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Entrepreneur, Dec, 2000 by Cynthia E. Griffin
New high-tech bridge loan fund
Technology entrepreneurs in the Lone Star State who are seeking equity capital may be eligible for a bridge loan of up to $200,000 through the new $2 million SeedStage Angel Club Fast Money fund managed by Silicon Valley Bank. SeedStage is an Austin-based venture accelerator that prepares entrepreneurs to seek equity capital. Here's how the loan program works:
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Ideally SeedStage seeks entrepreneurs who have at least six months of sweat equity invested in a venture. The business concept must be capable of producing at least $100 million in sales for the firm in an industry with at least $500 million market capitalization. Additionally, the business should be capable of yielding a 50-fold return on the investment. Begin the process by registering for a $250 membership in SeedStage at www.seedstage.com. Registration is followed by an invitation to visit a SeedStage fast-pitch meeting, where you'll give a mock 15-minute presentation in front of a partner team. This is followed by 15 minutes of candid feedback, supplemented by videotaped and e-mailed commentary.
Applicants who have potentially fundable ideas are then invited to participate in three- to four-month coaching programs. After 30 days of intensive grooming, they can obtain a Fast Money loan with approval from a simple majority of the SeedStage angel pool.
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