Adeo Ressi

The Founder Institute is bringing its unique startup incubation and entrepreneur training program back to Seattle for a second term. The program -- established by entrepreneur Adeo Ressi and now operating in 13 cities worldwide -- has begun accepting applications for the four-month term which begins in late November. (Post updated with correct start date).

There's certainly no shortage of entrepreneurial incubators, most notably TechStars which set up shop in Seattle this summer and plans to graduate its first class next month. But Founder's Institute is taking a slightly different approach.

"I like to say that the Founder Institute mines diamonds, whereas other programs make jewelry," says Ressi in an interview with TechFlash. "We look for professional and smart people and help them to develop a strong idea and then launch a meaningful technology company."

The idea is not as important as the founder, one of the reasons why the Founder Institute doesn't even ask entrepreneurs what product they are working on during the application process.

"It is not about building the products like TechStars is, it is about building the founders," said Puzzazz founder Roy Leban, who graduated from the program last May. "It is just serving a different niche."

As a developer, Leban said that the program worked for him because it stressed the keys to building a successful business. It also opened up doors in terms of entrepreneurial mentors and created a much-needed "support group" with the other founders.

"I have 15 other people pulling for me, making sure that my company is a success," said Leban, adding that the founders still get together for monthly meetings. Other graduates of the program included the founders of MemeTales, Worldblender (now enrolled at TechStars), LoudLever and Zendorse.

Ressi said that he's been impressed with the entrepreneurial talent in Seattle, noting the entrepreneurs from the Pacific Northwest scored higher in the admissions test than other regions. But even so, Ressi said that professional funding sources have dried up during the economic downturn.

"The good news is that seasoned entrepreneurs have started to take an active role Mentoring and, in some cases, providing necessary growth capital," said Ressi, who founded the venture capital rating service TheFunded. "I believe that there will be a resurgence of entrepreneurship in Seattle over the next two quarters, as investment capital starts to grow in response to the quality of innovators and ideas."

He added that the goal is to launch 50 meaningful technology companies each year in Seattle.

Entrepreneurs who are interested in the winter term can go here to apply. The program is waiving the $50 entry fee for those who apply before October 24.

Mentors who have agreed to participate in the program this year include Ontela founder Dan Shapiro, Redfin CEO Glenn Kelman, LiveMocha CEO Michael Schutzler, Jackson Fish Market founder Hillel Cooperman and others.