Why apply to IndieBio?

Editor's Note:

IndieBio, known for its expertise in food, showcases versatility in areas like electrolyzers and electrochemistry, aligning with our specific focus. They provide founders with concept validation, investment, and an acceleration program, fostering innovation and growth. This alignment of IndieBio’s support and mindset with one founder’s vision marked the beginning of our transformative journey in their program.

Here’s what founders had to say about why they applied to IndieBio…

  1. While IndieBio primarily specializes in food, their ability to grasp and contribute to various topics, including our focus on electrolyzers and electrochemistry.
  2. IndieBio offers a founder opportunity to concept validation, investment and an acceleration program. 
  3. IndieBio’s support and mindset aligned with one founder’s vision, making it a perfect match. This marked the beginning of our journey in the program.

 Each team member brought unique strengths and perspectives crucial for NitroFix’s growth. Beyond that, their passion for supporting startups was evident.

Ophira Melamed, Co-founder @ NitroFix

What does application process look like?

Editor's Note:

The application process for IndieBio starts with an online form followed by an interview featuring insightful questions demonstrating their expertise. After an introduction to an IndieBio official and an online application, some founders presented their concept in an interview, leading to multiple interviews with the program director and the team, where direct conversations took precedence over the online application.

Here’s what the founders had to say about the structure of IndieBio’s application process…

  1. The application process begins with an online form, then you’re invited to an interview where they pose smart and insightful questions, showcasing their knowledge.
  2. One founder completed an online application and then progressed to 4 or 5 increasingly technical calls with their partners to discuss the company, ideas, and goals.
  3. After being introduced to an IndieBio official, we were encouraged to apply online, then we presented our concept in an interview. 
  4.  The application process involved multiple interviews with the program director and another with the entire team. While we had prepared an online application, it was not necessary as we engaged in direct conversation.

What are some tips for the application?

Editor's Note:

 To succeed in the IndieBio application process, being well-prepared and understanding the journey’s significance is crucial. Applicants should clearly articulate their needs, seek relevant introductions, and actively participate while also identifying the program aspects most pertinent to their company. Differentiating oneself and effectively communicating this uniqueness throughout the application and interview stages is key to standing out.

Here’s what the founders’ tips on IndieBio’s application process…

  1.  Approach the application process with preparation and recognise that it’s a substantial journey. 
  2. Clearly articulate your needs, request introductions, and actively engage in the process. Secondly, learn to discern which aspects of the program are truly relevant to your company.
  3.  Differentiate yourself and communicate this uniqueness during the application process and interviews.

Does Indie Bio's provide funding for equity?

Editor's Note:

 IndieBio offers founders investments ranging from $250,000 to $275,000, with a portion allocated for program participation. The cash funding available to startups is typically between $200,000 to $200,000. Based on the initial valuation and agreement terms, IndieBio takes equity stakes varying from 8% to 10% in exchange.

 

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

  1. One founder said that they received an initial fund of $275,000, distributed in tranches based on submitted goals and milestones. However, it’s important to note that $75,000 was reserved for participation in the accelerator program, bringing the final amount to $200,000 for approximately 10% equity.
  2. For another, the financial arrangement involved a $250,000 investment, of which $200,000 was in cash, distributed over six months, and $50,000 in kind, aligning with the advancement through the program. The equity negotiation was based on our valuation at the time.
  3.  Indie provides a $250,000 investment, with $50,000 allocated for the program cost. Essentially, startups receive $200,000, and IndieBio takes 8% from preferred stocks. 
  4. Upon admission to Indie Bio, this founder received $275,000 in funding as outlined on their website. Additionally, there’s an opportunity for an extra $250,000 during the program.

 It might sound intense, but their platform and opportunities were worth it.

 Aviel Even, Co-founder @ Ingrediome

How is IndieBio’s program?

Editor's Note:

During the IndieBio program, founders held weekly meetings with program managers, mentors, and contributors, gaining diverse insights. The program offered a blend of founder meetups, mentorships, and workshops initially, shifting to focused one-on-one consultations later, covering areas like business strategy and marketing. The latter part of the program concentrated on pitch preparation, enhancing communication skills for engagement with retailers and investors, and including intensive programming and activities at the San Francisco branch for all participating companies.

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

  1.  Each week consisted of a few meetings with the program managers, mentors, and contributors. The program was structured to provide founders with diverse insights and expertise.
  2. There were founder meetups, mentorships, one-on-ones, and many workshops. Then, toward the end, the second half was more one-on-one with a consulting strategy around the business, marketing, customer experience, etc.
  3. The latter part of the program focuses towards preparing for the pitch day. This preparation was especially beneficial as it helps craft presentations for retailers and investors, shaping your communication. 
  4. A founder remembers that each day of the week involved a one-hour conversation and various sessions where we interacted with investors and had one-on-one sessions with the IndieBio team. Additionally, twice during the program, all the companies gathered at the SF branch for a week or two, engaging in more intensive programming and activities throughout the day.

The online program proved beneficial, exposing me to transformative insights.

 Marissa Cuevas, CEO and Founder @ microTERRA

What are some standout aspects of the program?

Editor's Note:

 Mentorship and communication skills were highly valued in the IndieBio program, with founders benefiting from their mentors’ expertise and presentation styles. The program’s smart operational strategy, which includes evaluation of work, stood out, and being part of IndieBio’s portfolio facilitated connections with companies in diverse sectors. For many founders, the program’s network of mentors, experts, and advisors was invaluable, leading to a reevaluation of their initial business ideas and providing access to a supportive community of IndieBio companies, including more mature ones.

Here’s what the founders had to say about IndieBio’s standout features…

  1. Learning from how mentors communicated and presented themselves and the mentorship made the program exceptionally valuable.
  2. One aspect that stood out to one founder is the program’s smart operational strategy. They not only assist you but also evaluate your work. Being part of their portfolio connects you with companies across different sectors like HACS, Zibayo, and the China Accelerator.
  3. Another founder believes that the program provided mentors, experts, and advisors, creating an invaluable network. Being part of this community allowed me to reassess my initial business idea.
  4. With hundreds of Indie Bio companies, the willingness to help is remarkable. Being part of this network, especially connecting with mature companies, provided immense value for yet another founder.

Did you find the program lacked anything?

Editor's Note:

Remote programming in IndieBio presented a challenge without a clear structure beyond the formal program. Some founders felt that post-program support for ongoing assistance was insufficient. Limitations due to the program’s New York location were also expressed. Lastly, there was a suggestion that IndieBio could improve its focus on post-venture phases and strategic aspects such as customer definition and business development.

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

  1. One drawback of remote programming is the lack of obvious structure outside of the structured program.
  2. Post-program support on how they could continue helping was something a founder felt lacked.
  3. The program’s  New York location meant that another founder couldn’t access its excellent facilities elsewhere.
  4.  A final founder felt the program could enhance its focus on the post-venture phase and the strategic aspects of customer definition and business building.

Final advice to consider before joining IndieBio?

Editor's Note:

When participating in an accelerator like IndieBio, it’s essential to recognize that funding is vital, but viewing it as an opportunity for learning and growth is equally important. Setting clear objectives beyond financial support is crucial for a fruitful experience. For startups considering IndieBio, having a U.S. connection or interest is key to maximizing the program’s benefits. Furthermore, it’s important to actively engage in the accelerator process by clearly articulating your needs, requesting introductions, and taking initiative, considering the program’s multiple company engagements. Lastly, building a strong, innovative team and offering a unique perspective is essential for setting your startup apart from others in the accelerator.

Here are the founders’ final tips about IndieBio’s program…

  1. While funding is crucial, viewing the accelerator as an opportunity to learn and grow is equally important. Define clear objectives for what you aim to achieve from the accelerator beyond just financial support.
  2. For startups considering IndieBio or similar U.S.-based accelerators, having a U.S. connection or interest is key to getting the most out of the program.
  3. Clearly articulate your needs, request introductions, and actively engage in the process. Recognize that the accelerator is working with multiple companies, making it crucial for you to take the initiative.
  4. Build a strong team and focus on something genuinely innovative, ensuring your innovation sets you apart from companies already in the accelerator. Look at previous companies and aim to bring a fresh perspective.