Alchemist Chicago — Frequently Asked Questions
Answers to the questions founders most often ask about Alchemist Chicago — who qualifies, the funding amount, required documents and how the application works.
Frequently asked questions
How much funding does the Alchemist Chicago program offer?
Participants selected for Phase 2 receive a ₹4,500,000 SAFE investment. In most cases, this involves granting 4% equity, though flexible terms are available.
What is the deadline to apply for Alchemist Chicago?
The application deadline is not specified. We recommend checking the official website for the most current information.
Who is eligible for the Alchemist Chicago accelerator?
Eligible startups must be at the pre-seed or seed stage, focused on deep tech (e.g., AI, quantum, biotech), have a technical founding team of at least two co-founders, and be able to attend Phase 1 in Chicago and Phase 2 in San Francisco. Global founders are welcome if they can obtain visas and are fluent in English.
Does the program take equity?
Yes, for Phase 2 participation, most companies are expected to grant 4% equity. The program does not take equity for Phase 1 alone.
What type of funding is provided—grant or equity?
The funding is provided as a SAFE (Simple Agreement for Future Equity) investment for Phase 2 participants. While the program is categorized as a grant in terms of non-dilutive benefits, the SAFE is an equity-like instrument.
Do I need DPIIT or MSME registration to apply?
The program does not specify any requirement for DPIIT or MSME registration. It is open to global founders, so such registrations are likely not mandatory.
What documents are needed for the application?
The specific documents are not listed. Typically, you would need a pitch deck, business plan, and details about your team and technology. For precise requirements, visit the official application page.
How do I apply for the Alchemist Chicago program?
Applications are submitted online via the Alchemist Accelerator website at https://www.alchemistaccelerator.com/alchemist-chicago.
What are the key benefits besides funding?
Benefits include co-working space in Chicago and San Francisco, entrepreneurial training, IP strategy support, grant-writing assistance, access to UChicago's talent and national labs, mentorship from experts, investor introductions, and a lifetime global community membership for Phase 2 participants.
Can quantum startups apply?
Yes, quantum startups are particularly encouraged to apply, as the program has specialized expertise in deep tech commercialization.
Who offers Alchemist Chicago?
Alchemist Chicago is offered by Alchemist Accelerator, a startup accelerator. It is provided as non-dilutive funding.