There are an almost countless number of startup accelerators out there. That said, there are, for whatever reason, very few focused specifically on hardware. Well you can add one more to the small, but growing list: Make in LA. The program is now accepting applications for the Q4 2015 program.
The terms of Make in LA’s program are pretty unique. While it is hardly a surprise that a hardware accelerator would adopt a different model than your standard accelerator, Make in LA offers a pretty friendly term sheet:
While $25,000 for 6% is typical, we understand that hardware has some additional costs (parts, molds, inventory, etc) that most start-ups don’t face. That is why we offer startups $150,000 in two rounds. On day one, $75,000 plus free range of our resource-jammed facility for 7.5% equity. Upon graduation, you will receive $75,000 at whatever terms your company is worth.1
In addition to the standard office space, Make in LA provides its program members to their state of the art, badass facility. Access to all of these prototyping tools is, alone, worth the equity stake that Make in LA takes.
Our state of the art facility contains all the necessary tools to help you develop and design your product on site. We also provide ample office space and multiple conference rooms. Our warehouse also comes complete with plenty of room to solve all of your logistical needs once you get up and running.2
Make in LA is able to provide all of these resources through a partnership with NEO Tech. For more info and to apply, head over to MakeinLA.com.