$5000 might not be such a bad deal, if that money includes setup and legal fees performed by a for-real law firm. Also consultation, trademark and patent servi

$5000 might not be such a bad deal, if that money includes setup and legal fees performed by a for-real law firm. Also consultation, trademark and patent services, etc. And 1% equity is really great. You won't find an accelerator taking less than that. However, I always think it's funny when people quibble over the amount of equity that an accelerator takes. If you succeed, that 1% won't matter. If you fail, that 1% really won't matter. :)