Location isn't really a factor in our decision
Austin, Texas (PRWEB) May 5, 2010
Capital Factory, an early stage accelerator for tech startups based in Austin, today announced the five companies that were selected to participate in the 2010 program. This is the second year of the Austin-based program. Each company will receive a cash investment of up to $20,000, business and operational support and weekly mentoring sessions throughout a 10-week intensive program. In return, Capital Factory receives a five percent equity stake in the portfolio companies under founder-friendly terms.
Capital Factory's 2010 class includes:
- Hurricane Party (Austin, TX) - a location-based social networking application that helps users create, manage and discover events that are relevant to them.
- Simpz (Boston, MA) - helps event organizers reach critical mass and sell unused spots through word-of-mouth marketing via Twitter, Facebook, and other existing social networks.
- Smackages (Dallas, TX) - a beauty community that connects members with cosmetics brands and helps them make more valuable cosmetics purchases by allowing them to try products before they buy them online.
- RecycleMatch (Houston, TX) - an online marketplace that transforms waste into value by connecting companies that have waste with companies that can use the materials.
- Corkshare (Cleveland, OH) - a simple, visual way to share and discuss collections of web content like photos, videos, links, and more through virtual CorkBoards.
"This year's entrepreneurs have high energy, amazing talent and unique perspectives on their market," said Sam Decker, Capital Factory managing director. "The Capital Factory mentors are excited to get started working with them."
The five startups were selected from a pool of hundreds of applicants following their submission of a one-page application, five-minute video and in-person interviews with the mentors. With many promising entrepreneurs to choose from, the mentors focused on markets that they have experience with and the smartest teams that have already accomplished a lot with very little. Applications were submitted from all over the country and the participating 2010 class will be traveling to Austin from Dallas, Houston, Boston and Cleveland.
"Location isn't really a factor in our decision," said Joshua Baer, Capital Factory managing director. "Last year 4 of the 5 companies selected were in Austin. This year 4 of the 5 are moving to Austin from other cities around the country."
During the program, Capital Factory and select partners will provide the companies the following resources and benefits:
- $20,000 in cash
- Weekly group sessions
- One-on-one mentoring sessions with 20+ successful entrepreneurs
- Investor introductions
- Service provider introductions
- Basic IT infrastructure for email, website set up and hosted on Google Apps
- Office space with the other companies
- Hosting credit from Rackspace, Mosso, Slicehost, and JungleDisk
- Consulting credit from eLance.com
- Company formation and legal support by Wilson Sonsini
- Branding and logo development by Clutch Creative
- Financial plan help from vcfo and The Accounting Group
- Banking support from Square One Bank
- Recruiting support by American Workforce
- Press support from Porter Novelli
- Software from Balsamiq Studios
- Software from Microsoft BizSpark
- Presentation training
The 10-week mentorship program kicks off on June 1 and lasts throughout the summer, ending with a "Demo Day" on September 8 where the five startups present and launch their company and/or product live to a standing-room only audience of angel investors, early stage venture capitalists, entrepreneurs, and media. The event will also once again be streamed live over the Internet at http://www.capitalfactory.com.
"We learned from the entrepreneurs last year that they got the most value from time with mentors" said Bryan Menell, Capital Factory managing director. "The Capital Factory startup accelerator is going to help this year's companies get or stay pointed in the right direction, and increase velocity towards results."
About Capital Factory:
Capital Factory is an early stage accelerator for tech startups based in Austin, Texas. Startup companies participate in an intense 10-week summer program that gives them up to $20,000 in cash, more than $20,000 in free services, and mentorship by a group of successful entrepreneurs. The program culminates in a demo day where the startups present to investors, the press, and the world. For more information on Capital Factory, please visit the web site at http://www.capitalfactory.com, or find Capital Factory on Facebook at http://www.facebook.com/capitalfactory, or on Twitter @capitalfactory.
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