TechStars, a startup boot camp for software entrepreneurs, plans to launch a Seattle program next fall, with Andy Sack as executive director. TechStars began operation in Boulder, Colo. three years ago, and last year opened its first satellite program in Boston.
TechStars announced today that it will launch a Seattle program in the fall of 2010, with Seattle-based entrepreneur and investor Andy Sack as Executive Director. TechStars is a mentorship-driven, three-month-long “startup boot camp” for software entrepreneurs that typically receives hundreds of applications for 10 spots. The selected companies receive up to $18,000 in seed funding, three months of intensive mentorship from successful entrepreneurs and investors, and the opportunity to pitch to angel investors and venture capitalists at the end of the program.
Sack is already well-known on the local startup scene as co-founder and Managing Partner of Seattle-based seed fund Founders’ Co-op, guest lecturer in entrepreneurship at the University of Washington’s Foster School of Business, and host of the weekly tech meetup Seattle Open Coffee.
“It’s incredible to see the support TechStars has engendered from the venture and angel community in Seattle,” said Greg Gottesman, Managing Director of Madrona and a mentor for TechStars. “So many key investors and entrepreneurs have raised their hands and said we want to make this effort successful, and we’re willing to put our time and resources behind it. If community support is an indicator of where this program is headed, we literally could not have had a better start.”
Applications for the Seattle program will open in May. You can learn more about TechStars at http://techstars.org.
TechStars was founded in 2007 by Boulder-based serial entrepreneur-turned-investor David Cohen and venture capitalist Brad Feld. TechStars has operated in Boulder for three years and in Boston for one year. Since inception, TechStars has supported 39 companies and approximately 75% have subsequently received follow-on financing from outside investors. Several companies that have emerged from TechStars have already successfully exited to notable acquirers such as AOL and Automattic (WordPress). The most recent batch of companies resulted in seven VC-led follow-on funding rounds and three additional angel-led rounds. TechStars companies attract the attention of seed-stage investors nationally.