Recently, I contacted a VC firm which specializes in the industry in which my startup is based on for funding my startup.  I sent them an investor presentation and I was contacted back by a VC representative to apply for an accelerator program sponsored by them.  I do not have much understanding about how accelerator programs work especially what motivates the parties (mentors, VCs, people running the program, and startups) involved.  If you have participated in an accelerator program or if you have knowledge about the how they work, I would appreciate your assistance in answering following questions:

• T.      The accelerator program I am looking into requires me to either move to a specific location or travel to that location on monthly basis for about a week at a time for about eight months.  Since I cannot move, my question is how would I cover the cost of traveling and lodging?  Would it need to come out of my pocket?
• T.      The accelerator program expects that I participate fulltime in the program.  Currently, I am supporting my startup from my fulltime job, if I get involved fulltime into the program, how can I afford to pay for the startup activities, not to mention, my existing bills (mortgage, etc).
• 3.      From the information provided, it appears funding is only provided, if provided, after I complete the program successfully and attract attention from investors.  I understand that I will gain a lot from the program (mentoring, advice, etc), but how can I manage a startup with no money at all especially when my startup does not have any revenue and the program is about eight months long.  I value all the input, value feedback, and all that would come my way, but what good would be if I do not have the resources to apply what I gain from the program?
• 4.      How does the funding process work, I have heard there are series of fundings, what are the usual requirements and how much of funding is provided in each phase?
• 5.      How do investors/VCs valuate a startup which does not have any revenue yet?
• 6.      What kind of equity VCs can ask for from a startup which does not have any revenue yet?
• 7.      It appears that the accelerator program would require some equity in the startup (even if startup is not funded by participating investors) in return for participating in the program, is that normal?  Is that the motivation for the accelerator programs, to get equity in startups in return for connecting founders with mentors, VCs, advisors, etc?
• 8.      Who pays for the accelerator program?
• 9.      What motivates investors/mentors to participate in the program?