A team of entrepreneurs hoping to seed more startups has done it again. Following in the footsteps of accelerator programs such as Y Combinator and TechStars, former executives from IAC/InteractiveCorp, AOL LLC and thejulius-genachowski.jpgAway Travel Network have created LaunchBox Digital. The group’s founders are Julius Genachowski, formerly the chief of business operations at IAC/InterActiveCorp.; Sean Greene, founder and CEO of the Away Travel Network; and John McKinley, formerly the chief technology officer and head of tech strategy for AOL.
The goal is to enlist entrepreneurs who want to spend 12 weeks in Washington next year developing their ideas for a startup. LaunchBox will invest $15,000 to $30,000 in a company and provide administrative support, mentoring and contacts in exchange for 4 to 8 percent in equity in the startup. By comparison, Y Combinator, which offers similar services, typically invests $5,000 per startup founder in return for 2 to 10 percent of a company. Obviously, each accelerator has its own areas of expertise and specializes in different technologies, so entrepreneurs should comparison-shop on something beyond pricing.
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