ComplaintsforNewChip Accelerator

• Initial Complaint

  04/24/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  I'm a ***********-based, solo start-up founder; bootstrapped since 2015. December 2022:Accepted on Newchip's program, paid USD7,500 fees from dwindling savings, only to be 'kicked in the guts' when Pre-Boarding Accelerator hammered home that VC require a ******** C-Corp. That blow immediately followed by another when Accelerator revealed solo founders don't attract VC funding... as a *********** based, solo founder, both of these issues impact me. Newchip should highlight such fundamental issues prior to founders joining, not straight after we've paid.Newchip uses 'equity free' status as a drawcard. After program commencement, I realised that 'equity free' means that, unlike competitor programs, Newchip has no-skin-in-the-game, so aren't motivated to filter candidates for minimum success criteria or provide us with support resources needed to successfully raise.As my unease about the program increased, I did some digging and discovered:* ************************************************** - identifies Newchip manager as scammers. * *********************************************************** - reviews are either very good or very bad, but bad reviews are mostly from Int'l founders.Newchip exploits the deep vulnerability of founders to boost their bottom line. Int'l founders are unlikely to cause repercussions because we're ignorant of our legal position and can't afford legal advice.23rd January '23:Asked ***********************, Admissions Director, for my money back. He advised he couldn't make that decision and referred me to a success manager. 4th February:Call with *******************************, Newchip success manager. When I explained to ***** that I didn't sign Newchip's contract, ***** said "more or less, you're entitled to your money back", he'd discuss with management and revert back. 24th February:Followed up with ***** who advised "Unfortunately I'm not getting any feedback. Until I get some direction, my hands are tied." Newchip adopted a 'do nothing' strategy assuming I'd give up.

• Initial Complaint

  11/30/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  After informing them of our continued disappointment in their "process" such as having "mentors" who do not show up to meetings, do not respond to request for meetings, etc., no corrective actions were taken. Their group "teaching sessions" were a complete waste of time. They breached their contract by stating that we would have full access to their entire investor list and then they stated after we paid them that this was no longer available. Their support team said they would be introducing us to investors and this never happened. The contact there who was supposed to do monthly meetings with us did not even show up. I finally emailed their CEO and have been given zero response. This is a complete waste of money.

• Initial Complaint

  07/27/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Unanswered

  More info

  NewChip Accelerator onboards new companies/startup companies to their program by offering courses and access to investors with a guaranteed refund if you comply with all parameters and do not raise investment funds with them. Cost $6000, which is a lot of new companies.We went through the program, met all parameters, waited the one year, were approved for refund (email evidence) then were told we were not getting a refund after a further investigation stating that we closed a round after one month of starting their course (which we did not) we have evidence to prove this - we had a date in February as closing a Pre-Seed + round. We were raising a SEED with newchip and we simply wrote February on the timeline on the website for aesthetic - I provided NewChip with bank statements showing no deposits during this period.NewChip does not honour their word, they forget about your company, bring up false accusations - they said we never presented a second time which we did (we have email evidence for this as well).I'm sure my company is one of hundreds who have been scammed by NewChip, they do not honour their word. This company needs to be shut down and money returned to those who have been wronged. I've never reported any company to the Better Business Bureau in my life.This company goes out of its way not to pay companies who have not raised funds with them. We never raised funds with NewChip and would like them to offer what their business guarantees. Pretty sure its high illegal what they're doing.I will be gathering other companies to file their complaints as well.Thank you ***************************** AIRO.LIFE

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