First-Time Web Startup Fund Launched in Seattle

Andy Sack and Chris DeVore, the founders of Judy’s Book (and much more besides), are announcing a new $2M fund dedicated to investing in first-time web entrepreneurs. The news broke in the Seattle P-I this morning, and Chris also posted the announcement on his blog. The name of the fund is “Founder’s Co-op” and the website can be found here.

From the website:

We bet on smart people with great ideas and do everything we can to help them win. We also work hard to create an open and supportive community among our family of entrepreneurs, because starting companies can be lonely and (even a little scary), and the most useful advice typically comes from people who’ve been there before, or are right there with you.

One of the really innovative ideas is the “Founder’s Pool”, in which you contribute to, and in turn receive a share of, a pool of equity comprised of 5% of all of the founding companies’ equity. Sounds like a smart way to build community. Y Combinator only goes so far with this idea of sharing equity. Andrew Hyde of Startup Weekend has his own take on equity sharing as well, but it’s per-weekend, not cross-weekend.

This is really interesting to a guy like me, with a couple ideas up his sleeve. I wonder how one applies to this program? I’m not yet plugged in enough to the local startup scene to be able to just give these guys a call. I’m pretty sure I’m only one degree removed, so maybe I’ll touch base with a couple of my contacts and see what happens.


1 Response to “First-Time Web Startup Fund Launched in Seattle”

  1. 1 Hans March 24, 2008 at 9:04 pm

    Andy hosts a weekly Open Coffee on Tuesdays. I haven’t made it out yet, but I’d bet it’d be a good way to meet him (and many local entrepreneurs). They meet at Louisa’s at 8:30am.

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