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LaunchBox Digital, backed by several high-profile D.C. area executivesx including AOL vice chairma emeritus Ted Leonsis and founders Tom and David plans to invest upto $30,000 in a handfu l of companies as part of a contest. It is also separately givinvg upto $1 million in seed money to The company is modeled after a technologt incubator called , based in Silicon Valley and Mass., that gives guidance to startupsd to ensure their "Earlier incubators believed the secrey to success was offering peopl e cubicles and servers, which in many caseas proved to be the wronfg focus," said co-founder John McKinley, the formee chief technology of both AOL and Merril l Lynch, in a statement.
"Instead, what is really needer is adviceand guidance, on everythinvg from the product, to marketing, to technical assistance." LaunchBoc is seeking innovative companies that have ideass for such things as applicationsa for and as well as for the new phone or Apple'z iPhone. The company is holding a contest for between six and 10 which will cometo D.C. in the spring or summer of 2008 for 12 week s of intensive training to develop a prototypew andbusiness plan.
At the end of the they can pitch their businesses to venture capital firms for more Three area tech executives pooled their resources and raised mone y from the technology community to get LaunchBox offthe ground, but the companuy won't say how much they originally raised. The founderd are Julius Genachowski, who was chieft of business operationsfor IAC/InterActive Corp; Sean Greene, founde r of The Away and McKinley. Genachowski and Greene are both co-founders of a separated companycalled .
Other advisers to LaunchBox Digita include two former Federal Communications chairmenj Reed Hundt andMichael Powell; Raul chief executive of ; and Dany Levy, the foundef and chairman of Daily LaunchBox Digital will receive a 4 percent to 8 percenty stake in each company it invests in.
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