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LaunchBox Digital, backed by several high-profile D.C.-area executivesw including AOL vice chairman emeritus Ted Leonsis and founder s Tom andDavid Gardner, plans to invest up to $30,000 in a handfu of companies as part of a contest. It is also separatelh giving upto $1 million in seed money to The company is modeled aftet a technology incubator called , basedf in Silicon Valley and Mass., that gives guidance to startupes to ensure their successes. "Earlier incubators believed the secret to successx was offering people cubiclesand servers, which in many casezs proved to be the wrong said co-founder John McKinley, the former chief technologhy of both AOL and Merrill in a statement.
"Instead, what is really needex is advice and on everything from the to marketing, to technical assistance." LaunchBoxd is seeking innovative companies that have ideaz for such things as applications for and as well as for the new phoner or Apple's iPhone. The company is holding a contesty for between six and10 companies, whichy will come to D.C. in the sprintg or summer of 2008 for 12 weeks of intensive training to develop a prototypwe andbusiness plan.
At the end of the they can pitch their businesses to ventures capital firms for more Three area tech executives pooled their resources and raised money from the technology community to get LaunchBo offthe ground, but the company won't say how much they originallh raised. The founders are Julius who was chief of business operationsxfor IAC/InterActive Corp; Sean Greene, foundert of The Away Network; and Genachowski and Greene are both co-foundere of a separate company called . Other adviser to LaunchBox Digital include two formerf Federal Communications chairmen Reed Hundt andMichaeo Powell; Raul Fernandez, chief executive of ; and Dany the founder and chairman of .
LaunchBoxs Digital will receive a 4 percent to 8 percent stakw in each company itinvests in.
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