Thanks to all who applied for the first round of Pear Summer applications!
Pear Summer second round applications are now open until May 11, 2018!
Join our Portfolio!
WHAT'S NEXT FOR PEAR SUMMER
Over the last four years, we have run a successful Pear Summer program geared towards students and recent-graduates. Pear Summer was always based on a simple principle: partner with exceptional students/recent-graduates and work with them side-by-side for ten weeks while they kick start their businesses.
Pear Summer’s growth and interest has been extraordinary. Our demo days have grown from a few investors, to hundreds of investors. The number of applications also grew from a handful to several hundred, which led us to grow the number of teams we partnered with from five to eighteen. The teams coming out of Pear Summer have raised capital from top venture investors including First Round Capital, Index Ventures, NEA, Lightspeed and many others. Last year 85% of companies completed a fundraise.
Despite all this success, we have taken a deep look at Pear Summer and we have decided to make some changes to double down on the things that work.
Second, we are focusing on working with a smaller number of teams - up to five in total. We are a small but hardworking team and we realize that every company needs a lot of of our time. In order to give everybody we work with our undivided attention and maximum value, we are limiting the max number of companies we work with.
Third, ten weeks is simply not enough, especially when teams are just getting started. We are partnering with these teams not for ten weeks but for a lifetime. We will have an initial on-boarding period for ~4 months where we meet with you at least once a week, teach the best practices and specifics of starting a company (e.g., optimal hiring practices, start-up financing, etc.), and organize talks from entrepreneurs and investors geared towards helping you with specific startup areas. We'll also be hands on with a variety of important activities such as: actively helping to recruit key employees, connecting you to relevant customers, white-boarding product strategy, running experiments on acquisition strategies, and much more. After this initial onboarding period, we will put together an investor day where you can meet with a group of hand-picked investors in a more efficient way.
We want to emphasize that you will be a part of the Pear portfolio after this initial onboarding period. This means that you have our commitment that we will work side by side with you to grow your company into the best possible outcome for as long as it takes. In practice, this translates into our ongoing time commitment (regular meetings as often as needed) post the initial ~4 month onboarding period, and access to us and all of our resources at any time.
Lastly, we are giving each Pear Summer team enough capital to get to the next stage. We will invest $250-500k into each company. You should think of this as your initial funding round and we believe this is enough capital to reach early signs of product market fit.
We have seen the success of these type of Soil (pre-seed) rounds in our own portfolio (Affinity, Branch, One Concern, Solvvy, etc...) and we also see it all around us. Defining companies that we all know raised $500k or less in their first rounds: Facebook, Instagram, Snapchat, Uber, Whatsapp and many more that bootstrapped their way from “0 to 1”.
We’re excited for these changes and we’re looking for teams who want to be part of this journey with us. If this sounds like you, apply for Pear Summer today!
WHO CAN APPLY?
To qualify for Pear Summer, you must commit to working on your company full-time.
At least one team member should have been enrolled in a university sometime in the past 3 years. Teams and solo founders are welcome to apply.
HOW WE WORK WITH PEAR SUMMER COMPANIES
Our Commitment and time
When we invest in your company, you are joining the Pear portfolio and we are partnering with you for a lifetime. When we back you, we roll up our sleeves and actively help you build the foundation of your company.
We will have an initial on-boarding period for ~4 months where we meet with you at least once a week, teach the best practices and specifics of starting a company (e.g., optimal hiring practices, start-up financing, etc.), and organize talks from entrepreneurs and investors geared towards helping you with specific startup areas.
We'll also be hands on with a variety of important activities such as: actively helping to recruit key employees, connecting you to relevant customers, white-boarding product strategy, running experiments on acquisition strategies, and much more.
After this initial onboarding period, we will put together an investor day where you can meet with a group of hand-picked investors in a more efficient way.
After Demo Day, we'll continue providing you with our ongoing time commitment (regular meetings as often as needed) and access to our resources including our recruiting support and active community.
We are committing to giving each Pear Summer team enough capital to get to your next stage. We will invest $250,000-$500,000 for 10% of the company.
Through our years of experience working with Pear Summer companies, we believe this is enough capital to help you reach initial stages of product-market-fit.
OTHER RESOURCES WE OFFER
WORKSHOPS / SPEAKER SERIES
We host regular workshops and speaker events every other week with accomplished guests who cover a variety of startup topics. Previous workshop leads and speakers have included: John Doerr (Partner, KPCB), Mark Pincus (Co-founder, Zynga), Cathy Polinsky (CTO, Stitchfix), Doug Leone (Global Managing Partner, Sequoia Capital), David Marcus (Head of Messenger, Facebook), Alfred Lin (Partner, Sequoia Capital), Omid Kordestani (Senior Advisor, Office of the CEO and Founders, Google), and many more.
Pear Summer teams will have 24/7 access to Pear’s office space in downtown Palo Alto throughout the program. They will also have access to all of Pear’s partner discounts worth over $200K (AWS, Rackspace, Google Cloud, and FbStart credits, free legal hours with the major law firms, discounted use of Braintree, Hubspot and much more!), our internal networking platform, as well as events, workshops and our speaker series.
We dedicate much of our time towards building a dynamic community–be it through our Speaker Series, Hackathons, Pitch Nights, CEO Dinners, Workshops, or Networking Events. We further work towards empowering founders through building each of their personal networks–with one another, with our Operating Partners, and with the broader tech community. We have deep networks in Silicon Valley, and pride ourselves on our ability to connect founders like you with people that can help you achieve your goals.
Based on your company industry / sector, we will match you with the most relevant mentor. Here are a few of the talented mentors in our network:
PEAR SUMMER DETAILS
- We will invest $250-500K for 10% of the company.
- Pear Summer officially kicks-off on July 9th.
- You can work anywhere in the Bay Area. However, you have the option to save precious money and work out of our downtown Palo Alto Office 24/7 for free. We expect you to work at least two days per week out of our Palo Alto headquarters.
- Time commitment:
- Group check-ins once every week
- Office hours once every week
- Workshops every other week
- Dinner once a month
- Investor day: ~4 months after Pear Summer kickoff
We will be conducting two rounds of Pear Summer applications and interviews.
February 5: Applications open
March 23: Application deadline
April 5-6: Interviews with selected teams
Week of April 9th: Teams are notified of acceptance
March 24: Applications open
May 11: Application deadline
May 16-28: Interviews with selected teams
Week of May 28: Teams are notified of acceptance
Pear Summer officially kicks-off on July 9th.
FREQUENTLY ASKED QUESTIONS
How much will you invest in our company?
$250-500K for 10% of the company.
Can I join another incubator / accelerator while I am part of Pear Summer?
Yes. However, we expect your team to spend at least two working days per week at the Pear headquarters in Palo Alto.
Who can apply?
At least one team member should have been enrolled in a university in the past three years.
Do we need someone technical in our team?
No, but we strongly encourage it.
How far along should my team be?
No company is too early and no company is too late.
What types of companies will you accept into Pear Summer?
We are generalists and sector-agnostic so any type of company can apply.
Do I and my co-founders need to be working on this full-time?
Yes. Exceptions can be made on a case-by-case basis if you are finishing up school or completing your thesis.
Do I have to work out of Pear’s Palo Alto headquarters?
You can work anywhere in the Bay Area. However, you have the option to save precious money and work out of our downtown Palo Alto Office. We expect you to work at least two days per week out of our Palo Alto headquarters.
Can I raise money before Pear Summer?
Can I raise money during Pear Summer?
Yes but our goal is to provide you enough money that you don’t have to spend more time looking for initial funding.
Will my company officially be part of the Pear portfolio?
Yes, you will treated as one of our portfolio companies.