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Berkeley Ventures Seeks Startups

By Sara Stroud

A new Bay Area startup incubator says it can provide fledgling companies support beyond the typical three-month model.

Berkeley Ventures, which launched in April, is looking to assemble about a dozen early-stage technology startups, such as Web-based cleantech ventures, says Joe Lee, the firm’s director of business development.

Berkeley Ventures says it plans to build a customized program for each startup, extending up to two years. Its offerings include office space and facilities in its 8,400-square-foot Berkeley building with an initial period of free rent and access to facilities, plus marketing and legal assistance. Startups also receive up to $10,000 in seed funding, which Lee calls a “symbolic beginning.”

The firm is touting its location and its advisor and investor network as a major draw for new companies. Its team of industry veteran advisors includes Joel Serface, a Kleiner Perkins Caufield & Byers Entrepreneur in Residence and cleantech expert.

Lee says Berkeley Ventures is looking for startups with up to six employees that have a solid management team, clear goals, milestones in place and that can exhibit progress on their products.

In exchange the incubator is asking for a 3 percent to 9 percent equity stake from its startups, according to Lee.

Berkley Ventures, which was launched with private funds but plans to seek investors as it builds its portfolio, signed up its first startup in July: Power2Switch, an online portal allowing consumers to compare and switch power suppliers.

Reprinted with permission from Sustainable Industries

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