- How would you choose the teams?
- Do you think there will be enough interest and applications?
- How will it differ from the original Y Combinator?
- What happens to the teams at the end of the program?
Lance Weatherby has an interesting post titled “Who Wants Seed Money?” in which he discusses the idea of a Y Combinator for the Southeast. I’m a proponent of the idea and was part of the discussions last year with the people he mentions. Mike Landman and I hashed out the idea once again today at lunch and concluded that Atlanta really needs such a program. Mike is heading up the EO Accelerator program for Atlanta which helps entrepreneurs with businesses between $250k and $750k grow to $1 million plus so as to be eligible to join EO (which I highly recommend).
Naturally, Mike and I dove right into some of the details of doing a Y Combinator for Atlanta. We each have a couple thousand extra square feet at our respective corporate offices to provide a co-working environment. What are some of the other costs? Here are the initial thoughts on costs on an annual basis:
- Managing Partner – volunteer (~$5k in expenses to talk at regional organizations and schools)
- Part-time Program Coordinator – $20k
- 5 teams in one summer class @ $20k investment per team – $100k
- Office space (2,000+ sq feet for 20 people) – $25k (possibly less)
- Legal – $5k
- Accounting – $3k
- Miscellaneous (food, infrastructure, etc) – $7k
- Cushion (more people per team than expected, legal/accounting in future years) – $10k
Total: $175k annually