Accelerator Program for Socially-Conscious Entrepreneurs, GoodCompany Ventures, Launches in Philadelphia
April 2, 2009
peHUB is reporting that a new Philadelphia-based “venture-style incubator program” is being formed for socially-conscious entrepreneurs. The program is called GoodCompany Ventures.
The press release elaborates further:
GoodCompany Ventures, a team of social finance investors and start-up experts, today announced the launch of a business incubator targeting entrepreneurs with innovative solutions to unmet social needs. The program will provide facilities, mentoring and access to a network of capital sources to qualified entrepreneurs whose business models offer investors an attractive mix of financial return and social impact. The program will culminate in a venture fair where companies will pitch their ideas to investors.
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Applicants will be recruited nationally via venture capital, social finance, and academic networks. A pool of eight to twelve candidates will be selected to participate in the 2009 incubator program that begins in June.
It’s exciting to see a new accelerator program focused on promoting socially-conscious ventures and even moreso that this program will be based in Philadelphia.
Applications are being accepted until April 20.
AlphaLab, Pittsburgh-based seed program, now accepting applications
March 31, 2009
With the summer approaching and finalists being notified from other seed programs, you might think that the window has closed for 2009 seed funding for your venture. Fear not, Penn State entrepreneurs. Pittsburgh-based seed program AlphaLab has opened applications for its Summer/Fall program. The official announcement is below.
AlphaLab is now accepting applications for its Summer/Fall 2009 session that officially starts on June 15th, 2009! Here are some important changes to note for this new application cycle:
- We are introducing an Early Action portion to the application period where applicants can be apply and be accepted early for the AlphaLab program.
- Early Action applicants will be invited to a meet-n-greet event with AlphaLab staff where they can interact and ask questions.
- Early Action candidates that are accepted to AlphaLab will be able to get an early start on working on their companies and have early access to AlphaLab resources.
- If an applicant is not accepted as part of AlphaLab Early Action, they will still be considered as part of the general application period.
- The Early Access deadline is April 17th, 2009.
The general application deadline is May 15th, 2009.
For more information about the application process (including Early Action) and to access the AlphaLab application, visit: www.alphalab.org .
(AlphaLab is a catalyst for launching the next generation of software, entertainment technology and Internet-related companies. Created by Innovation Works, one of the nation’s most active seed-stage investors, AlphaLab provides funding, free office space, expert business advisors and services through an intensive program in Pittsburgh. AlphaLab helps companies rapidly develop their technology, gain user feedback from early product releases, develop go-to-market strategies, and move toward successful commercial launch.)
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
Quick Link: xconomy.com on DreamIt Ventures
October 6, 2008
xconomy.com posted an interview with Michael Levinson, one of the three DreamIt founders. The article does an admirable job of covering the motivation for launching DreamIt and some of the unique details, but doesn’t cover any of the upcoming changes to DreamIt that were mentioned in Steve Welch’s ignitePhilly talk.
Opportunities for your ideas
September 29, 2008
Two important opportunities if you haven’t already seen them:
Alexis Siemons posted news of the Staples Youth Social Entrepreneur Competition (a global search for the most creative and inspiring ways young people are changing our world) at Phillypreneurs. This was the first I had heard of this competition, so thanks for spreading the word to young entrepreneurs, Alexis!
And then, there is Google’s Project 10^100, which is “a call for ideas to change the world by helping as many people as possible.” This initiative has received much press coverage, but still, if you haven’t heard about it, you have the link now. Applications are due by October 20.
Prototype Invest - Other Alternative Investment Models
June 9, 2008
Continuing on the subject of alternative models for investment in early stage startups, ReadWriteWeb recently covered the launch of Prototype Invest. Prototype Invest is interesting because they don’t invest money into early stage ventures - rather, they provide the venture with technology in exchange for equity. As they state on their web site, “Think of us as a Venture Capital firm providing software, web applications and guidance, instead of money.”
Founded by Denmark web developer Michael Christensen, according to ReadWriteWeb, the company has a network of developers and designers to provide prototypes and products based on the ideas submitted by entrepreneurs. The article also provides additional details on their services:
“Along with development services, Prototype Invest also offers to help entrepreneurs pitch their idea (and newly minted prototype) to investors, which makes sense given that Christensen and team will only make money if the app is a success. At some point in the future the team is also considering offering Y Combinator-style microfunding.”
This is not the first time design and development firms have tried this approach. Well known design firm Adaptive Path has a New Ventures program that offers services to seed/early stage-ventures for equity. According to their site, they select three to four ventures per year “and offer … help working through ideation and design, implementation and subsequent iteration. [They] provide sustained support through the rapidly changing life of an early-stage venture.” A few portfolio ventures are listed on the site, as well.
It will be very interesting to see how many entrepreneurs take these firms up on their services-for-equity model, especially considering the ever decreasing costs of deploying web applications, through outsourcing models.
NYC Seed
June 6, 2008
CNet.com and the New York Times are announcing the launch of the latest seed stage funding engine for early stage ventures: NYC Seed. Spurred by New York City Mayor Michael P. Bloomberg, who was a technology entrepreneur himself, the fund has approximately $2 million and plans to provide up to $200,000 per venture in early stage capital. There isn’t much information available on their web site, aside from a PDF application, but it will be interesting to see how quickly they are able to build a portfolio of ventures and what markets they gravitate towards.
In addition to funding, it appears NYC Seed aims to provide the networking element, as well: “NYC Seed provides guidance from notable entrepreneurs, technologists and venture capitalists. We also connect companies to potential initial customers and when ready, we help companies move to their next stage of development.”
NYC Seed is a public-private partnership between the New York City Economic Development Corp. the New York City Investment Fund, the Partnership for New York City’s economic development arm, Polytechnic University, the New York State Foundation for Science, Technology, and Innovation and the Industrial and Technology Assistance Corp.
Obsidian Launch, Providing New Early Stage Funding Options
June 4, 2008
Budding entrepreneurs now have a new option for early stage funding. College Mogul (also a great site for following the college entrepreneurship world!) is reporting that Obsidian Launch has finally started operations. I heard of Obsidian Launch over half a year ago, but until recently, not much had been mentioned about them and their site had little information. Founded by Mike Michalowicz, they are up and running now, calling themselves a “growth accelerator” (and they accepting applications)!
Interestingly, they have a slightly different model than Y Combinator, Tech Stars and the like. They are all very much focused on similar demographics of startups, but they differ in the mechanics of how the funding works. Obsidian doesn’t take an equity stake up front. I couldn’t find much information on the Obsidian site on the exact details, but College Mogul states that Obsidian “takes a percentage of earnings for a specified amount of time”. Their position is that this means Obsidian is taking a longer term view and it more closely tied to the success of the company. This almost seems like a variation of very early stage factoring.
Depending on how you look at it, this might work well for you over an equity stake. Certainly, once you get up and running, you’re left with an undiluted equity picture, though whatever cashflow you might have had coming in the door has been hobbled. It will be very interesting to see how Obsidian does moving forward.
Other differences appear to be that Obsidian is interested in more than just the next big Web 2.0 startup. Their portfolio shows a diverse range of businesses, ranging from leather-working to romantic dinners to fitness products.
As a side note, Obsidian has a resources page with helpful links, though nothing too revolutionary.
No East Coast Investment
June 1, 2008
Today, The Boston Globe featured an article, In a city that plays it safe, incubator has a tough job on the coming Summer 2008 class of Y Combinator startups. YC operates out of Cambridge, MA, for the summer months. The article was more validation that east coast VCs still haven’t made a single investment in a YC company and that early stage ventures need to look at the west coast for funding:
But the problem is that of the 80 companies that have come through the program, not one has yet received money from a Massachusetts investor. “There have been three cases where a Boston VC was talking to one of our companies, and they had the sandwich ripped right out of their hands” by a West Coast investor, Graham says. “The Boston VCs were so slow and timid.”
Of the Y Combinator alumni, only two have chosen to stick around in Boston - Tsumobi and a shopping site called Bountii. Dodge says, “We just have to do better.”
Graham says that Boston venture capitalists prefer making “safe investments” in companies with experienced executives at the helm. As a result, he says, “They miss the Googles - the ones that have the really extreme returns.”
