LaunchBox Digital a startup incubator similar to Y Combinator that offers founders small amounts of seed funding and a mentorship program in exchange for equity stakes of around 4-8%, is now accepting applications for its class of 2009. The incubator will accept up to ten startups, who will be invited to a 12-week program in Washington D.C. where they’ll receive advice from a number of industry veterans. The program will culminate in demo events on both the East and West Coasts. Applications are due by March 16th.
The incubator’s first class has done fairly well (you can see an overview of each here), with six of the nine startups receiving funding following completion of the program (the combined amount raised was around $6 million). Among those to raise funding were Koofers, an online repository for old exams, Mpowerplayer, an online catalog of mobile games, and MyGameMug, a social network for gamers. Also check out JamLegend, a web-based game similar to Guitar Hero.
Other similar incubator programs include TechStars, DreamIt Ventures, and Y Combinator, which pioneered the model. It’s great that all of these programs are still open for business in the current economic climate, but I suspect that the success rates for post-program funding will be much lower than they have been for earlier sessions.