The Seed Hatchery at EmergeMemphis is extending its participation deadline to Jan. 7, encouraging technology entrepreneurs to engage in a 90-day startup bootcamp that begins on Jan. 28.
"We're here to create the jobs of tomorrow and build the technology around innovation," says Eric Mathews, Seed Hatchery's co-founder and partner.
An inaugural event last spring helped create 20 new firms and attracted 35 mentors. This time, 50 mentors will be available to give advice on how to hone ideas and make them into viable businesses. "They help you not take the lows too low and the highs too high," Mathews says. All 20 business founders from the last bootcamp are part of the latest stable of mentors.
Once all applications are in, Seed Hatchery will choose six candidates based on their growth potential and resilience. The bootcamp, which is held on evenings and weekends, is divided into three distinct phases. The first is a discovery phase in which market research takes place. The second is the delivery phase, in which entrepreneurs build their apps, websites, or other technologies with the help of programmers and developers. Next is the "dollars" phase, where participants can sell their ideas to investors.
If they're successful, bootcamp enrollees can gain access to $15,000 in startup funding with the promise to give up 10 percent of their founding equity or common stock. Three-percent goes toward bootcamp expenses, 3 percent goes toward financial help, and 4 percent is for access to mentoring. The ultimate goal is for these fledgling companies to incorporate in Tennessee.
"So, no, you don't have to pay to play, but, yes, we are investing in you," says Elizabeth Lemmonds, chief brand officer of LaunchYourCity Inc., the umbrella organization for Seed Hatchery, LaunchMemphis, and the soon-to-be Wolf River Angels, a group of startup investors launching in 2012.
Anyone interested in applying for the Seed Hatchery bootcamp should visit www.seedhatchery.com.
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