Early stage incubators are hot now.
A couple months ago LaunchBox Digital was announced. Now a new one is launching in the mid-Atlantic area. Hello DreamIt Ventures!
Modeled on organizations such as Y Combinator in Silicon Valley and Boston, and TechStars in Boulder, Colo., it plans to raise a fund of $350,000 to $500,000 to provide eight to 12 teams of entrepreneurs with money and assistance to develop a prototype of a technology product or service over a three-month period.
The formula of providing a little bit of money, a lot of connections, and an incredible amount of mentoring/handholding has proven successful in the recent batch of incubators (initially started by Paul Graham’s YCombinator). Startups in the present time often don’t require that much in terms of capital (thank you open source!), but the latter two is, and always will be, the key to success for turning any idea into a business. As I look at my own track record and current project, I have consistently felt that it’s not necessarily money I am in need of (although it wouldn’t hurt). What I do need is the experience, mentoring, and resources of seasoned professionals, who have walked the path before, and know what I don’t know.
