Momentum is a Michigan-based seed accelerator looking for new technology start-ups with amazing ideas to join them for a 12-week lean startup bootcamp program. Social entrepreneur and Amway heir Rick DeVos’s firm Momentum is looking for five Internet tech start-ups to invest $100,000 in this summer. Each group will receive $20,000 seed capital and the counsel of 18 mentors over 12 weeks in exchange for an 8 percent stake in the venture between May 9 – Aug. 5 at the Grand Rapids.
In the third round of funding, the Michigan-based seed accelerator is changing the focus of its program: Less time will be spent on writing a business plan and more time on developing a product using customer feedback. Each team has to have someone with the technical ability to develop the technology. “Ideally, we want a balanced team of a tech founder and a business founder,” said Chocko. “We like to see 2-3 people” on a team.
“We have learned some valuable lessons along the way,” said Chocko, “The biggest being that investors do not fund ideas and prototypes based on assumptions. They want tangible proof that the company has a product or service that customers will buy.”
Momentum also is hosting its second StartUp Weekend West Michigan on Jan. 14-16.The 54-hour event will take place at The Factory.
Apply Now, deadline for submitting an application – that will include a video pitch – is Feb. 5. The selection process will include in-person interviews.
