Full press release with more details is here.
We will be selecting 10 startup companies to participate. There is no
cost but you must physically be based in or move to Los Angeles for the
6 months of the program. Applications are due April 6th, 2010, the
form is on the website and the Twitter address is @launchpadlad
When I kicked off Launchpad LA a year ago I had a few objectives:
- Create an ecosystem where all Southern California VC’s had the chance to work together more actively outside of the boards on which we mutually sit
- Find the best and brightest next generation of entrepreneurs and help them to be more successful
- Encourage the most successful LA tech entrepreneurs who had previously started companies to get involved as mentors, instructors or just informal advisors
- Help these companies get funded and let them know that if they stayed in LA there was an ecosystem to support them
It was inspired somewhat by a comment that Matt Coffin (founder of LowerMyBills) made at a technology event hosted by Jason Nazar. He spoke about his experiences in the dot com crash of the early part of the century where no VC’s would give him money. He had a pile of debt and covenants that made him vulnerable if the debt holders wanted to play rough. He was able to speak with a successful entrepreneur who told him how to restructure the debt (essentially by increasing their warrant coverage) and that was enough to seal the deal. The rest is history. He was able to raise money from a VC in Minneapolis called Split Rock, grow the business to over $200 million in sales and sell to Experian for nearly $380 million. I hope he’s OK with my telling this wonderful story as he told it publicly.
To read the full, original article click on this link: Launchpad LA – More Details Revealed
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