Triangle StartUp Factory May Give Boost to NC Tech Community

The startup tech community in North Carolina could get a much needed boost soon. Chris Heivly is working on launching Triangle StartUp Factory (TSF), which is based in Durham.

TSF wants to be a startup accelerator for internet and software companies. First time entrepreneurs from all over the country could apply with the very best selected for the three month program. TSF would inject the business with a very modest amount of seed capital (20k), give the new company office space/tech infrastructure, surround the company with active mentors and take an active role in helping the new entrepreneurs raise additional capital. In exchange, TSF gets a small equity stake in each business.

The model is similar in many ways to what TechStars has done, but Chris plans multiple sessions per year and a smaller amount of companies per session.

This is a great idea for NC for a number of reasons. This area has a strong corporate base of tech companies (Cisco, SAS, Lenovo, IBM, Red Hat), top universities (NC State, Duke and UNC) and a very low cost to build a business. Also, TSF could help attract more smart entrepreneurs to move here and also may help retain the talent we have.

Here is a very specific example of retention. During the summer of 2008, I was out in Boulder, stopped by TechStars and met the founders of Foodzie. They moved from Greensboro, NC to Boulder to be part of that program. What if TSF was launched? Would they have considered it? Would a company like that now be based in Research Triangle Park? I also love the idea of playing offense and really going after trying to attract more talent here.

The idea is gaining momentum. Some well-known local entrepreneurs have joined Chris as Advisors/Mentors including Lee Buck and Jud Bowman. Lee is part of another startup accelerator, DC-based LaunchBox.

If you are interested in learning more about TSF and opportunities to get involved, let me know and I will connect you to Chris.

Comments

[Jason Caplain, Southern Capitol Ventures]

Hi, thanks for the note Rob. Hope you guys are all doing well. As TSF progresses, I will make sure you guys are tied in.

[Rob LaFave, Foodzie]

Hi Jason, I wish you well with TSF. Please don't hesitate to let us know how we can contribute to the companies that participate in your program.