SOURCE: Bang Ventures

September 24, 2007 06:30 ET

"You Be The VC" Aims to Turn Start-Up Dreams Into Reality

Public Vote Will Determine Winners of Financial Backing, Strategic Support

CAMBRIDGE, MA--(Marketwire - September 24, 2007) - The investment firm Bang Ventures has issued an open call to people with great tech business ideas to get a chance to win their own start-up company through You Be The VC (www.youbethevc.com), an entrepreneur competition contest launched today. Part "American Idol," part "The Wisdom of Crowds" and part business incubator, the competition will include judging by experts and an online public vote to choose the creators of the next Google, YouTube or Digg in American technology.

Competition judges will include leaders from some of the sponsor companies such as Deloitte & Touche, one of the big four accounting firms, Vator.tv and Foley & Lardner, a prestigious law firm, who will narrow the field of online applicants. The top 20 finalists will film a video pitch jointly on broadcast television and online video, and the public will vote on three winning companies, who will spend three months building their start-ups in Cambridge, Mass, with a team of expert consultants, advisors programmers and financial backers.

"We live in a culture of entrepreneurs, but so many great business ideas are overlooked because they don't have access to money and resources, as well as experienced advisors and the media," said Mark Modzelewski of Bang Ventures. You Be The VC will create incredible opportunities by reinventing venture capital and reinvigorating the startup process by transforming great ideas into great companies."

The You Be The VC contest focuses on technologies for Web 2.0, including social networking, advanced search, Enterprise 2.0, advertising and mobile applications. The prize is a complete launch pad for creating a successful start-up: investment capital, office space, programming/web development, legal, accounting and business strategy consultation, and marketing and sales support.

"Having worked with many successful companies, from early stage ventures to blue-chip firms, our team is always energized by helping build businesses from the ground up," said Ed Moran, head of the venture capital practice at Deloitte & Touche. "We are thrilled to support the You Be The VC effort. It's an incredible way to tap the talents and ideas of great minds across the country and give them access to the expertise, funding and resources they need to succeed."

"As an early Internet entrepreneur. I know how difficult it can be to start a business and navigate the venture capital system," noted direct media marketing guru and WPP Partner Matt Straznitkas. "That's what makes You Be The VC so attractive -- this is a meritocracy where the best ideas win and get funded. Simple as that."

"Having sold and taken public dozens of companies, I know that there are a million great business ideas out there, but most never make it because they can't access the right expertise," said Gabor Garai, a partner and chair of the private equity and venture capital practice at Foley & Lardner. "In backing You Be The VC, we know that we are helping to foster not just clever ideas, but great new businesspeople who are supported by a team of seasoned experts."

More information about the contest, including rules and advice for entering, can be found at www.youbethevc.com.

About Bang Ventures

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.

About You Be The VC

Equal parts incubator and "American Idol," You Be The VC is a competition to find the best new entrepreneurs in the U.S. New company ideas are submitted and judged by business leaders, then selected by voters on the You Be The VC site, which also serves as an online community for people interested in building new companies. Visit www.youbethevc.com for more details.

Contact Information

  • Media contact:
    Meghan Gardner
    Tier One Partners
    Email Contact
    857-222-2864