NextStart is the latest Y Combinator-esque startup incubator to emerge to support young entrepreneurs and their ideas. The Greenville, South Carolina-based organization is offering a summer immersion entrepreneur development program to attract promising entrepreneurs to the Carolina region.
The program works similarly to other incubators like Y Combinator and TechStars in providing seed money, VC connections, and mentoring to company founders to develop their ideas, incorporate their companies, and then help find funding for their startups. NextStart will give startups $5,000 to $10,000 in return for “founders stock” of 5 to 10 percent. The twelve week program will run during the summer in Greenville and will give entrepreneurs office space, internet access and other professional services. Startup teams will be immersed in a business planning program, FastTrac by the Kauffman Foundation, to develop a solid business plan and will also work with the Spiro Institute for Entrepreneurial Leadership at Clemson University.
NextStart joins a constantly growing number of programs trying to appeal to young entrepreneurs. Aside from Y Combinator, which pioneered the idea, other incubators include TechStars (Boulder and now Boston), LaunchBox Digital (Washington, D.C.), DreamIT Ventures (Philadelphia), and Shotput Ventures (Atlanta), and Capital Factory (Austin).
So many damn me 2’s out there!
wow these guys are by far the cheapest and yet they want up to 10% gtfoh!
wantrapeneur camps are 2009’s pet rocks.
Start your own company without these idiots…
Cornell University recently launched a startup incubator in 2008 for undergraduate students called eLab (http://www.elabstartup.com/). There seems to be a strong trend on the east coast lately to promote entrepreneurship.
I think this program is great. I graduated from Clemson and know first-hand how much something like this is needed. The program is probably going to appeal to a different group of people than would apply to TechStars… and that’s okay.
Spot on, Josh. Spot on.
Variety in these programs is essential as the climates vary in both the definition of “downtown” and what it means to be in a localized mix of disciplines. Whereas many bizdev groups in the Southeast might be regarded as a cherry picking panel of favoritism, a program like this really does open up the possibilities to a wider array of people and models for funding beyond the seed.
As someone that traveled most of 2007-2008 through the RDU to ATL path across SC, the NPR coverage and other radio spots with business and incubator oriented content matched my own understanding of the business climate for that area. The buzz is taking form.
I know there is a lot of talent there so I’d expect to see some notable results by this time next year.
While I think it’s great to see more of these, I find it odd that this program doesn’t list the names of any of the partners, mentors, or advisors on the site.
90% of the value of these programs is in the mentoring, connections, and advice given by the folks running the program. How can you decide if that’s worth your time & company share if you don’t know who it’s coming from?
South Carolina isn’t exactly known for lots of successful tech startups and entreprenuers.
I’ll tell you what, that $10k will probably go 3x-4x as far as the up to $20k you can get from YCombinator given the super-low cost of living in SC.
The program is little more than a website at the moment. There is certainly a need. It would be great to have a real program. I think this one needs more effort to be credible. The reason none of the mentors are listed is because only a few have been identified. The program is aspirational but unfunded and as best I can tell, unloved. After being invited to a planning session for the program a couple of weeks ago I walked out with very low confidence that it would be executed to anyone’s satisfaction. Some of the pieces are there, but not enough to do any more than frustrate the participants.
Next Start is linked with the Spiro Institute at Clemson University. I have never heard of a business that has succeeded coming from this program. I looked for testimonials on both of their websites but found none. Seems like a great concept but there I haven’t found any results to back the time investment. If anyone knows otherwise please send me some info. Thanks
I’m glad to see something like this in the Carolinas. I’m hoping to see one soon in the Charlotte area, which could really use a boost to it’s startup scene.
check this out these guys dont need incubation they are looking for deals now:
http://tinyurl....almettovetnures
you also need real talent mentor talent which i believe phil is alluding to in this case.
You need real startup and exit people.
why i the world would you commit to 10% when there are companies out there that will sign a convertible note? Most have 8-10% on investment until it converts with warrants to purchase additional shares. Discounts are also common. Pretty straightforward in the valley and elsewhere.
I do think the burn rates are better in the southeast but where are you going to get the C-Level management and people who know how to build disruptive software?
wow these guys are by far the cheapest and yet they want up to 10% gtfoh!
I looked for testimonials on both of their websites but found none. Seems like a great concept but there I haven’t found any results to back the time investment. If anyone knows otherwise please send me some info. Thanks