“Just being able to talk to someone who has done it before and who probably knows if not the right answer, something close to the right answer, is invaluable,” said Chuck Gordon, CEO of Sparefoot, a 2009 participant that has raised millions from VCs.
Austin, TX (PRWEB) March 10, 2011
Capital Factory, an Austin-based accelerator for tech startups, officially kicked off today the start of its 2011 season by opening up its call for startup applications. Founded in 2009, the program’s goal is to get a startup pointed in the right direction with a clear path to profitability and growth through an intensive 10-week mentoring program. In addition to these key relationships, the companies will receive benefits including up to $20,000 in cash, legal and business support and office space downtown.
The deadline for startups interested in applying to be part of the 2011 Capital Factory program is March 27, 2011. The application is available online at http://www.capitalfactory.com. While the focus is primarily on early stage technology companies, every application will be considered. Capital Factory will announce the five selected companies in April, and then will kick off its 10-week summer program on May 27th.
"It's amazing to witness what a small, dedicated, mentored team can accomplish in just ten weeks," said Jason Cohen, who is a Director of Capital Factory this summer. "It's not unusual for a startup to come in with an idea and a passion and exit a few months later with paying customers and an angel round of financing. And it's equally fulfilling for the mentors who went through this themselves and now have a way to 'give back' in a meaningful way."
Companies who apply early may be accepted early, so entrepreneurs should submit their application as soon as possible.
While the main focus of the program is one-on-one time with the mentors, Capital Factory and select partners will also provide the 2011 class of companies the following resources and benefits:
- Up to $20,000 in cash
- Weekly group dinners with a speaker
- Investor introductions
- Basic IT infrastructure for email, website, version control
- Office space downtown
- Company formation and legal documents
- A logo and corporate identity if needed
- Service provider introductions
- Press support
Capital Factory’s 2011 season will culminate on September 7th when they host Demo Day for the selected companies. Angel investors, early stage venture capitalists, entrepreneurs, and media will be invited to come out and see the portfolio companies’ demos as well as help them identify next steps and make suggestions for achieving optimal success.
In return for the mentorship, Capital Factory receives a five percent equity stake in the portfolio companies under founder-friendly terms. Capital Factory has a right to participate in future financings and has invested more than $500,000 in companies from 2009 and 2010 as part of Series A and B financings.
MENTOR CLASS OF 2010
Capital Factory is pleased to announce four new mentors coming on board to participate this year, including:
- Neelan Choksi - President and COO at Tasktop Technologies
- Bill Boebel - Founder of Webmail.us (now Rackspace)
- Josh Kerr - Founder of Zosh (now YouSendIt)
- Jack McDonald – CEO of Silverback Ventures and Chairman, Perficient
- Chris Porch – Founder of Trilogy and CEO of RecycleMatch
- Marc Smookler - Co-Founder of Fonality and SakeSocial.com
“Aspiring entrepreneurs want to talk to other successful entrepreneurs who have been through it before,” said Joshua Baer, Director of Capital Factory. “This year we've raised the bar again.”
“Just being able to talk to someone who has done it before and who probably knows if not the right answer, something close to the right answer, is invaluable,” said Chuck Gordon, CEO of Sparefoot, a 2009 participant that has raised millions of dollars in venture capital.
Additionally, returning mentors from the 2010 season, who make up an impressive “who’s who” of local experienced technology entrepreneurs, include:
- Joshua Baer – Founder and CEO, OtherInbox
- Brian Beard – Partner, Wilson Sonsini Goodrich & Rosati
- Jeremy Benken – Founder, ApartmentRatings.com and BuzzStream
- Andrew Busey – Founder and CEO, Challenge Games (now Zynga)
- Jason Cohen – Partner, Capital Thought and Founder, Smart Bear
- Sam Decker – CEO, Mass Relevance
- Russell Hinds – Managing Director, RSH Ventures
- Rony Kahan – CTO and Co-Founder, Indeed
- Kip McClanahan – Partner, Silverton Partners
- Bryan Menell – Director, Dachis Group
- John Price – CEO, Vast.com
- Mellie Price – CEO, Sourcespring
- Yvonne Tocquigny – CEO, Tocquigny
- Michael Trafton – Founder and CEO, Blue Fish Development Group
- Marc Yagjian – Managing Director, Origin Partners
For more information on Capital Factory, or to find out other ways to get involved, visit http://www.capitalfactory.com/. The application for interested startups can be found at http://www.capitalfactory.com/.
About Capital Factory
Capital Factory is an early stage accelerator program for tech startups that provides a small amount of seed capital and weekly mentoring sessions by entrepreneurs who have founded successful companies. Startup companies apply to participate in our 10 week summer program intended to get a startup pointed in the right direction with a clear path to profitability and growth. The program runs from May 25th to August 11th. On September 7th, we will host more than 250 investors and entrepreneurs for Demo Day and stream it live over the Internet.
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.