companies. All the companies are encouraged to hire and work with people in the Philadelphia area.
So what is the DreamIt Series?
I am one of the part-time business strategists that's involved with one of the final eleven DreamIT companies and Skip is helping out as a "Guru at large." DreamIT Ventures is providing us with the opportunity to talk to and hear from industry experts and experienced entrepreneurs. I've been learning from these experts and have been gathering their insider tips for funding, business strategies, sales, design, etc. I thought I'd pass them on through a weekly or bi-weekly series on this blog. From the Tuesday night speaker series, to the workshops, to the prep meetings with investors and experienced entrepreneurs, I'll add what I've observed and share my own thoughts. I hope you'll enjoy them!
By: Yasmine Mustafa