The Funded doing YC-style incubator(founderinstitute.com)
founderinstitute.com
The Funded doing YC-style incubator
http://www.founderinstitute.com/
11 comments
$50 application fee and the program costs $450. This is a boot camp, not an incubator, they don't invest any money and they take 3.5% warrants to allow stock purchase at the price of first round equity. I would expect it is a pretty good program and they differentiate themselves by encouraging you to keep your day job.
"The Institute will also be offering scholarships"
I took a look at the page. I have to say, not interested. I think it could benefit those who want "mentorship" without giving up their day job. But these people pay to participate.
Also, I'm not a fan of the whole anyone can be anywhere part of it. Some people are fine with this. To me, something about interacting with a program in person makes it more real. I'd compare this to going to college online vs. doing it in residence. Much different experience.
I think the application requirements (like joining their Facebook group) are an attempt at viral marketing.
And finally, the application process makes me think of a job interview more than a founder interview. I think the background check is a stretch but will let them have it. The written tests is a little too far though. If I was applying to something like this, I'd expect they could check my open source or treat me like an independent business man and take me at my word.
To sum this up (and I would say this to their face): I feel like the application process is trying to use me (marketing pawn + payment) and talk down to me at the same time (we need to "test" you).
Also, I'm not a fan of the whole anyone can be anywhere part of it. Some people are fine with this. To me, something about interacting with a program in person makes it more real. I'd compare this to going to college online vs. doing it in residence. Much different experience.
I think the application requirements (like joining their Facebook group) are an attempt at viral marketing.
And finally, the application process makes me think of a job interview more than a founder interview. I think the background check is a stretch but will let them have it. The written tests is a little too far though. If I was applying to something like this, I'd expect they could check my open source or treat me like an independent business man and take me at my word.
To sum this up (and I would say this to their face): I feel like the application process is trying to use me (marketing pawn + payment) and talk down to me at the same time (we need to "test" you).
Nothing about this is YC-style.
I was really excited about this, and was talking to my other founders about it until we noticed the cost. We're poor college students, we thought this would be a great chance to get exposure and meet investors... and we get slammed in to a paywall :\
Adeo mentioned that they'll provide limited scholarships also.
On the upside they also include the agreements online for review:
http://founderinstitute.com/information/agreements
Additional information on the docs on Yokum's personal blog: http://www.startupcompanylawyer.com/2009/04/23/what-is-class...
It's not really YC, and it doesn't mean this is bad. Adeo Ressi (who is the founder of TheFunded) has a proven record in this space already.
The anti-YC.
what have you heard about this? looks interesting.