Startup incubator AngelPad is looking beyond its current base in San Francisco — founder Thomas Korte just announced that he plans to hold one of his two annual sessions in New York City.
That doesn’t mean AngelPad is going to be working with more companies or hiring more staff. Instead, the New York class is taking the place of one of the two San Francisco sessions, and Korte said that he and partner Carine Magescas will be running both of them.
As for why he’s making the move, Korte noted the growth of NYC’s startup scene, and he said it has an advantage over the San Francisco Bay Area because there’s less competition for engineers. Plus, AngelPad has an extensive network in the city, with Korte estimating that 10 percent of the incubator’s companies are already in New York.
So despite the switch, Korte said he isn’t worried about missing out on great San Francisco companies — if founders want to participate in an incubator, they’re going to be ready to travel to make it happen.
“Between New York and San Francisco, the differences are really shrinking,” he said. “There’s going to be great companies built in the Valley there’s going to be great companies built in New York.”
The exact location of the AngelPad’s New York office hasn’t been determined yet, but Korte plans to start accepting applications in late August or early September.
He also said that he’s calculated all the money raised by startups after they left AngelPad, and the total is $100 million. The biggest rounds include a $12 million Series B for MoPub and a round of the same size for Crittercism. Korte noted that on its own, a lot of funding doesn’t make for a successful company, but he said it’s one of the two quantitative measures that AngelPad uses to track whether its companies are thriving (the other is number of engineers hired).
This seemed like a good time to ask Korte about whether he plans to raise a fund, but he was as coy about it today as he was last month.
“So far, AngelPad has been funded by the partners, and that may or may not change in the future,” he said.