Bootup Labs admits mistakes

Posted by Rob Lewis

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.

In a blog post titled I made mistakes. I was wrong. Lessons Learned., Robinson outlined four lessons learned with #1 on the list clearly being the catalyst to Bootup's recent problems:

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.

Company:
Bootup Labs
Website:
http://www.bootuplabs.com
Location:
Vancouver, British Columbia, Canada

Bootup Labs is a seed accelerator in Vancouver, BC that helps founders and companies go "from concept to company." Bootup Labs recruits promising entrepreneurs and provides mentorship, ongoing support and office space to help define their business and, if required, secure venture financing. Companies receive $150k in financing. Focus exclusively on Internet based businesses including casual gaming, consumer... more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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