Another startup accelerator is debuting in LA today—Amplify. With the backing of some well-known Hollywood and Silicon Valley names, the Venice Beach-based incubator is launching a $4.5 million incubator and fund. Investors include Mark Burnett (Apprentice, Survivor), Brian Grazer, Jarl Mohn, Accel Partners, BV Capital, Greycroft Partners, Rustic Canyon, Tomorrow Ventures (Eric Schmidt), Tim Draper, Gordon Crawford, Vivi Nevo, Paige Craig, Diego Berdakin and Tom McInerney.
Amplify will provide portfolio companies with four months of intense collaboration and mentorship with each startup receiving up to $50,000 in seed capital, office space, weekly mentor meetings with entrepreneurs and a 3-year hiatus on city taxes
“Digital entrepreneurship is really starting to blossom in Venice with the likes of Amplify and Google,” said Los Angeles Mayor Antonio Villaraigosa. “As a high-tech incubator, Amplify will help nurture a new generation of businesses, creating more jobs and more opportunity right here in Los Angeles.”
As more incubators launch in the LA area it should be interesting to see the startups and ideas that start emerging from the area. Former MySpace CEO and serial entrepreneur Mike Jones recently debuted Science, a Santa Monica-based technology studio for startup ideas.
Burnett says of the incubator: “The convergence of tech and entertainment is finally happening in Los Angeles, and I couldn’t be more excited to help Amplify bring these worlds together,” said.