[credit provider=”CourtBean via Flickr” url=”http://www.flickr.com/photos/courtbean/6033701848/”]
Seed fund and incubator DreamIt Ventures is expanding its accelerator program beyond New York and Philadelphia to Israel.DreamIt managing partner Mitchell Golner, who has nearly two decades of high-tech industry experience, is in charge of the Israeli venture. The new program will fund up to five Israeli startups who want to penetrate the United States.
The joint US-Israel accelerator program will last four months. It will start in Israel on April 15. Then, the companies will spend three months in New York with companies enrolled in the DreamIt NYC program, starting in May.
After demo day in August, the Israeli grads will fly to Israel to present in another demo day there. After the program is over, the participating companies will be given a place to work for a few months in Israel.
The pressure to produce seems pretty high. According to its website, DreamIt is only interested in ideas that can turn into a product in three months. DreamIt Ventures will take a 6% passive equity stake in the companies in exchange for up to $25,000 in funding, mentorship, and access to early-stage capital.
We went to check out the most recent demo day held in New York.