You get a salary, equity, mentors, and more. An inside look at how a San Francisco ‘foundry’ plans to build the next killer start-up.Want to start a company… but you’re short on ideas?
What is a foundry?
Chicago-based Sandbox Industries recently opened a new start-up foundry in San Francisco. Managing Director Millie Tadewaldt says unlike a traditional incubator that brings in early-stage start-ups already working on idea, Sandbox simply looks for talented people–often with no entrepreneurial experience. It gives them mentorship and capital and tasks them with identifying promising new start-up ideas through testing, market research, focus groups–whatever it takes to figure out which ideas have legs.
Its closest proxies, she says, are Santa Monica-based Science or New York-based Betaworks, although what makes Sandbox different is its venture capital arm. Projects are initially funded internally by the foundry, then when mature, the teams seek funding from outside VCs and angels, as well as from Sandbox’s venture funds.
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