think it's a good time to start a company, let alone ask anyone for
money to help get it rolling. But if a series of presentations from
fledgling Silicon Valley startups is any indication, innovation is not
braking for the recession.
Over three hours Wednesday, more than a dozen startup founders — most
of them in their 20s — gave rapid-fire talks to a group of peers,
journalists and potential investors about their companies.
Many of these startups are just a few months old, and some have not
yet launched. Those on display ranged from an online marketplace
selling gourmet treats to a company offering Web-based voice
conferencing. Another is developing dating applications for the
iPhone.
The presentations comprised "Demo Day," an event held twice a year by
Mountain View-based Y Combinator, which provides startups with small
amounts of initial funding (usually $5,000, plus $5,000 per founder)
in exchange for small ownership stakes. Since its inception in 2005, Y
Combinator has funded about 40 startups each year; it hopes to use a
recent $2 million infusion from venture capital firm Sequoia Capital
and other investments to bump the number up to 60 per year.
The startups on display, all of which were funded by Y Combinator in
January, had the same goals: Show people what you've been working on,
and possibly get some money from an angel investor or venture capital
firm to take your idea to the next level.
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