New York City is opening its arms this summer to a new generation of tech entrepreneurs, reports New York Daily News. They are receiving the unique opportunity to fast track their startups with funds, free office space, and valuable contacts.
Out of hundreds of applicants, about 50 entrepreneurs will be chosen to participate in New York’s tech bootcamp bonanza.
The programs invest small sums of money — about $20,000 — in exchange for a 5% to 10% stake in the companies. Their goal: to get in on the ground floor of promising Internet ventures.
“If one of them becomes Facebook or Google, everybody involved will make a lot money,” Tisch said.
Along for the ride are some of the city’s best known tech names, including venture capitalist Fred Wilson of Union Square Ventures, Foursquare co-founder Dennis Crowley and Thrillist CEO Ben Lerer, not to mention a host of execs from local media, advertising and tech companies who’ve signed on to mentor the babyfaced entrepreneurs.
At the end of the programs, the would-be Facebook founders get to demonstrate their products in front of scores of prospective investors with the hopes of landing the big money.
“The goal is to get a company from zero to 60 miles an hour in twelve weeks,” said Owen Davis, managing director of NYC SeedStart, an accelerator program that will foster media-focused tech startups this summer.
Photo by Vincent Desjardins