Startup entrepreneurs rejoice! Tuesday, January 16, 2007
I've just been speaking to David Cohen, Colorado investor/entrpreneur, who I first came across with his Earfeeder venture. Yesterday, he and three friends launched Techstars.
This is simply brilliant and I am already speaking to a number of people in the UK scene about how we can do the same as a UK "chapter" of the idea.
Simply put Techstars is inviting startups to apply for a small amount of seed funding ($5k per founder to a max of $15k). Ten firms will be selected from the applicants. However, the bigger prize for the lucky firms will be access to the Mentors that have offered their time to help the startups - there are some notable names amongst the list of mentors offering their time over the Summer.
In exchange, Techstars takes 5% of the equity of your company, with no dilution protection required.
Clearly TechStars companies will get immeasurable benefits that come from introductions and connections to potential partners and customers. At the end of the summer, each company also has the opportunity to pitch during an investor event that they organize.
Worth checking out. As they say get funded; get educated; get started