

Three day health hackathon. Investors pitch problems they'd love to fund - bluehat
http://www.prebacked.com/

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therealarmen
This is an interesting idea I'd like to see expanded beyond the health space.
Not sure if Hackathon is the right term anymore. Investathon?

I can see it now. A panel of computer geeks in skinny jeans grills a lineup of
white-haired VCs about their investment ideas. After a long deliberation
period, they throw out all the ideas except for one. They offer to commit
engineering resources to the chosen investor under a strict set of terms and
conditions (an engineering "term sheet"). I'd pay to watch that.

~~~
MrDunham
Thanks! Founder here and yes, we're definitely expanding outside of health. I
like your version as well - really flip the market on it's head.

~~~
Gilly_LDN
What if the winning hackers win at two of your events, and are funded for two
different companies but aren't interested in the problem after the weekend -
except for the running around money.

Is the money in the form of 'a gift which could be used to run a company for a
couple of months'?

Who would collect the money, just one of them in their bank account?

Who monitors the teams afterwards - or is that just up to the your sponsor/the
investor?

Basically, I like the idea - but I'd be tempted to use it to allow me space to
concentrate on my primary software idea more, rather than a 3 day event health
hackathon solution. As an investor, I'd be worried that I'd be 'herding cats'
getting three teams of three random people (for example) to continue a project
they don't genuinely care about and eventually have just lost that money.

How do you plan to address these concerns?

~~~
MrDunham
Great questions, I'll answer in-line:

-What if the winning hackers win at two of your events... -Being that this is invite only - I don't plan on having the same teams at two events.

-Is the money in the form of 'a gift... -Nope, it's an actual seed investment from an angel group. Terms, equity, etc. will apply (but don't have to be accepted if you'd rather bootstrap)

-Who would collect the money, just one of them in their bank account? -Good question, and one I need to think more on. The assumption, since it's an investment, is that they'd create a Delaware C corp and it would be property of the newly founded company. We're not directly involved in this process but will be trying to help keep things moving smoothly.

-RE Herding cats: -Most investments will come after a 3 month 'build-a-thon' for teams that impressed their investor/company partner. Band of Angel investments (aka prizes) might happen at the end of the weekend.

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victorantos
I get Traceback (most recent call last): File
"/base/python_runtime/python_lib/versions/1/google/appengine/ext/webapp/_webapp25.py",
line 710, in __call__ handler.get(*groups) File
"/base/data/home/apps/prebacked/1-090.362407118074871718/main.py", line 144,
in get template_values.update (self.event(), link_home = "current") File
"/base/data/home/apps/prebacked/1-090.362407118074871718/main.py", line 110,
in event var = Variables.gql("WHERE vertical= :1", vert).get() #Grab event
details, stored in Variables database. File
"/base/python_runtime/python_lib/versions/1/google/appengine/ext/db/__init__.py",
line 2102, in get return results.next() File
"/base/python_runtime/python_lib/versions/1/google/appengine/ext/db/__init__.py",
line 2314, in next return
self.__model_class.from_entity(self.__iterator.next()) File
"/base/python_runtime/python_lib/versions/1/google/appengine/datastore/datastore_query.py",
line 2816, in next next_batch = self.__batcher.next() File
"/base/python_runtime/python_lib/versions/1/google/appengine/datastore/datastore_query.py",
line 2678, in next return self.next_batch(self.AT_LEAST_ONE) File
"/base/python_runtime/python_lib/versions/1/google/appengine/datastore/datastore_query.py",
line 2715, in next_batch batch = self.__next_batch.get_result() File
"/base/python_runtime/python_lib/versions/1/google/appengine/api/apiproxy_stub_map.py",
line 604, in get_result return self.__get_result_hook(self) File
"/base/python_runtime/python_lib/versions/1/google/appengine/datastore/datastore_query.py",
line 2452, in __query_result_hook
self._batch_shared.conn.check_rpc_success(rpc) File
"/base/python_runtime/python_lib/versions/1/google/appengine/datastore/datastore_rpc.py",
line 1222, in check_rpc_success rpc.check_success() File
"/base/python_runtime/python_lib/versions/1/google/appengine/api/apiproxy_stub_map.py",
line 570, in check_success self.__rpc.CheckSuccess() File
"/base/python_runtime/python_lib/versions/1/google/appengine/api/apiproxy_rpc.py",
line 133, in CheckSuccess raise self.exception OverQuotaError: The API call
datastore_v3.RunQuery() required more quota than is available.

~~~
MrDunham
Whoops, blew threw my bandwidth. One sec

~~~
austinlyons
Good problem to have :)

~~~
MrDunham
haha true. Google is taking their sweet time getting things spooled up

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callmeed
I _really_ wish things like this would get posted sooner than a week before
the event.

I'm a 3 hour drive from both SV and LA, which is cool because I can hit
hackathons in either area. But it takes a little planning (and some pleading
with the wife).

IMO there's no decent list of hackathons (and no, I don't really like Lanyrd).

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makethetick
Cached link:

[http://webcache.googleusercontent.com/search?q=cache%3Awww.p...](http://webcache.googleusercontent.com/search?q=cache%3Awww.prebacked.com&oq=cache%3Awww.prebacked.com&sugexp=chrome,mod=0&sourceid=chrome&ie=UTF-8)

~~~
bluehat
...and we're back!

------
bluehat
Huh, not the title I submitted with. How much karma do you need to change
somebody else's title? :p

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MrDunham
Founder here - thank you HN for the support. Feel free to post questions /
comments.

And for the record, this was inspired in part by PG's RFSs.

~~~
d2vid
What are your expectations for what happens after the weekend?

Am I expected to make a commitment to pursue this new "startup"? If I take
seed funding, what am I agreeing to do? What if 2 weeks later I discover that
the market for the product doesn't exist? Can I instead build out the product
and then sell the intellectual property to the pitch company? Who owns the
intellectual property & code at the end of the weekend if no deal is agreed
to? Are the funders and the pitchers one and the same or different companies?

You've piqued my interest, but there are a lot of details I'd like filled in.
Thanks!

~~~
MrDunham
Thanks for the questions!

If you pique whomever pitches the initial problem they agree to mentor your
team over three months of building out the product. It would be good to go in
with the expectation of starting a real company from this.

If you take seed funding, you and the Band of Angels work out terms. It will
probably include setting up a Delaware C corp, equity splits, etc. (I do not
speak for them though). Basically, it's figured out as you're taking the seed
prize and after the event.

"What if 2 weeks later I discover that the market for the product doesn't
exist? Can I instead build out the product and then sell the intellectual
property to the pitch company?"

-You're welcome to do that. I won't stop you.

"IP ownership"

-We're not directly linked here, but we've been very clear that in the spirit of the event teams should have all IP ownership. My take is it's equivalent to going into the doctor's office saying "my food hurts" and the doctor analyzing, designing, and building a special shoe that fixes your pain. You wouldn't have IP ownership of the shoe, because all you did was say that your foot hurts. I can make no promises except that we'll be very clear and are partners understand this.

-Ok I read that wrong, though the above is a good thing to include. IP ownership would be the team's and within the team it's up to all of you to figure it out.

"Are the funders and the pitchers one and the same or different companies?"

Primary funders are the Band of Angels, who are not pitching at this one.
Funders at the 3 month mark might be the same as the pitchers (that was always
the point). You're not committed to take anything, even if you worked on their
problem. Given that those pitching are agreeing to help take your company off
the ground after the hackathon, hopefully you'd consider their investment.

Let me know if you need more clarification - I'll be adding your questions to
the FAQ this weekend. And thanks!

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netmau5
I don't trust *Terms Apply and hackathon appearing together in any context.
Business guys always want to capitalize on creatives' enthusiasm but end up
triggering skepticism instead.

~~~
MrDunham
It basically means you have to chat with the Band of Angels and Originate.

For example, the Band's prize is in the form of seed funding. How exactly that
looks might change based on the team.

For Originate it includes: \- the award is for in-kind investment of Originate
services and not convertible to cash \- non-transferable \- resources will be
assigned at Orignate's sole discretion \- work will be delivered from an
Originate office

You don't have to accept any prizes that are given, it's just things we've put
together to solve problems that arise when trying to take a company off the
ground. I don't expect you to trust me, but I've been extremely involved with
the Hacker Dojo, run a hacker house, and routinely fight against anything that
takes advantage of hackers. I hope that helps

~~~
bluehat
Garrett was my partner in crime for the second Hacker Fair at Hacker Dojo, and
he's my cofounder for the hacker house we run. He's been a great volunteer at
the Hacker Dojo as well. Not sure if my word counts for much, but he's an
honest and trustworthy dude.

------
ropman76
This looks interesting. Will the problem pitches be put online? I used to work
in the health insurance industry so I am interested in seeing what problems
they want solved.

~~~
MrDunham
I'm torn here. Probably won't post them all - though I'm sure we'll be posting
some of them (there may be some problems our partners would be unhappy about
us posting.)

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murz
Looks interesting, but it's unfortunate that the timing clashes with Startup
School.

