Last night Bootup Labs Co-founder Danny Robinson added his apology to the one fellow co-founder Boris Mann penned on his personal blog late last week.
I should not have allowed the Jan 2010 cohort of companies to begin the Bootup Labs program until we had the money safely in the bank. This was my gravest of errors and seems pretty obvious now. I sincerely apologize to the founders who were affected by this. It will not happen again.
So, Bootup Labs is guilty of putting the cart before the horse. In the world of incubators and seed accelerators, funding clearly needs to be in the building before the startups arrive.
The recent announcement by TechStars Seattle that they've raised $450K from 15 local investors and Angels in advance of accepting any startups into their incubator this fall is a perfect example.
Robinson humbly wraps up his blog post promising that his work is not done and that Bootup Labs version 2.0 will be better than the first.
As I continue the post-mortem with my team, I feel that a stronger and better Bootup Labs 2.0 is emerging. To help prevent this from ever happening in the future, new controls have already been instated at the board level with addition of Boris Wertz, and more announcements are coming soon. I know I have a long road ahead of me, but if you give me the chance, I’ll work hard to earn your trust and respect back.