Do you have a great idea for a start-up company and lack only some cold hard cash to get it started? Well, you might be in luck because I found one possible solution that I thought was worth noting during my daily browsing for internet goodness. It's a site called Y Combinator and the idea behind it is quite simple: reward the entrepreneurs with the best ideas the financial backing they need to make their dreams a reality. Read on to see how your next idea could be the only thing stopping you from making it happen!
One of the hardest transitions to make is often going from idea to company. I previously wrote an article (The Entrepreneur Spotlight), which highlighted several great resources on the web that can be used to find financial backing for an idea. Y Combinator takes a new approach as a venture capital firm. They hold annual submission periods where anyone with a good technically sound idea can submit it through a quick application process. A group of individuals are then selected to come to California for a weekend where they decide who to fund going forward. More details can be found here including the ability to apply for the winter 2010 session. The only real catch is that in order to receive the initial funding, you need to agree to provide them roughly about 6-7% of all future earnings.
This might be a turnoff for some, but for the bleeding heart entrepreneur this is an acceptable agreement. What I really like about this is that they walk you through the entire process of creating a company (paper work, legal, etc...) and handle it all for you. They also give you full freedom to do your thing, but provide constant support in what almost feels like a entrepreneur program for newbies. As I write this, I've actually submitted a application for an idea I've had for sometime now, just to see what happens.
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