Capital Factory, an Austin-based accelerator for tech startups, officially kicked off today the start of its 2011 season by opening up its call for startup applications. Founded in 2009, the programs goal is to get a startup pointed in the right direction with a clear path to profitability and growth through an intensive 10-week mentoring program. In addition to these key relationships, the companies will receive benefits including up to $ 20,000 in cash, legal and business support and office space downtown.
The deadline for startups interested in applying to be part of the 2011 Capital Factory program is March 27, 2011. The application is available online at http://www.capitalfactory.com. While the focus is primarily on early stage technology companies, every application will be considered. Capital Factory will announce the five selected companies in April, and then will kick off its 10-week summer program on May 27th.
"It's amazing to witness what a small, dedicated, mentored team can accomplish in just ten weeks," said Jason Cohen, who is a Director of Capital Factory this summer. "It's not unusual for a startup to come in with an idea and a passion and exit a few months later with paying customers and an angel round of financing. And it's equally fulfilling for the mentors who went through this themselves and now have a way to 'give back' in a meaningful way."
Companies who apply early may be accepted early, so entrepreneurs should submit their application as soon as possible.
While the main focus of the program is one-on-one time with the mentors, Capital Factory and select partners will also provide the 2011 class of companies the following resources and benefits:
Up to $ 20,000 in cash
Weekly group dinners with a speaker
Investor introductions
Basic IT infrastructure for email, website, version control
Office space downtown
Company formation and legal documents
A logo and corporate identity if needed
Service provider introductions
Press support
Capital Factorys 2011 season will culminate on September 7th when they host Demo Day for the selected companies. Angel investors, early stage venture capitalists, entrepreneurs, and media will be invited to come out and see the portfolio companies demos as well as help them identify next steps and make suggestions for achieving optimal success.
In return for the mentorship, Capital Factory receives a five percent equity stake in the portfolio companies under founder-friendly terms. Capital Factory has a right to participate in future financings and has invested more than $ 500,000 in companies from 2009 and 2010 as part of Series A and B financings.
MENTOR CLASS OF 2010
Capital Factory is pleased to announce four new mentors coming on board to participate this year, including:
Neelan Choksi - President and COO at Tasktop Technologies
Bill Boebel - Founder of Webmail.us (now Rackspace)
Josh Kerr - Founder of Zosh (now YouSendIt)
Jack McDonald CEO of Silverback Ventures and Chairman, Perficient
Chris Porch Founder of Trilogy and CEO of RecycleMatch
Marc Smookler - Co-Founder of Fonality and SakeSocial.com
Aspiring entrepreneurs want to talk to other successful entrepreneurs who have been through it before, said Joshua Baer, Director of Capital Factory. This year we've raised the bar again.
Just being able to talk to someone who has done it before and who probably knows if not the right answer, something close to the right answer, is invaluable, said Chuck Gordon, CEO of Sparefoot, a 2009 participant that has raised millions of dollars in venture capital.
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