October 29th, 2008Hey Mobile Startups: Rick Segal really wants to give you money
In case you haven’t heard, VC and converted-cannuck Rick Segal is sitting on a great pile of cash which he is earnestly trying to throw at startups. Rick works for JLA the VC firm administering the 150M blackberry partners fund (details). Rick has let us know of a great deal for seed stage mobile startups, ~100k on simple, standardized terms, convertible debt which you “don’t have to pay back” it is expected to be converted in to equity at your next round of funding within 18 months. The only major catch we’d imagine is that you’ll need to have a) a good enough idea b) a willingness to work your butt off once funded.
Here’s the advice.
1. Economy notwithstanding, it’s a great time to be at the seed stage of springboarding a new mobile startup in Canada. Remember that in the next year and half: Airwaves are opening up, wireless competition is coming, and newer and newer devices will be making amazing things possible. There’s a RIM/Apple/Android/Sybian/MSoft platform war brewing which is why these funding and partnership deals are on the table for developers.
2. Dust off the napkins and white boards, figure out a business model, whip together a prototype and drop Rick an email for one of his famous “no harm no foul” meetings.
3. There’s a saying in startup world “when they are passing around the cookie tray, take one.”
FYI: Thanks to his blogetc., Rick is probably the most public of the personalities at JLA, but we’ve long heard (from other CEOs) good things about John Albright and all the rest of the team at JLA.
see also: StartupEmpire: Somebody will get funded!
