DreamIt Ventures, a pre-seed venture firm, is committed to developing a new generation of technology companies. With its official launch this past weekend, the new Philadelphia start-up program is initially investing in 12 entrepreneurial ventures to their next level of funding.
DreamIt is providing selected start-up companies pre-seed funding, operational and strategic guidance from a team of proven business advisors, counsel and services from leading law firms and accounting firms, and access to an impressive list of “gurus” with insight into launching great companies.
DreamIt is founded by David Bookspan, Michael Levinson and Steve Welch, who have all founded, built and successfully sold one or more business. “Our partners include many prominent law firms and accounting firms with professionals who concentrate on providing service to startups,” said Levinson. “Each of them has agreed to donate their time to help DreamIt Companies properly structure their businesses, and to provide counsel throughout DreamIt `08.”
The program’s speakers, gurus and mentors include leading visionaries, entrepreneurs and business strategists from the Philadelphia Region. They will speak during DreamIt '08 and/or provide regular coaching, mentoring and guidance to DreamIt companies.
A new investment model for Philadelphia
This investment concept, without the management component, has proven successful in other regions: Y Combinator (Silicon Valley and Cambridge, MA), TechStars (Boulder, CO) and SeedCamp (London).
The initial 12 investments, announced this past weekend at a Kick Off Reception, vary in industry. “While there were many great applications, we really focused in on those that met our criteria, as posted on our web site,” said Levinson. Criteria include, “(a) Great team, (b) explosive opportunity and (c) something that could be completed or prototyped within three months.”
DreamIt ’08 will run from May 21st, through August 22nd, and culminates on Funding Day when the DreamIt Companies will present to select venture capitalists, angel investors and other funding sources. The program will be hosted at the University City Science Center.
For more information and to apply to the program, visit http://www.dreamitventures.com/.