DRIVE Venture Studio FAQ

How does the Venture Studio work?

The Venture Studio is not a preset program. Entrepreneurs enter when the time is right for them. Together we will build a program of support customized to your needs and to help achieve key milestones. We mobilize the right resources – subject matter and general business expertise, opening doors to potential customers and partners, access to our athlete network and investor network to help accelerate your business.

What kinds of companies are you looking for?

We are open to a range of startups from pre-seed up to Series A. Our ideal company has a minimum viable product (MVP) built, has some customer traction, likely some revenue, and needs resources to further refine their product market fit and plan for growth. At the same time, we welcome conversations for very early concepts.

What is your focus?

Our focus is broadly defined as technologies defining the future of how we play, consume and experience sports. Target areas include Athlete performance, Health & Wellness, Training & Team Management, Data & Analytics, Fan Engagement, Social Platforms, Fantasy Sports and Fan experience in and out of stadium.

Does DRIVE provide capital to startups accepted into the Venture Studio?

We know that every startup and scenario will be different. Entrepreneurs working with Venture Studio will benefit from a number of resources, including the potential for additional capital and access to investors intended to help grow their business.

How long is a company in the Studio?

Companies accepted into the studio participate and have access to resources for twelve months. We will work with you to design a program that allows you to stay focused on building your business and take advantage of the resources and activities that the Studio will offer.

Do we have to be located in Boston to participate?

No, you don’t have to be located in Boston. The program will be a mix of virtual and in person engagement as needed. We anticipate some of the in-person activities will take place around the country in collaboration with our Athlete Network activities.

How do we apply? What is the selection process?

We have a rolling admissions process, so companies apply when the timing is right for them. Companies will fill out an application to share more about their team, company, traction, goals and how the Venture Studio can help them. There are two rounds of screening and diligence.

Applications will first be reviewed by the Venture Studio team for initial screen and diligence, followed by a second round where we dive deeper in your business with support from a select group of DRIVE advisors selected based industry experience and expertise. Final recommendations will be presented to the Venture Studio Committee for approval.

When can we apply?

Immediately. We are eager to speak with companies to begin the screening process. We will review your application and we will set up a conference call or in-person meeting and we can bring you up to speed at that time.

How many companies will you accept into the Studio?

We don’t have a pre-set target. We want to find great companies that can truly benefit from all the other resources we can bring to bear.

Is DRIVE a part of DraftKings? Why is DraftKings doing this?

DRIVE is a separate corporate entity. DraftKings has a minority ownership stake in DRIVE. The other owners of DRIVE are General Catalyst, Accomplice and Boston Seed. No company is better positioned than DraftKings to provide entrepreneurs with the opportunity to understand firsthand how a successful sports-tech company operates. DraftKings’ role is perfectly fitting with the company’s co-founders’ shared commitment to support and strengthen the broad sports-tech industry.

Who else is involved in DRIVE? What is their role?

DRIVE is a unique collaboration between DraftKings and several of America’s leading venture firms, General Catalyst, Accomplice and Boston Seed. The three firms collectively provided the funding necessary to launch and operate DRIVE.