

$15MM startup fund launched in West Michigan - schaapy
http://startgarden.com/

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timjahn
Regardless of the nitty gritty details, I think the most important part about
something like this is that places like Grand Rapids are thinking of this.
They're putting money, time, resources, and energy into helping propel this
kind of entrepreneurial/startup thinking forward.

Its success by itself remains to be seen, but this program's small
contribution to the overall rising tide is for sure.

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54mf
Fantastic idea, really like the idea of a micro-investment. I have a ton of
ideas that I'd love to get off the ground, and could do so in a month or two,
but I can't afford to stop taking freelance work. $5,000 is enough to keep the
lights on. I'll probably try submitting an idea or two, see what happens.

And, as a guy who spent my first 20 years in Michigan, happy to see this sort
of thing sprouting there! Flying to Grand Rapids from Boston isn't very
expensive, and I could even hop north and sneak in a quick visit with my
family.

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jvoorhis
Rick DeVos also started <http://www.artprize.org/>. It's good to see things
happening in the midwest.

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dylanhassinger
I spent a day in Grand Rapids last year, very impressed with the tech scene
there. A lot of bright folks, good companies, beautiful mid sized city, and a
surprising lean focus.

Go StartGarden! I hope we can cop some of GR's vibe here in St. Louis.

Also the micro-funding concept is brilliant, great way to draw out the hidden
midwest talent

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benatkin
Might you be more easily impressed than most HNers, coming from StL? Or have
you got to know one of the big startup hubs? Also I'm curious what you did in
a day to get a feel for it. I've spent a week in SF so far but I don't feel
that I have a good grasp of what it's like there. If you have insight into how
to quickly check out a city's tech scene, please share.

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rmason
I have really mixed feelings about this idea. The single biggest impediment to
startups in Michigan is lack of angel investors.

I wish them luck, but have to think if that much money was invested in
Michigan startups through a mechanism such as angel list the overall benefit
would be much, much greater.

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smcguinness
Rules are that you have to have a Michigan, LLC to receive it and do a
presentation 60-90 days later. Sounds like anyone can do it, just have to buy
the plane ticket there to present. No obligation to be at their location or
have a "office" in Michigan.

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rmason
Here's an idea from a local Ruby dev that imho is worth voting on:
<http://startgarden.com/ideas/detail/mastermind>

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nashad
This is great for the region (Grand Rapids/Western Michigan). I just wonder if
the supporting infrastructure/resources for a tech hub are there.

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chbrown
I knew there was a West Virginia, but I did not know there was a West
Michigan!

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outside1234
cultural insight: west michigan is what west michiganders call themselves to
distance themselves from Detroit.

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ahi
To be fair, other Michiganders call it West Michigan to distance themselves
from West Michigan as well.

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kaonashi
Hey, you have a problem with the VanDerVosses?

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dyeje
I predict Grand Rapids will be a software powerhouse in the next 10 years.

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KimKlap
Excited to see what we can all create together!

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outside1234
am i understanding the contract correctly that they want 3% for a $5000
investment?

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bmelton
That looks right. I mean, it's not too far off from YC's 6% for ~12k, but I'm
curious as to whether the rights they spell out affect that in any way,
particularly with dilution.

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benatkin
If you look at YC's FAQ page it says $17K for a single founder. For 3%, $5k
total seems low to me. For two founders that would be $2.5k each.

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bmelton
I must be remembering old data (or have just had it wrong). Thanks for the
correction.

Regardless, _generally_ speaking, the money isn't the thing that drives deals
like this, it's the mentorship and exposure. In this case though, it sort of
seems like a "Here's $5,000, come back with something useful, and we'll think
about talking to you" sort of scenario, so I can't help but wonder about its
usefulness.

I mean, it might work, and if it does, could be great for the area, but it
doesn't appear to be modeled after any of the most successful incubators.

