Washington D.C. based LaunchBoxDigital, a Y Combinator-like startup incubator that will invest small amounts of capital in very early stage startup ideas, is now taking applications for their first program. They’ve also raised their own first round of funding – $250,000 from Jonathan Miller (former CEO, AOL), Reed Hundt (former FCC Chairman), Raul Fernandez (CEO Object Video) and Chris Schroeder (CEO HealthCentral).
LaunchBoxDigital says they’ll invest $15,000 – $30,000 in six to ten startups, in exchange for 4% to 8% of the equity. Founding teams must spend the summer in Washington D.C. to participate in a twelve week incubation program. Applications must be received by March 14, 2008.
The model is based on the much emulated Y Combinator, which has now funded dozens of startups. London based SeedCamp and Colorado based TechStars have nearly identical business models.
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