Move fast. Tech entrepreneurs can land
Launching a startup is risky, since about three-fourths of venture capitalist-funded endeavors never produce a return on the investment, according to a recent
Getting that first round of funding can be difficult in
"When you look at
Fledgling technology companies that design software or offer web-based services can, however, participate in the new program in exchange for about 1 to 3 percent of equity. The NWI Tech Foundry aims to cultivate more of a startup ecosystem in
The NWI Tech Foundry can accept companies with up to
"What we're looking for, beyond the entrepreneurial team, is an idea with market size and scalability," he said. "We're looking at if they have validated their idea, and determined whether their solution is best to the product they've identified."
Selected companies, typically founded by people between the ages of 25 and 40 years old, get office and meetings spaces, a lounge and fast wireless Internet during the program. They will get mentored by entrepreneurs, investors, venture capitalists, legal experts, investment bankers and top executives from local startups.
At they end, they will get an opportunities to meet with potential investors from all over the country. NWI Tech Foundry also could decide to invest more than the initial
"The goal with the 13 weeks is to bring high-capacity teams to where they can raise a seed round of funding," he said. "We want to get these companies funded, not just to have learned all this great stuff. Ultimately, we're looking at what the seed investors and angel investors are looking at."
The foundry is specifically looking for founders with vision, passion, energy, an appreciation of metrics and a knowledge of their domain. Founders also should be flexible, coachable and adaptive, with big ideas and the razor-focused execution that's needed to build an early stage company up to the point where it's bringing in revenue.
Applications, which can be filed online at techfoundry.org by
(c)2014 The Times (Munster, Ind.)
Visit The Times (Munster, Ind.) at www.nwitimes.com
Distributed by MCT Information Services