HACKER Q&A
📣 amukbils

Is OnDeck a Scam?


The OnDeck fellowship programs are marketed as "accelerators," but instead of investing in startups and providing resources, they ask founders to pay simply to get into the program. https://www.beondeck.com/

No one I asked about their program gave a full clear recommendation. It's always a "you get out of it what you put in it" type of answer. This sounds like they didn't think it was worth it and don't want to admit it.

Does anyone have experience or knowledge of whether participating in their paid programs is worth it?

  👤 _tom_ Accepted Answer ✓
I know nothing about on deck.

Something I have learned in life is never waste time on events pitched as "meet interesting people". Interesting people don't go to that kind of event.

Go someplace interesting people have a reason to be.

👤 cercatrova
Well, they laid off a quarter of their people in May [0], then another third in August [1], and now removed their CEO for a new one [2]. So, I don't think they're doing so hot.

[0] https://techcrunch.com/2022/05/05/on-deck-lay-off-accelerato...

[1] https://techcrunch.com/2022/08/04/on-deck-lays-off-a-third-o...

[2] https://techcrunch.com/2022/09/22/on-deck-tried-to-do-it-all...

👤 Cyberdog
It looks like a typical paid networking program. The price and application process to get in gives it an air of exclusivity (or, in economic terms, scarcity). You can find similar programs in various industries and even hobbies and political movements. In some senses it's a spin on the concept of college fraternities.

Whether it's a "scam" is a bit subjective. There's a decent chance that once you pay the fees, you really will be granted access to online forums and/or chat servers and/or IRL events with the people listed on the web site (there's a good chance the bigger names are getting a cut of the program's profits). However, it's also possible to meet and interact with these sorts of people without having to pay an entry fee and join a club; look for events on LinkedIn or MeetUp or the like.

👤 jd_illa
I was thinking of applying, but didn't realize you had to pay to get in. Has anyone participated and enjoyed the program?