ZEELAND – Momentum announced Thursday that it is accepting applications for its 2010 program. Momentum is a pre-seed stage funding and incubation program that provides initial investments, mentoring and business launch assistance to entrepreneurs who have innovative web technology and application ideas.
“I began Momentum last year to discover new startup ideas in Michigan and keep our creative capital here?, says Rick DeVos, CEO of Pomegranate Studios and the program?s founder.
Momentum was launched spring 2009 as a partnership between The Windquest Group, Pomegranate Studios, and the economic development group Lakeshore Advantage. It has since grown into a collective of entrepreneurs, investors, business professionals, universities, and entrepreneur support organizations, all with a shared vision – to retain Michigan?s talent, launch new tech ventures, and help cultivate our region?s entrepreneurial community and culture.
Momentum?s inaugural year received nearly 30 applications from aspiring tech entrepreneurs and funded three start-ups – Downstream, Public Collections, and Revetto – who each received $20,000 in pre-seed funding and help in developing their technologies, business plan and investor pitch. The program ended with a Demo Day, where the companies got to pitch their ideas to a second round of investors. Momentum continues to support the companies with advisement and links to on-going capital resources.
?Momentum had a very successful inaugural year?, says Amanda Chocko, director of Entrepreneurial Development at Lakeshore Advantage and Momentum?s program director. ?We had 3 great startups, a strong program, fabulous mentors and tremendous community support. Momentum 2010 is promising to be even more exciting.?
?We are working to make Momentum 2010 a stronger, more rounded program?, said Bill Holsinger-Robinson, president of Pomegranate Studios and director of Momentum. ?Everything from our application process to our programming has been redesigned to turn these startups into viable, profitable companies.?
Momentum 2010 will select up to five startup teams, with each team made up of two to three company founders. The application process will begin with a written application and video pitch, due on February 12, followed by a submitted pitch deck and in-person interviews. The Momentum community will review the applications and contact the top candidates in late February. The selected applicants must be prepared to come to West Michigan for in-person interviews during the week of March 22. Participants will be required to move to the greater Holland area for the 12-week program that begins on May 13. Housing assistance and office space will be provided.
For more information, click on Momentum-MI.Com
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