

Applications Open for ScaleWell Startup Fund - ziadbc
http://scalewell.com/entries/new
Based in Chicago (but not limited to).  ScaleWell is bootstrapped venture funding for scalable businesses.  Apply Now :)
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tibbon
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)

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andyangelos
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.

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tibbon
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).

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stcorbett
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)

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andyangelos
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).

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stcorbett
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?

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ziadbc
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 :)

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

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

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rishi
Sooo... can non Chicago companies apply?

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andyangelos
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.

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

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ziadbc
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.

