Everything from 2 people working on an idea who haven't yet quit their day job all the way up to say ~1 million in revenue or ~1 million in funding.

That upper end is a bit of an outlier, but it happens enough that it's not entirely rare. The median company probably has some type of prototype and is pre-revenue.

Relocation is not a must. The program does take place in Texas and in order to get maximum value, it's worth trying to figure out how to be here for the full 3 months, but there is no firm requirement and we have had success with a 'commuter' team that would come for a few weeks at a time alternating. Best case scenario, you move here for 13 weeks. One of our prior founder's wife back home called us 'internet camp'. I like to think of it more as a monastic retreat for startups ;)