It’s already a week since the new community for startups has started and this time it’s in Europe (Vienna) –YEurope.It was high time for such thing to happen here in Europe as there are no places where people can gatter and discuss ideas for creating a business or even starting a project.The people behind the Yeurope are actually Metalab. Also there is running discussion group where you can join and learn more on the topic. I will share something interesting that I’ve just read here is the replay from Paul:
> Hi Paul,
> I was wondering if you could shed some further light on what your
> source of funding will be? I seem to recall you saying that the money
> invested will not be coming out of your pocket, so I think it would be
> very beneficial to us all to know who would be holding the equity in
> our company.
You’re right – this ain’t gonna be my own money. There’ll be at least
Right now i’m planning to do this with a partner who brings a) some
initial cash, b) a press/media company,
c) a real estate company, d) company experience, and e) business
We plan to start a company together that takes care of the basic legal
framework and operating expenses.
Then we’ll raise additional cash from angels and investors, and give
them shares of this year’s investment.
These Investors won’t have a say in how the money is invested, and
they certainly won’t become partners of
Until we have a contract, i’ll keep my options open and won’t announce
the names of potential partners.
I know this uncertainty might deter some people from applying. We’re
working hard to finalize all deals before the
end of the application deadline and announce the partners before that
– i can’t make any promises about that though – 17
days isn’t a lot of time for creating a legal framework.
If you’re worried about revealing your secret idea to us, i’d suggest
you to apply with a different idea to get
accepted, and then talk to us about your real idea once you’re
Ideas are hardly of value though, we’re more interested in your
ability to devise good plans and execute them. We’re investing in
people more than we invest in ideas. In case you don’t have an idea,
we still suggest you to apply – if you’re a great technologist, i’m
sure we can come up with a workable idea together – in fact we have
lots of ideas that we’re extremely anxious to see implemented asap and
are willing to share.
Business Angels hardly are a new concept. Right now i’m far more
worried about being able to get good submissions,
than about cash. What we’re doing is just building a bridge between
pre-existing capital and potential founders.
Hope that answers your questions
What I liked most in this answer is the part in bold letters.YEurope are searching for people with plans and skills and not only for ideas.They want to invest in the people,stimulate their progress,creativity and motivation in the things they want to achieve.I think that’s great idea with a lot of future fellows.I wish them all the best and I am looking forward to their first results.