That upper end is a bit of an outlier, but it happens enough that it's not entirely rare. The median company probably has some type of prototype and is pre-revenue.
Relocation is not a must. The program does take place in Texas and in order to get maximum value, it's worth trying to figure out how to be here for the full 3 months, but there is no firm requirement and we have had success with a 'commuter' team that would come for a few weeks at a time alternating. Best case scenario, you move here for 13 weeks. One of our prior founder's wife back home called us 'internet camp'. I like to think of it more as a monastic retreat for startups ;)
I got the impression that things were much more close and intimate there than at some other incubators that I've seen. After the game and weekly debriefing, Jason came out with the entire group and we hit up some nice spots in San Antonio. I think it was somebody's birthday as well. The entire class works out of a shared office and there's a strong sense of camaraderie and friendship.
If I had an applicable project right now, I wouldn't hesitate to apply.
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Jason is a great guy, and very much devoted to the incuabtor. It showed through and created a lot of enthusiasm in the group, from my perspective, and I was glad to be able to interact with them this past year.
