I recently sat down with Thomas Korte, a former Google-evangelist-and-marketing-executive-turned-venture-capitalist. Thomas' new firm, AngelPad, is a San Francisco-based incubator started by seven ex-Googlers, that provides funding, mentorship and office space. Before I dive into our interview, keep in mind that applications for the incubator's 10-week program are due Tuesday, December 7. It's actually already over, but AngelPad is extending the application period for Vator readers.
Apply here: AngelPad.
Here are some highlights from our interview:
- Thomas talks about why AngelPad started and why it's different from other early-stage investor funds or incubators, such as Y Combinator, TechStars and Founders Institute. "The idea that everyone can do it themselves is like saying we don't need universities," Thomas said, explaining that incubators are helpful in providing needed advice and guidance, beyond financial support. There's not as many incubators as there are firms that just provide the capital, he added.
- AngelPad invests anywhere between $25,000 and $40,000 in startups. They take somewhere around a 5% ownerhips in the startup. For that ownership stake, the partners also provide mentorship and office space for 10 weeks.
- What kind of entrepreneurs and startups is AngelPad interested in? "Web technologies in the broadest sense," said Thomas. "Anything Facebook, Google, Microsoft could launch is something we could look at."
Here's a list of AngelPad's first graduating class, consisting of Adku, Alltrails, Curated.by, EggCartel, Hug Energy, MoPub, RollCall and Sniply.
[Editor's note: Thomas will be one of the VC/judges at our upcoming Vator Splash SF event held this February 3 at Cafe du Nord in San Francisco. Be sure to get early-bird tickets now or join the competition to get onstage. Also, Thomas was our guest host, along with Dave McClure, in a recent Vator Box segment, where we look at Tripping and Everloop. Be sure to stay tuned for those segments.]