A new tech incubator focusing on green technologies opens its doors today - and boy, do we bet they get a lot of approaches from inventors of perpetual motion machines.
Based in San Francisco, Greenstart says its the first startup accelerator exclusively for 'cleantech' companies. These could be operating in fields such as clean energy sources and distribution, smart grid or even energy efficiency software - but they will need to demonstrate that they're capital efficient and capable of bringing in revenue within the year.
Starting from September, Greenstart expects to enroll ten companies in its first three months, giving its entrepreneurs $25,000 in investment funding, mentoring and networking and introductions to venture capital investors. In return, it's looking for a comparatively modest stake, of between three and ten percent.
"Many young entrepreneurs want to start cleantech companies that can make a difference, and we want to increase their chances of success," says managing partner Mitch Lowe.
"We offer them the benefit of experience, and save them the kinds of learning pains that we endured, so they can take the quickest path to building a successful company – both financially and in environmental impact."
Along with Lowe, founder and former CEO of Jumpstart Automotive Media and current board chairman of Quirky, Greenstart is led by two other technology entrepreneurs with respectable track records: Dave Graham, co-founder of OpenAuto and managing partner at ArizonaBay Technology Ventures, and Dillon McDonald, former COO and then CEO of Jumpstart Automotive Media and a founder of the Entrepreneurship Center at Cal Poly San Luis Obispo.
They've hired more than 20 mentors, including serial entrepreneurs, venture capital investors and Silicon Valley executives.
Applications need to be in by July 3, here.