RESEARCH TRIANGLE, NC – The Triangle StartUp Factory and DC-based LaunchBox Digital, both incubators that help accelerate the growth of new companies, are merging, TSF founder Chris Heivly tells us. Applications are being accepted from entrepreneurs now for a 12-week program that will begin in August and run through November 2010.
LaunchBox Digital is a startup incubator similar to San Francisco’s Y Combinator, Boulder’s Tech Stars, and Atlanta’s Shotput Ventures. It provides small seed investments and mentoring programs for an equity stake in the 4 percent to 5 percent range. “These programs typically provide from $15,000 to $25,000 in seed funding, enough for two or three guys to live on for the three months of the program,” says Heivly.
Chris Heivly
Heivly, a co-founder of Map Quest, former venture capitalist, former COO at Ultimus, will be executive director of the RTP program. Heivly is temporarily located at the American Tobacco Campus in Durham and says the incubator will be located somewhere in Durham.
Only software and Internet companies eligible
It will hold a 12-week program in Durham in the fall of 2010 and is accepting applications now. “These programs receive from 250 to 300 applications and we’ll whittle them down to the eight or nine we think can succeed,” says Heivly.
Only software and Internet companies are eligible, no hardware or life sciences companies are accepted. “It’s never been cheaper to launch a software or Internet company than it is today,” Heivly says.
The RTP LaunchBox/Startup Factory program will provide each selected startup with up to $20,000, a space, and very substantial mentoring. Most of the programs end with a demo day for the selected companies to present their business plans and technologies to potential investors, partners, and others.
Like a circus
While most of the incubator/accelerator programs are, Heivly says, “Like a circus tent…you put up the tent, hold the circus and take the tent down,” the RTP program may be different in that respect.
It may have a year-round space that can house its startups longer than the usual three months, but that is not a sure thing yet, he adds. “But we may be able to keep them longer.”
The whole idea, he says, is to speed up the the launch process. It typically takes from 12-18 months to get an idea to Beta, identify your target market and develop a revenue model,” says Heivly. “You run into a lot of dead ends in the process. Can we squish that down to three months, saving time and money?”
Heivly, who started TSF six months ago, talked to other incubator/accelerators using this new model, including LaunchBox Digital, which he says was not only very helpful with advice, but recently asked if the two might not merge and “make one and one equal three.”
A community effort
By providing a space, seed capital, inexpensive legal services that help them set up their company properly out of the gate, other business services as needed and close mentoring from a handful of volunteers, the program accelerates their ability to get rolling. Each firm gets three or four people who will work closely with the entrepreneurs and 10 to 20 others from the community who will spend varying amounts of time with them.
“At heart, it’s a community effort,” says Heivly. “The Research Triangle has a robust community of technology companies in various stages. Our DNA is that we love to give back and be part of that startup culture.”
Applications are open now and will close on June 30.
Entrepreneurs can apply for the Durham incubator here: Incubator application.
By Allan Maurer
Southeast Venture Conference, February 29 – March 1, 2012 at the Ritz Carlton in Tysons Corner, VA – Where Smart Money Meets Smart People.
www.seventure.org
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Tags: incubators, LauchBox Digital, NC, Triangle StartUp Factory
