Illumina Accelerator: Frequently Asked Questions
Illumina Accelerator: Frequently Asked Questions
Illumina Accelerator: Frequently Asked Questions
Illumina Accelerator
Frequently Asked Questions
Schedule and Curriculum We have been working on our startup for a while. Is the Illumina
What is the curriculum? Accelerator appropriate for us?
The first three months include company setup, process mapping, and The Illumina Accelerator can support a given startup from the concept
pitch development with active mentorship throughout the process. level through initial seed funding, as long as it hasn’t already raised a
The fourth month culminates in a partner presentation by venture Series A round from venture capitalists. We suggest that startups do
capitalists and super angel investors. The fifth month is focused on not incorporate if possible. It is easier to start with our paperwork than
demonstrations. The final and busiest month is devoted to completing to transfer an existing limited liability company (LLC) or S Corporation to
all the experiments, following up with all interested parties, and finding a a C Corporation.
new headquarters for your startup.
How much do you invest in a startup?
How often does the program run? The Illumina Accelerator strives to provide enough financial support so
There are two, six-month sessions per year. companies can produce the data needed for their fundraising efforts.
With this goal in mind, the program provides:
Eligibility and Applications
• Up to $100,000 in convertible notes (provided by the
Who is eligible?
accredited angel investors)
Candidate teams are limited to four members. They must be genomic
• $100,000 (provided by Illumina) in the form of sequencing reagents
researchers, entrepreneurs, startups, or early-stage companies from
and sequencing instrument access
academia or industry that aim to take their promising NGS applications
• 20% of a technician’s time to help you run experiments
to market.
• An unsecured credit line of $20,000
How are applicants selected?
What is the valuation cap on the convertible notes?
The team’s dynamic and experience, as well as product characteristics
The valuation cap is $5 million.
(e.g. IP, demonstrated market acceptance), are considered during
the selection process. Factors also include the project’s go-to-market
Do I have to accept the convertible notes?
strategy, overall market potential, and total financial considerations.
No. Convertible notes are optional.
When is the best time to apply?
Does Illumina take equity in the startups?
Candidates should apply a few months before the deadline,
Yes, Illumina will take 10% common stock in the startup.
which is usually in July for the fall session and February for the
spring session. We have already accepted some funding. Can we still apply?
Yes.
Funding
How can we receive funding for our startup? We don’t need funding, but can you give us advice?
Apply online for the next funding cycle (www.illumina.com/accelerator). Unfortunately, Illumina is unable to provide advice to companies that
We fund startups twice a year. are not enrolled in the Illumina Accelerator Program.
Do you only fund startups that are based on genomics? Can you recommend other investors who might be interested in
Yes. We feel that we bring the most value to these types of startups. our idea?
You’ll get the most value from an accelerator program that’s targeted to Illumina is unable to refer startup companies to investors. If you are
your specific area of interest. looking for investors, Illumina recommends contacting colleagues who
have founded or worked for startups and introducing your project to
their investors.
Frequently Asked Questions: Illumina Accelerator
Illumina is a leading developer, manufacturer, and marketer of life science tools and integrated systems for the analysis of genetic
variation and function. We provide innovative sequencing and array-based solutions for genotyping, copy number variation
analysis, methylation studies, gene expression profiling, and low-multiplex analysis of DNA, RNA, and protein. Our tools and
services fuel advances in consumer genomics and diagnostics. With technology and products that accelerate genetic analysis
research and its application, we are paving the way for molecular medicine and ultimately transforming healthcare.
www.illumina.com