Silicon Valley Association of Startup Entrepreneurs (SVASE)

SVASE & Cambridge West Ventures launch Seed Fund Program for Silicon Valley Entrepreneurs

The turmoil in the venture world over the past year has resulted in far fewer experienced teams getting the opportunity to bring their ideas to market, with new, unproven teams facing huge challenges.  In view of this, SVASE has worked to pull together a Seed Fund Program for capital efficient startups in Silicon Valley, with a view to fulfilling that need.

SVASE, the Silicon Valley Association of Startup Entrepreneurs, in conjunction with Cambridge West Ventures, a new seed fund in Silicon Valley, is looking to find passionate entrepreneurial teams with big ideas and a need for seed capital to enable them to answer some of the critical Big Questions about their Markets and Business Models, to enable them to be ready to secure additional funding within 4 – 6 months.

Ellen Salisbury, Founder & Managing Director, Cambridge West Ventures commented, “In the current economic climate, a lot of teams with great ideas are struggling to get traction. We’re looking for the best ideas to fund and nurture – to help turn great ideas into amazing companies.”

We are willing to work with unproven teams attacking unproven markets with unproven solutions. We’re interested in teams that are creating new solution to new problems, or who are trying to improve things by an order of magnitude or more, in the capital efficient consumer internet & mobile markets.

Chris Gill, President & CEO, SVASE said “Through its established programs and approach, SVASE has a proven process for empowering entrepreneurs to build great startups.  With less venture capital available through existing routes, even impressive first time teams are finding it hard to raise initial seed funding.  This partnership with Cambridge West Ventures looks to fill that gap.”

Through this announcement, and in conjunction with the Program Chairs of the regular SVASE schedule, such as Jai Kumar at the VC Breakfast Club, Dana Schultz at the East Bay Series, and Chad Salinas at First Impressions, we’re looking to connect with Winning Startups, which will each be eligible for:

• Up to $50,000 in seed venture capital in return for a modest stake in the company
• Deferred legal costs up to $15,000 from leading Silicon Valley law firms to set up the company structure without the legal time bombs that can stop startups in their tracks.
• Access to MicroSoft BizSpark Program for development software.
• Access to SUN Startup Essentials for development hardware & software.
• Complimentary access to all SVASE events for 6 months.
• Opportunity to base your startup in great offices in downtown Redwood City (6 months free).
• Introduction to leading Silicon Valley banks.
• Advice on developing your IP strategy and managing your IP portfolio.
• The chance to meet and learn from a wide range of VCs, Angels, veteran entrepreneurs, technologists, marketeers, corporate executives, bloggers and press.
• Introductions to potential investors.
• Coaching on your product strategy and development process.
• And lots of knowledgeable advice, though we won't force you to take it!

To be eligible for consideration for the first phase of this program, startups in the mobile & consumer internet markets should submit their executive summary plus a description of the Big Questions they would look to answer with this seed investment and support detailed above, to President@svase.org .  Submission deadline for this first phase is Friday Feb 19, 2010, and we’ll get back to everyone who submitted by end of March latest.

SVASE Alumni Ron Schneiderman & Evan Reece, Co-Founders of Liftopia voiced their support for the program: “Early stage fundraising is about so much more than just finding someone with an open checkbook. It’s about establishing the relationships and installing the infrastructure and best practices that will enable you to successfully grow your company. There isn’t a better resource than SVASE for early stage companies, and this new Seed Fund is great news for startup entrepreneurs everywhere.”

Bill Reichert, Managing Director, Garage Technology Ventures had this to say about the program:

“SVASE has been very good at identifying entrepreneur pain points and developing innovative solutions to help them out, such as the First Impressions program for developing successful funding pitches, and Launch: Silicon Valley as a cost effective product launch platform.  This creative approach to seed funding continues that trend, with some much needed aspirin for a clear entrepreneur pain.”

Any questions regarding this program can be directed to Chris Gill, President & CEO of SVASE at President@svase.org or by phone at 408-690-9920.

About SVASE
Founded in 1995 by entrepreneurs, for entrepreneurs, The Silicon Valley Association of Startup Entrepreneurs (SVASE) is the largest and fastest growing nonprofit in Northern California dedicated exclusively to helping technology and life science entrepreneurs start and grow successful businesses.

SVASE provides support and resources for entrepreneurs, from the idea through initial rounds of funding to product launch, delivered at 12 monthly events and a continually evolving web site.  For more information about SVASE, please visit www.svase.org

About Cambridge West Ventures
Cambridge West Ventures is designed to power innovation by providing resources to early stage start-ups. We know that the process of turning a great idea into an amazing company can be tough, especially the first steps. We have a track record of advising successful teams in the earliest days of founding. In addition, we have assembled a world class Circle of Experts (CoE), industry experts with a broad range of knowledge and skills, who are available to provide additional guidance and support to our portfolio companies. Our network includes top Angels and VCs in both Boston and Silicon Valley. For further information about Cambridge West Ventures, please visit www.cambridgewestventures.com