TechStars expands to Seattle |
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The Seattle area is getting a new technology incubator, and there's a familiar face who is running the show. TechStars announced today that it plans to open a program in Seattle for the fall of 2010, with Seattle angel investor and entrepreneur Andy Sack serving as executive director.
TechStars -- described as a three-month "startup boot camp" -- accepts about 10 new companies each "semester." The program awards up to $6,000 per co-founder, with a maximum number of three co-founders. As a result of the mentoring, companies that participate in the program provide a six percent equity stake to TechStars.
The move was widely anticipated, especially after co-founders Brad Feld and David Cohen of the program brought a traveling road show to Seattle this fall.
And it is not the only incubation-style program that's trying to tap into the entrepreneurial energy of Seattle. Adeo Ressi, founder of TheFunded, just established a branch of the Founder Institute in Seattle.
"We believe that TechStars can energize the startup community in Seattle in a unique way," said Sack, who had previously served as a TechStars mentor in Boulder and Boston. "Having experienced it up close in Boulder and Boston, I am excited about working closely with first-time entrepreneurs and involving the entire community in building 10 new companies literally from the ground up, many of which have the potential to change the technology landscape in important ways."
Sack, who previously co-founded Judy's Book and sold startup companies to The New York Times and Microsoft, is well known in the Seattle startup community. He currently runs the angel investment group, Founders Co-op.
With those connections, Sack has attracted a number of entrepreneurs, venture capitalists and angel investors to serve as mentors in the program. They include:
Mentors for TechStars Seattle include Alex Algard (White Pages), Adam Brotman (Starbucks), Adam Doppelt (UrbanSpoon), Marcelo Calbucci (Seattle 2.0), Chris DeVore (Founder’s Co-op), Geoff Entress (Voyager), Michelle Goldberg (Ignition), Greg Gottesman (Madrona), Steve Hall (Vulcan), Steve Hirsch (Natural Village), Josh Hug (Shelfari), Ben Huh (Cheezeburger Holdings), Nathan Kaiser (nPost), Glenn Kelman (Redfin), Shane Kim (Microsoft), Dan Levitan (Maveron), Melinda Lewison (Zefram/Bezos Expeditions), Andy Liu (BuddyTV), Ethan Lowry (UrbanSpoon), Bill McAleer (Voyager), Jamie Miller (Blinkx), Josh Petersen (43 Things), TA McCann (Gist), Patrick O'Donnell (UrbanSpoon), Linden Rhoads (Center for Commercialization at the University of Washington), Dave Schappell (TeachStreet), Jonathan Sposato (Picnik) and Katie Thompson (Trilogy).
TechStars also runs programs in Boulder and Boston, with past companies including Ampidea, BrightKite, Devver and others. The 2-year-old program says it has backed 39 companies to date, with 75 percent of those receiving follow-on financing.
It plans to open up for applications in Seattle beginning in May.
John Cook is co-founder of TechFlash. Follow on Twitter @johnhcook.
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