Patent News 2 - A Press Release Today
This press release intrigued me. If you have read much of my stuff I have a low opinion of invention submission companies. I not only do not trust their integrity - but their competence. Maybe an overly harsh conclusion but I have never heard of a good one.
But this notion is different. It sort of assumes that a new start-up needs mentoring - a good assumption. Read it for yourself.
January 30, 2009
Austin Startup Mentoring Program Launches Offering Up to $20K for Entrepreneurs
A new Austin-based technology incubator program with a heavy emphasis on mentorship, coined "Capital Factory," officially launched today. The program, founded by local entrepreneurs including Joshua Baer, Sam Decker and Bryan Menell, will select 10 finalists from a pool of applicants, and eventually three winners. Winning companies will receive a long list of benefits including up to $20,000 in cash, and weekly mentoring sessions with a select group of proven, successful technology entrepreneurs.
Austin, TX (PRWEB) January 30, 2009 -- A new Austin-based technology incubator program with a heavy emphasis on mentorship, coined "Capital Factory," officially launched today. The program, founded by local entrepreneurs including Joshua Baer, Sam Decker and Bryan Menell, will select 10 finalists from a pool of applicants, and eventually three winners. Winning companies will receive a long list of benefits including up to $20,000 in cash, and weekly mentoring sessions with a select group of proven, successful technology entrepreneurs.
The deadline for startups interested in applying to be part of the Capital Factory program is March 30, 2009 (application can be found here). While the focus is primarily on early stage technology companies, there is no official limitation on the type of company that can apply for consideration. Capital Factory will announce the three winning companies on April 13th, and then kick off a 10-week summer program on May 22nd. During the 10-week summer incubator program, Capital Factory will provide the selected companies the following resources and benefits:
* Up to $20,000 in cash
* Weekly mentoring sessions
* Investor introductions
* Basic IT infrastructure for email, website, version control
* Office space
* Company formation and legal documents
* A logo and coporate identity if needed
* Service provider introductions
* Recruiting support
* Press support
"We see Austin as an ideal place for this type of program because there is so much energy and interest here from great entrepreneurs who want to give back," said Bryan Menell, co-founder and managing director of Capital Factory. "The access each company in our portfolio will get to our network of mentors, customers, service providers, and other resources will offer immeasurable value above and beyond the money they receive."
The access each company in our portfolio will get to our network of mentors, customers, service providers, and other resources will offer immeasurable value above and beyond the money they receive.
Fundraising is important, but the best CEOs find advice from those with 'scar tissue' to mitigate risks and amplify their work.
Now, that's more important than ever. With Capital Factory, the new CEO gets both: $20k of cash and over 20 mentors to help build a successful company.
The recent economic turmoil may have changed the landscape of startup fundraising forever. Companies that will be successful in the coming years must be capital efficient and customer focused.
Our goal is to help each company graduate from the Capital Factory program with a clear line of sight to sustainable cash flow.
By the program's end, the goal is ultimately to have enabled the companies to build a solid demo and to be on a clear path toward cash flow. In return, Capital Factory will receive a 5% equity stake in the portfolio companies under founder-friendly terms.
"Fundraising is important, but the best CEOs find advice from those with 'scar tissue' to mitigate risks and amplify their work", said Sam Decker, co-founder and managing director of Capital Factory. "Now, that's more important than ever. With Capital Factory, the new CEO gets both: $20k of cash and over 20 mentors to help build a successful company."
Capital Factory's first annual program will officially come to a close in August when they host "Demo Day" for the companies, which will be streamed live over the Internet. Angel investors, early stage venture capitalists, entrepreneurs, media and more will be invited to come out and see the portfolio companies' demos as well as help them identify next steps.
"The recent economic turmoil may have changed the landscape of startup fundraising forever. Companies that will be successful in the coming years must be capital efficient and customer focused," said Joshua Baer, co-founder and managing director of Capital Factory. "Our goal is to help each company graduate from the Capital Factory program with a clear line of sight to sustainable cash flow."
Patent News 2
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Mike Ervin
Mike Ervin - Cost Effective Small Business Patent Protection.
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