Paul Graham has an interesting approach for seed funding. Maybe there is something we can learn and adapt. Some of us in Band of Angels may like to launch a Y Combinator . To do a proper launch will take some time.
This post is just a test check to see what prospective entrepreneurs in India think of Paul Graham essays and the Y combinator approach.
A few things I found interesting
1. YC looks for ideas and entrepreneurs and not business plans. It helps incorporate companies and get the entrepreneurs ready to get funding if required from angels/ VC’s
2. YC does not invest much. Maximum it has invested in a company is $24,000. It takes upto 5-7% of the company
3. YC seems to cater to entrepreneurs who have fire in their belly, good ideas and the ability to execute rapidly. They also need to be first time entrepreneurs who need help with getting started.
4. YC is not an incubator. All founders have to be in a sort of boot camp for 90 days but they work out of wherever they live.
I am in Delhi for just a few days in Sep/Oct so will investigate launching a Y combinator type play in India in November if I find enough interest.
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I read the top 10 geek mistakes. I think this is a good post. I will make it a main post as well.
I found this relvent to this topic, top 10 geek mistakes..
I think you have a good plan in trying to import this concept to India – although i am a student in the US i believe this is a fine way to attract the sharpest minds in the space.
to start off though – you need to conduct a startup school …much on the lines of what Paul Graham et al conducted earlier this year at Stanford. Though i did not attend, i do know of a friend who did and he mentioned that the speakers list was great. So, to start such a thing i would say – put a set of some smart people from the industry (product managers, CTO’s, industry evangelists on stage) and mix them with IP lawyers, marketing folks and crazy technology whiz kids @ startup school.
at startup school market your investment arms’ vision and let the brainstorm, networking, team-building, spawning etc etc happen… i am sure a few teams will spur up and create atleast a couple of successful companies.
i am personally also very motivated to help in anyway possible. please let me know if you plan to go further with this concept.
I have been following the YCombinator model for quite sometime and I beleive that a similar model can do wonders in India. Let me know if I can be of assistance in any way.
Thanks for all the comments. I am very serious about looking for a solution that will work in an Indian context. Fortunately, I have one other BOA member who potentially wants to partner with me. Our aim is to structure a solution before 2006 is out.