Adeo Ressi has made a name for himself as the creator of the TheFunded, the powerful online directory which -- through the insights of entrepreneurs -- attempts to disclose the good, the bad and the ugly of venture capital firms. Now, Ressi is bringing a bit of that style to Seattle.

Ressi and crew plan to set up a branch of the The Founder Institute -- a four-month long business incubator of sorts -- in Seattle this winter.

In the same spirit as the Y Combinator incubation program, The Founder Institute schools entrepreneurs in the art of high-tech business creation and opens up possible funding opportunities. But, not surprisingly, it also has an unique twist. Those who are accepted into the program and go on to create a new startup are asked to contribute warrants to a pool which allows the Institute to purchase 3.5 percent of the company during the first round of financing.

Interestingly, the Institute then says it will share proceeds from the pooled warrants with mentors and other participants in the program -- creating what they call a "collaborative company-building environment."

Unlike Y Combinator, The Founder Institute also does not require entrepreneurs to relocate. Instead, it is trying to bring the incubator concept to entrepreneurial places such as Seattle.

Ressi -- who before founding TheFunded sold Game Trust to RealNetworks -- appears to be tapping some old gaming industry buddies to help lead sessions. They include Flowplay CEO Derrick Morton -- also formerly of RealNetworks -- and former general manager of Windows Gaming at Microsoft, Chris Early.

Other mentors who will be participating in the program include Redfin CEO Glenn Kelman, TalentSpring CEO Bryan Starbuck, Empressr CEO Bryan Thatcher and others.

The Seattle semester begins in December -- which just happens to be the perfect time to start a new business in Seattle with the rains keeping people inside for about four months anyway. The application deadline is set for November 27, though The Founder Institute will take a look at early applications before November 12. More information here.

Here's how The Founder's Institute explains its mission:

"The driving beliefs behind the Institute are that (1) great Founders are often overlooked by the current entrepreneurial ecosystem, and that (2) innovative startups have a dramatic positive effect on the global economy. Start-up companies consume resources intelligently, put people to work in efficient ways, and produce market driven products at lower costs. Helping smart people start new companies should, in fact, help the global economy."

The incubator says it will take a look at entrepreneurs in information technology, biotech and clean tech who have a preliminary idea, but have not yet incorporated.

Via TechCrunch, which notes that the Founder Institute also recently expanded to Washington D.C. and San Diego.

UPDATE: I asked Flowplay's Derrick Morton why he decided to get involved, with the online gaming executive saying that he's known Adeo Ressi and Chris Early for years. Morton said he was happy to be involved.

"I think it's an element that's been missing from the mix of available learning opportunities for entrepreneurs," he said.