How to get into HAX according to the founders that did it

Here’s what the founders had to say about why they applied to the HAX accelerator program…

1. The accelerator seemed like the perfect opportunity to bridge their knowledge gaps, learn the ropes of early and advanced prototyping, and eventually efficiently bring a scalable product to market.
2. Being one of the few hardware companies emerging from Entrepreneur First, they were automatically introduced to HAX as part of their partnership.
3. HAX understood the challenges and what it takes to build a successful hardware company.
4. HAX offers substantial engineering support alongside its investment.
5. HAX’s track record with companies like Opentrons and Formlabs showcased their ability to nurture ventures that have made significant impacts

Here’s what the founders had to say about the HAX application process…

1. The application process was quite thorough, involving around four stages of interviews and resembling a standard due diligence procedure one might expect from a venture capital investment.
2. The entire process was quite engaging and took about a month from their first conversation to receiving the final decision, which is relatively quick in the investment world.
3. Initially, they spoke with a program coordinator and a program manager, followed by discussions with multiple partners.
4. There were many interviews, each involving a lot of back-and-forth exchanges where they provided feedback and context about what they were building.
5. The essence of the process went beyond mere selection criteria; it was about relationship building.
6. They were fast-tracked directly to the investment committee, thanks to their association with Entrepreneur First.

Here are the founders’ tips on the HAX application process…

1. Their unique idea was definitely a key differentiator. This aligned well with HAX’s strengths and their ability to support investments in innovative hardware solutions.
2. Their founding team’s diverse experience significantly contributed to their appeal.
3. They had only a basic working prototype, underscoring that early-stage investments are often bets on the founders themselves. Their team’s unique combination of skills and dedication to their vision likely played a pivotal role in our selection for the program.
4. Their timing was fortunate as they aligned with HAX’s thematic interests when they applied.
5. The emphasis was more on the potential for significant market impact and the founders’ ability to quickly move forward with their ideas.

Here’s what the founders had to say about the HAX accelerator program…

1. It is a nine-month highly customized program. While there are common elements like networking, community engagement, and weekly events that are fantastic, they’re not the core.
2. Initially, there’s an assessment phase where your technology is evaluated and critiqued, identifying areas for improvement. HAX then matches its resources to address several of these challenges, creating a personalized plan for the rest of the program.
3. The program’s foundation includes weekly check-ins with your assigned project manager and the wider team, along with bi-weekly meetings with key stakeholders.
4. HAX partners witness the founders’ growth from novices to capable business operators, fostering a unique bond that extends beyond the program.
5. The emphasis on practical development and prototype advancement is what makes HAX invaluable for hard tech startups at an early stage of their journey.
6. In the HAX program, the approach to mentorship is quite unique and doesn’t revolve around a traditional pool of mentors to choose from. Instead, they were granted access to the entire HAX team from the outset.
7. Being part of HAX (or IndieBio, for that matter) opens doors to a wealth of cross-disciplinary events and networking opportunities.

Here’s what the founders had to say about HAX funding support…

1. HAX provides a set investment to each company that joins their program. Currently, this amount comes up to $250,000.
2. They are very proactive in terms of facilitating connections with other investors, but it requires initiative from the startups.
3. The investment typically includes a mix of cash and in-kind support, which encompasses access to their facilities like the workspace, labs, and 3D printing services.
4. HAX remains open to participating in follow-on rounds for companies they believe have significant potential, although they typically do not lead these rounds.
5. They usually take 12-20 % equity in each funding round.

Here’s what the founders had to say about their achievements during the HAX program…

1. They managed to create fully functional prototypes that not only worked as intended but also began to resemble the final product.
2. They successfully raised another funding round.
3. They were conducting their first in-field test, a critical step that HAX helped them achieve by guiding our progression from concept to a functional product.
4. They managed to secure their first two revenue-generating contracts.
5. Their major achievement was learning to fail fast. The ability to quickly identify what doesn’t work and pivot accordingly is invaluable, especially in a startup environment.
6. Having a dedicated team by their side throughout their product development process was crucial.

Here’s what the founders had to say about their challenges during the HAX program…

1. They harbored the misconception that joining the program would magically resolve all their engineering dilemmas.
2. Transparency and honesty from the program during COVID time would have been greatly appreciated. A more open dialogue about the limitations faced and the adjustments to the program could have helped them manage their expectations better.
3. One of the initial challenges they faced was learning to communicate their needs effectively and concisely.

Here are the founders’ final tips about the HAX accelerator program…

1. HAX is an exceptional program that one founder highly recommended, particularly to founders who might not have a strong technical background but possess the eagerness to learn.
2. Make sure to fully utilize the resources HAX offers while you’re part of the program.
3. Maintain a balance of humility and structured hypotheses.
4. For hardware founders, particularly if you’re in the early stages of your first venture, joining HAX can provide invaluable support and resources.
5. Being adaptable and open to sharing equity for the right resources and support can significantly impact your startup’s trajectory.
6. Actively engage with the existing network of HAX founders. This will not only help in understanding the accelerator’s culture and expectations but also in gauging how your startup could fit and benefit from the program.
7. Remember that your unique advantage is the ability to experiment rapidly and pivot as needed. Embrace the journey of building, testing, and iterating, and don’t shy away from the multitude of resources and support available to help bring your vision to life.