Foundations hosted a lively launch party Thursday evening at its space in Seattle’s Capitol Hill neighborhood, where the organization hopes to build a new community for the city’s tech entrepreneurs.
A distinct energy pulsated inside the building as veteran startup leaders mingled with younger entrepreneurs and newcomers.
“An environment like this is what the overall startup ecosystem needs to succeed,” said Daryn Nakhuda, a longtime Seattle engineering leader who is supporting Foundations as an investor.
GeekWire first reported on Foundations earlier this year, describing its plan to operate an in-person, invite-only group of startup founders and experienced mentors.
The idea is to provide guidance and camaraderie for early-stage founders, creating what Foundations describes as a “serendipity factory.”
Seattle-based founder and venture capitalist Aviel Ginzburg is leading the charge on Foundations with three others — Tyler Brown, Ryan Dao, and Art Litvinau — who started a group last year called Cloud Zero that hosted regular get-togethers for founders.
Ginzburg knows the value of bringing together entrepreneurs, investors, and mentors in a physical space. More than a decade ago he worked inside a South Lake Union office that housed the Techstars Seattle accelerator, and a social hangout spot known as “The Easy.”
“That was magic,” Ginzburg told the crowd Thursday, recalling that space. It created an environment for early stage startup founders to build around each other and support one another.
“And it gave an outlet for the folks who have been there, who had something to give, to share,” said Ginzburg, a general partner at Founders’ Co-op and former managing director of the Amazon Alexa accelerator.
Foundations is hoping to recreate some of that magic. The 5,000 square-foot space caters to both work and play, and has a startup vibe — co-working desks, office pods, meeting rooms, drinks, snacks, video games, and more.
The organization plans to accept small groups of “founders-in-residence” for six-month memberships designed to accelerate their startups and provide access to office space and mentorship.
Foundations does not plan to charge those startups membership fees or take equity as a condition of participating, like many similar programs do.
Other members will be active or former founders and operators. They will pay membership fees and visit the physical space periodically.
The organization also plans to host founder circles and events, both private and public.
Ginzburg, Brown, Litvinau, and Dao are on the board, along with four leaders from Seattle’s startup ranks:
- Sarah Imbach, an active angel investor and mentor who was an early exec at PayPal, LinkedIn, and 23andMe.
- Matt Shobe, co-founder of FeedBurner and Mighty AI and a former Techstars mentor.
- Shivaas Gulati, co-founder of Remitly and an angel investor.
- Vivek Ladsariya, a veteran investor who recently relocated from Silicon Valley and is managing director at Pioneer Square Labs.
Foundations is raising investment to help run operations from at least 40 backers, including prominent entrepreneurs and investors based in the Seattle region.
The initial group of investors will also become members and get equity in Foundations. Those shares could end up producing dividends, or potentially ownership stakes in participating companies.
Foundations will operate as a benefit corporation, a legal distinction designed for entities that want to turn a profit and also prioritize social and public good.
It’s getting off the ground following the demise of the now-defunct Techstars Seattle program, which shut down earlier this year.
There are several other incubators, accelerators, and startup studios in the Seattle region aiming to help founders. The list includes Pioneer Square Labs, Madrona Venture Labs, the AI2 Incubator, and more.
Ginzburg told GeekWire previously that “the ambition here is not to start the next Techstars. I want to solve for this moment in time in Seattle, and I want to give it the breathing room to grow into something larger.”
Speaking to the crowds on Thursday, Ginzburg expressed gratitude for their support before offering up a closing thought: “Let’s build.”
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