FAQ's

Bang Ventures is making an open call for entrepreneurs to submit their ideas for new start-ups -- then we'll let the public decide on the next three companies we fund….after several rounds of tasks, analysis, and video pitches. That is You Be The VC in a nutshell.

Essentially the three selected companies get a company to run. Winners will get financing, programming/web development, expert mentoring, office space, legal, accounting, administrative and marketing support, as well as a stipend to live and work in Cambridge.

In the process, a vibrant 24/7/365 community for entrepreneurs, investors, and those interested in the hottest new technology companies will be created at YouBeTheVC.com.

The 3 companies with the most votes will basically get a turnkey start-up company to be CEO of. Their entire idea will be fleshed out with business incubator services including:

1. Business Location (office space)
2. Programming and web development
3. Administrative support
4. IT
5. Legal counsel
6. Accounting support
7. Tax services
8. Consulting services
9. Seed venture funding
10. Stipend to live and work in the Boston, MA area during the summer of 2008

Note: We are also working to get additional rewards and services from our growing list of sponsors

No. There are a lot of reasons for this. The big one is that this isn't a beauty pageant, it's an effort to allow great ideas to become great companies. The real reward is the experience and support – financial and otherwise – to build your company.

First, fill out the application. Again, really give it some thought. You can certainly change it and work on it at various times over the next few months, but really think about the questions and your answers carefully.

Applications are reviewed by our judges and the number of contestants is cut down to 100.

There will then be two further cuts, both of which will require additional work by the contestants.

After all of that, the field will be down to the top 20. These finalists will film a short elevator pitch. The videos will be posted and registered users to the site can vote for their favorites. The top three vote getters get to be CEO of their own start-up idea.

It's hassle free. Create your profile and fill out the application with your company idea.

Now you may want to take some time, work the idea out, change it, bounce ideas around, and perhaps work it through a business class or network you belong to. Changes can be made right up until the close date in February.

You also may want to add information to your profile that gives folks an idea of what you are like as well. Let me be honest, investors bet on two legged animals. A "B-" idea with a "A+" team is a better bet than a "B-" team with an A+" idea.

No. The site is a community and utility that we hope will grow in its own right over time whereby folks interested in entrepreneurship, start-ups, investing, and hot new technologies will congregate to discuss things, collaborate, look for jobs and perhaps take part in future contests.

Your call. A team with a variety of well rounded leaders certainly will appear stronger to the judges. But then again, each winning team gets similar resources and space so three is likely the max you want going to Cambridge if you come out on top.

Enter as many business plans as you like, but each must be accompanied by a separate official application.

Just register and pick which company you like best. However voting doesn't start until March 2008 so you have got some time to poke around and do other stuff on the site first—perhaps even enter yourself.

Very unlikely. We will be working to carefully monitor any bonus voting, hacking, and other forms of manipulation. We will also limit the number of times someone can vote as well. Any effort that can be traced to an entrant will result in not only their disqualification but will also engender legal ramifications as well.

You must be at least 18 years of age when the application is submitted.

Either/ Or. Basically anyone legally in the United States no matter what your citizenship can enter. And an American citizen, no matter where you are in the world, can also enter. We honestly tried to make this a global contest, but each nation has an entirely different set of rules on this kind of thing.

It's a neat idea that was popularized by the author James Surowiecki. “Large groups of people are smarter than an elite few, no matter how brilliant-better at solving problems, fostering innovation, coming to wise decisions, even predicting the future.”

Aside from the "because we said so" response, it has much to do with the services that we have assembled to take your concept and make it into a functioning company. You need to be here in Cambridge to access this infrastructure and to get the experience to work for you. Frankly, you could commute back and forth from another location as well, but you have to be there daily during the start-up phase.

We will work with the three top vote-getting teams to find suitable housing. I'd invite you to stay at my house but my three pit bulls don't like strangers.

Bang Ventures is a New York based investment firm with offices in Cambridge and is focused on early stage emerging technology companies.

Bang Ventures isn't a VC firm. We help smart and driven people co-found fantastic new companies, providing entrepreneurs with a roof over their heads, mentoring, a deep network of contacts, marketing support, professional services and other technical support....and yes, funding as well.

Launched in 2007, Bang Ventures gets into the projects at the inception phase, evaluating opportunities and empowering entrepreneurs to develop strong companies. The firm is currently focused on investing in North America and Eastern/Central Europe in sectors ranging from Web 2.0 to clean tech to medical devices.

The judges are being continuously added to the roster on the site. They are a mix of professionals and entrepreneurs and those who have successfully assisted in the building of great companies or analyzed how start-ups go from zero to IPO.

Each judge is going to have their own methods and reasons. And the community will get to see that as they will provide commentary and "report cards" if you will about the finalists and perhaps even a few that don't make it that far.

In a nutshell, no one but the site administrators, the Bang Ventures team and the judges will see the applications. Any information you choose to reveal in your profile or in conversation, hey that is your choice.

Now if you are one of the 20 finalists, towards the end of the contest during the voting period your elevator pitch will be made public. We can work with you on crafting it in a way that is impactful without revealing certain points.

But in all seriousness, so what. Google wasn't the first search engine, the iPhone wasn't the first mobile device, and so on. It takes more than a 50 word description to make a real company.

Plus when your pitch is revealed you will be defined by it in the media, in front of thousands of voters, and others. It'll be rather clear. Plus any dirt bag that will try and knock off a copy of the idea in a few weeks won't have the access, the advisors, the funding, the programming team, the built-in user base, etc that your idea will.

We certainly want to promote entrepreneurialism, but we also will be taking a stake in the winning companies and will also be looking to further invest in them.

In my profile can I post videos and ask for advice on my start-up and all that? Yep. Go ahead, although we'd suggest being judicious in how much you reveal about your start-up if you are entering the contest.

Can I enter an idea for a porn site?

No. Admittedly, as much as they can often be money makers, it’s not the kind of firm we're focused on funding or working with and frankly the sponsors would be bummed. The same would go for gambling sites, or anything illegal in the US or hideously objectionable. We reserve the right to make that determination.

You get a company to run, so you will be making living arrangements, further developing the idea, working with the programming team and advisors even before you get to Cambridge. Then when you get here, expect to work and learn a lot.

Let's go even further, what if I win, finish the summer session, then what????

Hey don't ask us. We can't tackle that kind of responsibility. All we can say is if you do end up being one of the top three vote getters, you are committing yourself to working in Cambridge for at least three months to get your start-up going. After that, it's up to you how you handle things with your life.

Sure. But be aware that if you choose to go that route you are going to have to be much further along in the company development effort than an outline. You better have a well thought plan, a great team, and a clear sense of how you will build the company.

That would be very cool, UNLESS you are one of the top 20 finalists as you will have to agree to certain limitations in shopping the start-up for a short time until the contest wraps up.

An "Elevator Pitch" is a concise, well-crafted, and well-rehearsed description about your company that an investor should be able to understand in the time it would take to ride up an elevator. So 30 seconds or so.

In this context, basically a short PowerPoint like presentation that shows what the market dynamics are for the sector your start-up is entering. Potential users, competition, revenue opportunities, growth potential, etc.

Again, in this context a short presentation that will demonstrate how you plan to get users, keep them and turn that into revenues.

What about video and gaming technologies or web 3d? Can ideas for those kind of start-ups enter?

If it's web accessible and all you need is a browser to utilize it – sure why not. So if it's dependent on online environment (via desktop or mobile phone) go for it.

Yes and yes. The marketing is core to a successful start-up – and the leadership of a start-up needs to be out in front selling the idea and themselves.

If you have already received venture or angel funding - anything beyond self Funding the answer is NO. If that's not the case, then sure, why not.

Can I program the applications myself or work to take what I have developed and build it out with your team programmers?

Sure. Why not.