Portland’s Startup Weekend, is an intense 54 hour event which focuses on building a web or mobile application which could form the basis of a credible business. The video below followed two aspiring entrepreneurs through an event held this April.
At some point, some will be ready to go a step farther and join a formal program and raise seed funding. Among the resources available include:
- Portland Seed Fund (PSF)
- Portland Incubator Experiment (PIE)
- Upstart Labs (Portland)
- PSU Business Accelerator (Portland)
- TIE Westside Incubator (Hillsboro)
- TechStars (Seattle, WA)
- Y Combinator (Mountain View, CA)
- 500 Startups (Mountain View, CA)
The Portland Incubator Experiment fielded 300 applications for its second class of startups, reports the Oregonian. Applications closed June 12. PIE’s new class will work with sponsors from Google and Coca-Cola, with additional input from Nike and Intel.
PIE has helped host, accelerate, and mentor a number of successful startups:
- AppFog (funded)
- Athletepath (funded)
- Cloudability (funded)
- COLOURlovers (funded)
- Urban Airship (funded)
- VendScreen (funded)
- Bac’n (acquired)
- Bass Masta (acquired)
- VodPod (acquired)
PIE puts $18,000 into each participating company and typically takes a 6 percent equity stake. At least eight people see every application and are currently vetting the candidates. PIE’s general manager, Rick Turoczy said he hopes to have a six-member class chosen before July 4th.
That’s not a bad return for investors in the 3 year old company, notes Rick Turoczy.
Oregon is an open source hub with Linus Torvalds, who created the popular Linux computer operating system, living in Portland. The Drupal Association, a nonprofit website management system is based in Portland, Intel and IBM have significant open source operations here, and Oregon State University’s Open Source Lab is home to many large projects. Newer open source startups include Puppet Labs, AppFog and the Collaborative Software Initiative. The annual O’Reilly Open Source Convention also meets in Portland each summer.