Grand Rapids, Mich., May 17, 2012 -- Today Start Garden, the $15,000,000 seed fund that selects ideas each week for $5,000 investments, announced the results from the third week of submissions to startgarden.com.
The fund’s management team takes submissions through startgarden.com. Ideas with potential to become businesses can be submitted. Each week the Start Garden team selects an idea and the broader community on the website endorses another idea to receive $5,000. Start Garden can continue to invest up to $500,000 in a single idea.
The idea selected by the Start Garden team for funding was Warmilu, an infant warming blanket using non-electric heat technology. The cofounders are recent University of Michigan graduates in engineering. The idea chosen from visitor endorsements on the website was Ntewani, an online/brick & mortar hybrid retailing women’s fashions and fabrics from around the globe. The idea submitter, Brandi Washington is from Raliegh, NC. Each idea receives a $5,000 investment, pending the completion of the investment agreement, which can be found on startgarden.com.
Each Thursday at noon the ideas on startgarden.com are stored in the database, and the slate is cleaned for the next week. Anybody who has already submitted an idea and wants it reconsidered for the next week must go back to the website to resubmit.
The next round of $5,000 investments will be announced Thursday next week, May 24, after the noon deadline.
Today, Start Garden hosts the Michigan Lean Startup Conference. Tech-centric in nature, it’s a day to share lean startup methods around how to quickly launch a new business offering (Minimum Viable Product) and quickly adapt it within the marketplace.
“In just the first few weeks of Start Garden, we’ve seen evidence of how much we need to spread fundamentals about entrepreneurship,” said DeVos. “For instance, many submissions haven’t considered that investors want to know how to get a return on investment and that influences who we choose. Gatherings like this conference are essential to build knowledge from people who've been in the trenches. We’ll be launching more learning events soon.”