Vuzit, a DreamIt company, receives additional funding
February 8, 2009
Great news for a Philadelphia-based and DreamIt-funded startup (and one led by a Penn Stater!): Vuzit receives $100,000 in additional funding from Innovation Philadelphia, as recipient of the Creative Economy Investment Fund (CEIF) award. In addition to this award funding, the company also announced (along with Center Networks) on its blog that it has completed an angle round of funding.
This is also great news for a Penn State entrepreneur — The business strategist on the Vuzit team is Penn State MBA student Dave Noreen (class of 2009)! Dave is currently VP of Sales & Marketing for Vuzit.
Phillypreneurs has a nice interview with the Vuzit team.
Summer 2009 Seed Fund Applications now open
February 7, 2009
For PSU entrepreneurs looking to move their ventures forward in 2009, the application processes for major seed funds are now open.
- TechStars in Boulder, CO is accepting applications through March 21 — I recently visited TechStars in Boulder, CO - watch for an upcoming post on my visit
- LaunchBox Digital in Washington, DC is accepting applications through March 16 (early admissions deadline of February 27)
- AlphaLabs in Pittsburgh, PA
is accepting applications through April/May 2009will be soon accepting applications - EDIT: Capital Factory in Austin, TX, is also now accepting applications through March 30
(Y Combinator’s summer round is not yet open for applications)
And in the Philadelphia area, DreamIt Ventures is now taking applications as well and also offers an early admissions process (see press release below). [This post makes the point that the startup seed round is now moving closer to the college admissions model with early admissions - what will follow?...] The 2009 DreamIt program is accepting applications for three separate tracks: Innovators (have an idea), Strategists (business talent - will be paired with a venture), and Hackers (technical talent - will be paired with a venture). This is a novel approach to encouraging those who are interested in ventures, but don’t have a specific concept, to apply and get involved with a venture. From speaking with Steve Welch, one of the DreamIt partners, for both the Strategist and Hacker tracks, there will also be an equity structure for these roles. It’ll be interesting to observe the results.
DreamIt’s new web site has launched and will be on-campus in State College on February 19-20 for informational presentations. Further details will be forthcoming.
DreamIt’s press release is reproduced below:
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DreamIt will provide pre-seed funding and guidance to aspiring technology entrepreneurs.
January 21, 2009, Philadelphia, PA — DreamIt Ventures, a Philadelphia pre-seed venture firm, officially launched its 2009 program; opening applications for Innovators, Strategists and Hackers.
The 2009 program will mirror the success of its 2008 program; funding another 10-15 companies and offering selected startup companies pre-seed funding; guidance from a team of hand-selected mentors, counsel and services from leading legal and accounting firms; and a roster of nationally recognized speakers to provide insight into launching great companies. The culmination of the program is a Demo Day which is attended by strategic partners, angel investors and venture capitalists. The program will continue to focus on a strong collaborative atmosphere. “Working alongside 12 different startups last year in the open, communal atmosphere was one of the greatest features of the program,” stated Peter Groverman, Founder and CEO of TapInko, a DreamIt 2008 company.
Applications are being accepted from entrepreneurs with big ideas that are committed to turning their ideas into a business. Applications are also being accepted for Strategists (highly skilled business executives) and Hackers (uber-developers), interested in partnering with startups over the summer. “Entrepreneurs provide the vision and the idea, and if they need help Hackers can provide the expertise to build it and Strategists can provide the market and operations knowledge to help the business succeed. These three disciplines come together to build strong companies,” adds co-founder David Bookspan.
Applications for DreamIt 09 summer session are currently being accepted online at www.dreamitventures.com . Early acceptances will be offered to select teams in 2009, so applicants are encouraged to apply early.
For more information about DreamIt Ventures, visit www.dreamitventures.com or email info@dreamitventures.com
