Early-stage New York City startups are about to get some tender loving care and it’s got nothing to do with Valentine’s Day. As highlighted in Jason Calacanis’ blog seed-stage investment group NYC Seed just launched an eight week incubator program where ten lucky companies will gain from startup mentorship, much-needed space and modest funding.
Led by NYC Seed’s Managing Director Owen Davis, NYC Seedstart is a joint effort between NYC Seed, Contour Venture Partners, IA Ventures, Polaris Ventures and RR Ventures.
When asked why he’d start an incubator in New York, Davis replied, “We see the same [gap for smaller investment opportunities] in New York as they do in Boulder or the Valley. It’s hard for seed stage companies to raise the amounts they need. We’re trying to solve that and make them more fundable in the process.”
Similar to the TechStars and YCombinator models, in exchange for 5% equity incubator program participants receive $20,000 dollars in funding as well as free office space and mentorship. Some of the program’s mentors include Peekfounder Amol Sarva and Ogilvy Entertainment president Doug Scott. The program will only accept teams of two or more who live in New York or are willing to move to New York. Applications are due by February 28, 2010 and those interested can apply here for a spot in the program.
Photo Credit: Jorge Gobbi
