How much funding do upStart.LA companies receive?
You get $6,000 per founder up to a maximum of $18,000 in seed funding.  It's been proven that this is plenty of money to survive for three months and to crank out a substantial prototype so you can get to the next level. You also get free server hosting, a nice place to work, and more. Finally, there is immeasurable value in the connections and advice that you'll receive when you start your company with upStart.LA, and also in the opportunity to pitch to angel investors and venture capitalists at the end of the program during our Investor Demo Day. 

 

What sorts of companies do you fund?
We fund technology oriented companies, typically these are B2C and B2B internet & software, media & entertainment, social media, mobile and web services/cloud computing, but we'll consider funding companies that don't quite fit that mold as well. We're also looking for companies that can have national or worldwide reach. Specifically, we don't fund medical device companies, biotechnology companies, restaurants, consultancies, or other local service oriented companies.

 

Who's behind the program and why are you doing this?
We are a group of successful entrepreneurs and investors who truly enjoy helping startups and (like many others) think that Southern California is a great place for them to be. More about us.

 

Why does upStart.LA need and want stock in my new company?
Like you, we're entrepreneurs. We think that the value of the learning, networking, and coaching provided by the program is of tremendous value. The upStart.LA program will provide you with the healthiest possible start and greatly improve your chances for success and sustainability. Once we invest, we're motivated to help you succeed by introducing you to people who can help, assisting you with strategy, finding more investors, and generally helping you to succeed. That's a good deal for both of us.

 

Do I have to be there for the entire program?
We require that you be primarily based in Southern California during the program. This benefits you because you can take advantage of the numerous learning opportunities, networking and coaching that will be provided. upStart.LA is a major commitment, and we expect you to be around most of the time.

 

Do I have to stay in Southern California when the program ends after 3 months?
No. It's your company, so you'll live where you want to. However, our motivation for starting upStart.LA is to build and nurture the startup ecosystem in Southern California so we'd like you to stay.

 

What else does upStart.LA provide? Office space, Internet, Legal, Hosting, etc?
We provide working and meeting spaces, all with super fast and reliable wireless Internet access. We also have relationships with legal, accounting and PR firms and hosting companies that are startup-friendly. Basically, we'll help you get everything covered with minimal expense. We just want you to focus on creating a great product while you're here, and not have to worry about all this other stuff.

 

How can we get funded after upStart.LA ends?
We provide the seed funding to get you going, but you may well need more funding to really make it. Near the end of the three month program, we'll organize an Investor Demo Day where angel investors and venture capitalists from all over the country will check out your technology and listen to your pitch. We'll coach you so you're as effective as possible, and do everything we can do help get you follow on funding. We may also fund your company further ourselves in some situations.

 

What if my company doesn't ultimately succeed?
Well, at least you tried. Because not just anyone is accepted into the upStart.LA program, you'll have an impressive résumé item for your next gig that will look way better than almost anything else you could have spent your time doing. And you will have met a large number of smart and well connected people who can help you tremendously with whatever you do next. Hopefully that will be another startup.

 

What sort of control am I giving up by granting equity to upStart.LA?
upStart.LA wants to be viewed as a co-founder. We expect to have all the same rights as any other founder, relative to our minority ownership position. In a nutshell, we don't want any special or controlling interests in your company. We won't ask for a board seat or for any uncommon investor rights. You will still run the show.

 

I'm a single founder. Can I get accepted into upStart.LA, or do you only look for teams?
Our goal is to help talented entrepreneurs and technologists start innovative businesses in SoCal. While we don't screen applications just because they have a single founder, it does make things more difficult. We look for great, balanced teams who have a full range of skills. We strongly advise you to seek co-founders who balance your skillset. For example, if you're a strong developer ("hacker"), you might consider adding a "hustler" with business and/or marketing experience. If you're a great business evangelist with no developer, it's very unlikely we'll accept you into the program, so go find a rock star developer to join you. Learn more about our Find-a-Founder program.

 

How do you choose which companies to accept into the program and to fund?
We will choose great founders who are proposing products that solve real problems or create meaningful innovations. For us, it's about the team. Because of this reason, we're less likely to accept single founder companies. The best things you can do to strengthen your application are:
- Round out your team with business, technical, and other necessary skills. Check out Find-a-Founder.
- Make progress on your prototype or product and reference it in the application.
- Show us you've really thought about your business and have gotten off your butt to do something about it. 

 

Is my age a factor in your selection process?
No, but if you're a young entrepreneur it's important that you read this blog post to better understand what else might be a factor.

 

Do I need to send in a business plan?
No. Just fill out the informal online application - that's all we need. In fact, we probably don't want to see your business plan if you have one.

 

Where is the upStart.LA office and what's it like?
The upStart.LA office is in downtown Santa Monica. The program will also be housed in Santa Monica. This location will be fully equipped and have both traditional and lounge-like space.

 

What will a typical day be like for a upStart.LA founder?
It's your company, so you'll be hard at work on your product. About two or three nights a week, we'll organize informal educational sessions with our mentors. We also expect many of the mentors to drop in to upStart.LA at various times throughout the program. In general though, you'll be working on your product each day, just like all of the other founders in the program. We don't tell you what to do or when, but we create an environment that is conducive to helping your startup every day. And we'll make sure you have lots of experienced mentors around to help you. We’re based on the TechStars model, so watch this 5 minute TechStars video by Current TV to get a sense of what it's like.  You can even watch "The TechStars.org Founders", which consists of 14 five-minute episodes that follow 3 teams through the program in 2009. 

 

Can I apply if I'm not from the United States?
Yes. As long as you and your team can be in the USA legally for the duration of the three month program, please do.

 

Is my company too early (or late) stage to apply to upStart.LA?
Almost nothing is too early. We'll consider accepting companies with no more than an idea. One of the great things about upStart.LA is that we help you refine your idea and business model. Likewise, no company is too far along to apply.

 

I'm concerned that if I apply, you won't protect my intellectual property. Should I be worried about this?
We're certainly not in the business of stealing ideas. We will see hundreds of applications and many of them include similar ideas. For this and other practical reasons, please don't ask us to sign an NDA. Our application does not ask for your "secret sauce", and there is no reason you have to disclose this to us if you're not comfortable doing so.

 

My team outsources software development. Are we still qualified to apply?
Yes. We think it's best not to outsource what you are, but it obviously works in some cases. We're happy to consider any application. Just remember that we're primarily focused on the team.