About North Bridge Venture Partners:
We are an early stage venture capital firm dedicated to helping entrepreneurs build successful, market defining companies. Founded in 1994 and with over $3BN under management, we were among the first investors in industry leaders like Starent Networks ($3BN Cisco acquisition), A123 (NASDAQ: AONE), PhaseForward (NASDAQ: PFWD), OfferPal Media, Foro Energy, and Acquia.
We invest in five primary sectors:
- Digital Media / Internet
- SAAS / OpenSource / Software
- Wireless / Infrastructure
- Health Care IT
As over 70% of our companies were initially funded at the seed stage, we are excited about the recent growth of seed financings in the market and are proud to support the momentum with this program.
Successful companies are built around passionate people with transformational ideas. We believe having aligned investors collaborating with you at the earliest days can be a critical advantage. If you possess the entrepreneurial energy and seek a partner to help shape your idea, we invite you to submit an application to our 2010 Seed Competition.
What you get:
- Up to $50K in seed capital
- $25K of in-kind development support from one of our software development partners
- Up to 6 months of incubation space either in our San Mateo, CA or Boston, MA office if required
- Access to and mentorship from members of our investment team
In return, we get:
- Flexible terms: convertible note that can be added to existing convertible debt. Or, If you never plan to raise more capital, 5-10% equity
- May 1st application due via email submission, details below
- May 24th finalist notification
- June 7th finalist presentation to partnership, winning team(s) announced shortly after
Application details: Email submission to firstname.lastname@example.org
In email, identity sector and preferred location of incubation
- Sectors (digital media, software, mobile/wireless, materials, healthcare IT)
- Location (where are you based? All locations are welcome!)
- Attach 7-10 slides (finalists to present same slides for 10 mins with 5 mins Q&A)
- Team (bullet point bios, resume in appendix, references if applicable)
- Problem (what are you trying to solve? Why is it important?)
- Solution (how will you solve your problem? Any dependencies?)
- Market size (real market size, as best as you can estimate)
- Competition (alternatives to your solution, if any?)
- How can this idea be a $100M business? (business model)
- What can be proven/milestones achieved on $50k and 6 months? (what do you hope to prove in the next 6 months?)
- Questions? Email Cali Tran (email@example.com) or Dayna Grayson (firstname.lastname@example.org)
- More about North Bridge: www.northbridge.com
North Bridge Venture Partners
1. When are the plans due and what should I include in my overview?
Plans are due to email@example.com by Saturday, May 1, 2010.
You should include a short slide deck that gives an overview of your company. We recommend including 1-2 slides on each of the following: 1) team background, 2) a description of the problem youâ€™re solving, 3) a description of your solution, 4) additional product or technical detail that may be relevant, 5) market overview/size, 6) competitive landscape, 7) go to market strategy, 8) your plan for the next 3-6 months and what you will do with the $75k winnings, 9) financial projections (optional).
2. How is the $75K broken down between cash and services?
$50K will be awarded in cash and $25K will be donated in in-kind services from a development group.
3. What are the terms of the award?
In most cases, we will award the $50K as a convertible note or a loan that converts to equity when the company raises additional capital in the future.
If the company does not plan to raise capital in the future, the $50K will be granted as equity for 5-10% of the company.
4. What if Iâ€™ve already raised some capital for my business?
It is fine if you have already raised capital for your company. The convertible note will be applied to the next round of capital that you raise.
Alternatively, if you have raised money on a convertible note, this money will be added at the predefined terms, contingent on final term/deal review.
5. What if I am not sure that I want to start my business but would like to submit my idea anyway?
You are welcome to submit any business plan. However, a strong preference will be given to founders who are clearly in process of starting the company with or without this capital.
6. When are the finalists announced?
May 24, 2010 by email. Finalists will be invited to present to a set of North Bridge Partners.
7. When is the winner announced?
June 7, 2010.