By Joe Procopio
Go big or go home.
I hear this phrase a lot lately. In some circles, it could be seen as a bubblicious mantra of a bunch of crazy kids looking to hit home runs by selling their social network startup to Facebook. In others, namely here in the RTP, it’s a battle cry for survival against the long odds of starting a company in this talent-rich, cash-strapped area.
But those odds just got a whole lot better.
Last night, longtime RTP startup ecosystem guru, former LaunchBox Director, and current TriangleTechTalk and TechJobs Under the Big Top founder Chris Heivly announced that a nice big bow had been put on a reboot of Triangle Startup Factory, the accelerator he merged into LaunchBox Digital when that accelerator swung south from DC back in 2010.
TSF will now host between five and seven startups twice a year, starting this spring, for intensive three-month programs chock full of capital, mentoring, connections, infrastructure, and, most importantly, a sizeable post-program runway.
That last one is the big news.
The Long Tail
I first met Chris back in 2009, looking for synergies between ExitEvent (at the idea stage) and the original TSF (pre-LaunchBox). We were both trying to solve the same problem: Baking a startup for three months, no matter how high the heat or how closely you watch it, was awesome, but didn’t account for the abrupt exit out into the real world of sustainability and customers. Especially not here, where the support structure was, at the time, non-existent, and even now, fledgling.
He had a much better handle on it, and talked about the creation of the long tail. In order for an accelerator to succeed here, there needs to be a much longer runway with a different-but-equal kind of support in place until the startup gets solidly onto its feet.
He’s still talking about it as of last night when we broke down the philosophy behind the new TSF. That long tail is what will differentiate the TSF program.
Going Big So They Don’t Go Home
Each startup gets the proper kickoff fuel: $50K in investment, access to a whole bunch of mentors and connections, space in Durham (TBD, by the way), and a big day at the end to show the world (and that’s the world, not just the RTP), what they’ve got.
But as a formal part of the program, TSF will offer a convertible note on the back end between $20K and $150K.
The sheer size of the initial investment figure and the convertible note puts TSF in the same stratosphere as TechStars and YCombinator. This will allow TSF to attract top-tier talent from around the country (maybe around the world) and, most importantly, keep them here.
And while the money is great, it’s up to us in the RTP to match that A-level program with the time, effort, and serious skills that make up the mentoring and the connections. In 2012, I believe we’re up for it. Finally.
Apart from the unique philosophy, another big difference will be the emphasis on a lean and agile methodology. In what Chris calls a 30% incremental difference from LaunchBox, the TSF program will run product focused, not business focused, and thus the messaging will be like very few accelerator programs as they are today.
Advice is what it is: Advice. I give it all the time, yet very few of my friends are rich enough to pay me back in Ferraris. Also, you don’t have to get too many mentors and entrepreneurs in a room before they start disagreeing about how to get to the next level. Usually these disagreements are solved on the ping pong table, but who has time for that?
The remedy for conflicting advice, repeats Heivly, is build, test, and iterate. It’s what the startup does with the advice that the startup can control and where TSF can assist. Chris feels like they did a good job of this with LaunchBox, but they need to do a great job of this with TSF.
Start Your Engines
Although there isn’t a focus on where the selected applicants will come from (although there is a limit on the type: no pharma, no medical devices, etc, we’re talking traditional tech plays), it’s certainly a boon for local entrepreneurs. It’s a huge incremental step forward for the area, and every single pre-funded startup should apply. It’s like you’re getting a head start on the rest of the country.
The application process is underway now at http://www.trianglestartupfactory.com and runs until they get their initial class, which begins on March 19th.
Joe Procopio heads up product engineering for automated content startup Automated Insights. He also founded and runs startup network ExitEvent, consulting marketplace Intrepid Company, and the Intrepid Media writers network (http://IntrepidMedia.com). You can read him athttp://joeprocopio.com and follow him at http://twitter.com/jproco.
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- Triangle StartUp Factory merging with LaunchBox Digital
- DC-based LaunchBox Digital pops 8 new startups into the real world
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