What we offer, is $50,000 in cash, in American dollars, and free office space for four months in the heart of Silicon Beach.
From Ben Kuo, Socaltech:
“There is a large menu of startup accelerators in the Los Angeles, but one of more established efforts in the area is LaunchpadLA (http://www.launchpad.la). The effort actually started as an informal mentoring program, but has grown and expanded to follow the accelerator model. We caught up with Sam Teller, who is directing efforts at the accelerator, to help fill entrepreneurs in on where the program fits in the world of technology and startup acceleration.
For readers, LaunchpadLA is all about?
Sam Teller: Launchpad is an accelerator in Santa Monica. We were founded in 2009 by Mark Suster from GRP Partners. For two years, it was a mentorship program, that worked with twenty three different companies, but did not have a fund, did not have an office, and didn’t take any equity. It was really just something built for the community to help support entrepreneurs. Then, it turned out, all of those companies did really well. Nineteen of the twenty three companies were funded, and at this point, nine out of 23 have actually been acquired. The combination of that success, as well as the success of Y Combinator and TechStars, led us to believe that Los Angeles would be really well served by an accelerator in that model…”