Wow – there have been some big changes at The Difference Engine.
Like many other public initiatives, the project has re-examined how it can deliver the programme more effectively for participants and its funders
Their investment capital will be changed from a ‘per team’ to a ‘per idea and per founder’ basis. Teams will now receive £5,000 for their idea plus £3,200 per founder (to a maximum of three founders) in exchange for 6% of founder shares.
The teams I spoke with certainly felt the programme itself was had the greatest value and hence the acceleration bootcamp element of the Difference Engine remaining unchanged will delight would-be attendees, and giving away less capital will be very appealing. What’s happened to this summer’s graduates? Four of the nine teams have already raised investment funds (likely to increase to five very soon). One of the teams is currently considering an offer of £1m and one has relocated to Silicon Valley having received angel investment. And of the remained, two weren’t seeking further funding anyway, I believe.
The next round kicks off on 4 January 2011.
And anyone interested in enjoying the money, mentoring and opening doors, should get on and register before Monday (October 3): http://thedifferenceengine.eu/apply/
Claire Thompson, freelance PR consultant
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