As a co-founder and one of 20 mentors for Capital Factory, I'm proud and excited to get started our first year with 5 startups! Here's the release that we just put across the wire today! The program starts with these entrepreneurs May 22 going through August.
Capital Factory Invests in Five Startups for 2009 Fund
Also Recognizes 5 Additional Finalists
April 22, 2009 — Capital Factory, an early stage technology incubator
in Austin, Texas, announced investments in five emerging technology
startups selected to participate in its inaugural 2009 summer program.
Each company will receive a cash investment of up to $20,000, more than
$20,000 in free services, and mentorship from some of the top
entrepreneurs in central Texas. The free services include office space,
legal counsel from Wilson Sonsini Goodrich & Rosatti, public relations support from Porter Novelli, and accounting support from The Accounting Group and vCFO, among many other benefits.
Factory also recognizes five additional finalist startups that were top
runners among the program applicants as well, including:
five startups were selected from a list of more than 250 applicants and
five additional companies were recognized as finalists. Applications
were submitted from all over the country although more were from Texas
than any other state. Four of the five startups were already located in
Austin and one, Homstie, will be relocating from California this summer.
were only planning on investing in three startups this year," said
Capital Factory managing director, Joshua Baer. "But we received three
times the number of applications that we expected and ended up
investing in five! We just couldn't pass up the opportunity to work
with these entrepreneurs."
a one page application and five minute video. After reviewing hundreds
of applications, about five percent were invited to in-person
interviews with the mentors. With many promising entrepreneurs to
choose from, the mentors focused on startups who they could help the
most and with the greatest chance of success.
interviews helped us understand what these companies needed and the
extent to which we could help them," said Sam Decker, Capital Factory
managing director. "All of them stated that the money helped, but the
mentorships were what they needed to get their idea off the ground or
to the next level."
22 and lasts throughout the summer, ending with a "Demo Day" where the
five startups will present their business to investors, the press, and
Factory is an early stage technology incubator 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, visit
the website at www.capitalfactory.com or on Twitter @capitalfactory.