Applications Open for ScaleWell Startup Fund

by ziadbc • 17 years ago

20 16 17 years ago

Based in Chicago (but not limited to). ScaleWell is bootstrapped venture funding for scalable businesses. Apply Now :)

andyangelos3• 17 years ago

The $1000 and 2 months is comparable to the $5 and 2 hours thread (not mathematically) - forcing creativity and resourcefulness. Will be interesting to see how this manifests? (FYI: I am involved as a trustee).

stcorbett3• 17 years ago

It might even be a little limiting that the people getting the $1000 have a project that they intend to work on with the grant. What was the best return the Stanford class got with the $5? $800 in 2 hours?

stcorbett3• 17 years ago

ScaleWell seams to me like a more direct action form of a Y-Combinator or TechStars incubator. It's something that's easy for a group to set up and start helping startups move forward. (Full disclosure: I'm a trustee)

tibbon2• 17 years ago

We've been doing something slightly similar with the Awesome Foundation (http://awesomefoundation.org) since August 2008 or so.

We started the Awesome Foundation as an organization that gives away $1000 each month to someone with a goal that we deem 'awesome'. We ask nothing for it in return and think of it like a grant. We throw a party each month for the newest grant winner. No business plan is expected and we've kept the application exceedingly short at 500 word max (I prefer 140 character ones but that's just me).

We have expanded into several cities, each giving their own $1000 grants monthly. Providence, RI and NYC are off the ground now, and it looks like there's a London and SF chapter just around the corner. Hopefully we'll have one in nearly every major city before too long.

Our goal is purely to spread the awesomeness. We take zero stake in what they've done and have zero expectation that it is a business (a major difference between us and Scale Well). We don't care if it scales, or fails- as long as it was awesome.

Some of the things we've funded:

~A giant hammock ~ Visualization content ~ Tools for improved social interacting ~ Cotton Candy Gun ~ An Eco Pod Armada to clean up rivers

I'm glad to see more groups pooling together for such awesome things and encouraging micro-financing. Best of luck with it. If you've got any questions, feel free to look us up.

(I am a founding trustee of the Awesome Foundation in the Boston Chapter)

thaumaturgy• 17 years ago

HN usually frowns on 'kudos' comments like this, but I think it's worth saying:

Very nicely done.

andyangelos3• 17 years ago

The Awesome Foundation was definitely an inspiration for ScaleWell. We applied the same mantra of supporting "Awesomeness" to the current entrepreneurial climate in Chicago - lack of recognition, lack of capital, lack of support institutions.

tibbon2• 17 years ago

It's amazing what people can do with $1000, and sometimes it is simply needed to inspire and push people in the right direction. I know I personally have a lot of projects that I want to do, but I just don't have the extra money to make them happen today (but they aren't expensive and would just need that extra boost).

stcorbett3• 17 years ago

I made it out to the Awesome Found's Visualization content party. The event really drew out a great crowd, artists, entrepreneurs, scientists, etc. I hope the ScaleWell events can do something similar!

rishi• 17 years ago

Sooo... can non Chicago companies apply?

andyangelos3• 17 years ago

Part of the benefit of ScaleWell is office space in Chicago during the grant period, but we will entertain companies from the Midwest since most urban centers suffer from the same problem. If some from the coasts or the south applies at this point, we will at least provide some feedback from the trustees.

The Awesome Foundation established chapters, which is another long-term possibility...assuming we have success.

ryanelkins• 17 years ago

Yeah I feel the site is somewhat vague in who can apply. The only way I could even tell where this was located (for the coworking space) was by looking at the Trustees page or the twitter account which mentions Chicago. I like the idea I just wish it was explained a little better.

sachinag• 17 years ago

Congrats on getting this off the ground! Quick question - who's sponsoring/funding the grants?

ziadbc3• 17 years ago

It is being done bootstrap style (bootstrapped venture funding is no longer an oxymoron). If you want to be a trustee, simply request to be so from the form on the site, and we'll get you in the queue. We've have very positive interest in being a trustee, it gives people an opportunity to cut through the red tape and get started funding companies.

ziadbc3• 17 years ago

In the coming weeks we will be updating the site with more resources. Since we are coming in at a lower funding positioning than YC or Techstars, we will be supporting groups to view us as a stepping stone to those seed funds and similar ones. This allows even the smallest of company ideas to ScaleWell :)

lionheart• 17 years ago

Just applied. At the least it was a good exercise in getting all of the business plan ideas into a very concentrated form.

ziadbc3• 17 years ago

Yes. This is an important part of the project that we hope everyone will benefit from.

Applications Open for ScaleWell Startup Fund

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