Bloomberg TV's new reality show TechStars follows a half-dozen entrepreneurs through the TechStars three-month accelerator program. The six-episode show focuses on the New York TechStars branch as it takes its first group of entrepreneurs through the intensive start-up program, which combines mentoring with a little seed funding and access to heavy-hitting potential funders.
Capsule review: The half-hour show is frenetic and done in an overly hip style -- do we really need everyone's Twitter handles flashed to us onscreen? It's also hard to follow the plot, as all six startup stories get crammed into just 23 minutes -- going back to view episode one is mandatory if you want to have a clue what's happening in subsequent episodes.
But production style aside, the show, which airs on Tuesdays at 9pm EST, offers a fascinating behind-the-scenes glimpse of what venture capitalists think about entrepreneurs and their startups. (See the TechStars trailer below)
Here's a hint: There's a lot of cursing. As program mentor and video-blogging superstar Gary Vaynerchuk says: "It's not all Mother Teresa" in the feedback sessions.
In addition to Vaynerchuk, TechStars New York boasts an all-star lineup of mentors including FourSquare's Dennis Crowley, Fred Wilson of Union Square Ventures and the popular A VC blog and Foundry Group co-founder Brad Feld.
VCs are interested in your cool idea -- a bit. But the show's big surprise is the extent to which it's all about the entrepreneurs -- their passion, past experience and knowledge of their industry.
But even if your technology is great, you might still flounder in TechStars. Traits the program's mentors are looking for include humility and an openness to taking direction.
Early on, Tablet-publisher OnSwipe lands $1 million in funding from an outside VC and quickly checks out, avoiding the loft and blowing off meetings with TechStars high-powered mentors. The VCs quickly brand them as cocky and arrogant, and it's clear their interest in the team is fading fast.
Some of the startups' concepts begin unraveling as the VCs challenge the entrepreneurs to go out and road-test them. For instance, UrbanApt wants to make it easier to rent a New York pad, but the founders have no real-estate connections.
"That's a massive, massive red flag," TechStars New York co-founder David Tisch says in a meeting with the program's VCs.
To Vie For's auction site offers deep discounts on upscale handbags. But the team quickly finds manufacturers are uninterested in cutting their prices.
Still, some companies appear to be excelling in the program. At the end of episode two, Wiji got top marks from the VCs, despite having their name branded as "easily top five sh#*@iest names ever," by TechStars co-founder David Cohen. The team is "hungry as it gets" and is open to feedback about their interactive billboard technology, which gets the "cool" stamp of approval from the mentors.
One thing's for sure, it pays to hang around this crowd. TechStars recently announced that it has raised $24 million to give every company in the incubator $100,000 in additional funding.
What does it take to land VC funding? Leave a comment and tell us what you think the key is.
TechStars Trailer from Vortex Media on Vimeo.
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VC's clear and simple wants to make "more" money and their name "godlike", They could care less about you ,your business or its name, They want results, the rest is just a game to them. but to get in "tech-stars" door you need a Phd in business no matter how good your idea is. A good ole country boy like me hasn't a chance even though i have an idea to make $Billions in triple digits yes i said $Billions.
How long will you all continue to blame others for what isa going on today. Look at all the money thats been wasted in thie current administration. It does not take a rocket scientist to see what is going on. Obama has from the get go trying to derstroy our country, our economy, our way of life. Just look at all the unnecessary jobs he created and filled for the white houst alone. Look at all the money he has been instrumental in bailing out compinies and banks instead of letting them dig theri own way out. they got in the mess they should get out and not spend our tax dollars. Each resident makes mistakes and is not erfect but this one beats all we have had excet to maybe Carter, Taft, Hoover and some othners. Anyway, he has not heled us but certainly has harmed us.
Immigration and unemployment are linked! US Representative Mo Brooks from Alabama estamated that we have 7+ million illegal immigrants in working in the USA. It does not take a rocket scientist to caculate that would solve our unemployment problem, plus reduce the heavy drain on social service cost caused by them as well (hospitals, schools, unemployment benifits etc). The president has no solution other than make the make all illegal immigrants legal and stands in the way of states like Alabama who want to inforce existing federal laws that the justice department stands in the way of enforcing the laws of the USA and states.
Obama administration did not cause the job loss. The previous administration before Obama time weakened the economy and led to the huge unemployment in America and also other parts of the world since most part of the world is connected to American Economy. In order to help bring employment in the system, there must be job creation. It is known that small businesses support the job creation very well in most economic growth. Obama should encourage small businesses by giving the middle and the low income group tax break, opportunity to have business loans to start their businesses if they have good business ideas and potential entrepreneurship character. The government should setup a qualified team who would teach and groom people who have started small business and help them to succeed. Note that the rich people would benefit from the growth of small businesses. As a food chain most small businesses depend on large businesses that are owned by the rich people. The economy will grow and the low, middle and the high income will share their win-win story at the end.
Never seen the show, but plans to check out. But I want to mention one silver lining in all this hype: Shows like this will make engineering and education in general be cool again. One does not have to go to Hollywood and strut stuff to be famous and that is good for all of us. - Michael Mangalam, Founder, http://www.ParetoCentral.com - "Crowdsourced and Confidential Consulting for Business Questions"