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Disclaimer: I'm a referrer for HackFwd. I think it's pretty different. - It doesn't have a public application process. You can only be referred by someone in t

Disclaimer: I'm a referrer for HackFwd. I think it's pretty different. - It doesn't have a public application process. You can only be referred by someone in the network. - It doesn't require you to move anywhere. You can work from your home country/city. - It doesn't have a formal 3 month program with mentorship and dinners. It's a 1+ year stunt, with a quarterly weekend retreat where you get to present your achievements and get tons of feedback and mentorship. - It doesn't give you $15-20k for 6%, but instead matches your annual salary with caps at 90k, 140k and 190 if you are a 1, 2 or 3 person team respectively. HackFwd always gets 27% equity, and you are required to give away 3% to advisors/referrers. It's a new approach to investing, and very very new having launched just 6 months ago.

haasted 16y ago
Accidentally hit the downvote arrow, while intending to do the opposite. Apologies.
daniel-cussen 16y ago
The 1+ year thing stands out as the best idea there.
jdp23 16y ago
Very interesting. It seems to me like this approach responds to some of the points people have made about potential entrepreneurs who don't fit YC's profile.
andreyf 16y ago
I think it's pretty different. - It doesn't have a public application process. Why is this a good thing? It doesn't give you $15-20k for 6%, but instead matches your annual salary with caps at 90k, 140k and 190 if you are a 1, 2 or 3 person team respectively. In NYC, I'd expect three competent software engineers to be making ~400k. That's a 50% salary cut (it's livable, but certainly leaves room for competition). In other parts of the world, this would obviously be different... maybe you should adjust it for cost of living? HackFwd always gets 27% equity, and you are required to give away 3% to advisors/referrers. So your valuation of an idea ranges from ~$330k to ~$700k, based only on the number of founders? If the % equity is constant, doesn't that encourage an applicant to always come up with three founders, even if one of them ends up dropping out and not taking any equity?
- alexro 16y ago
  It's also an interesting way to discourage single founders and promote 2-3 people team mentality
- stefanobernardi 16y ago
  1) I am stating facts. I said it's different. 2) Europe is not NYC and a 40k salary for a software engineer seems to be fair. Your comment makes no sense at all. They are not funding companies in the States, and are adjusting the salaries based on eu countries. 3) That's quite a mindset you have. And the answer is no. Because if I go alone I get 70% and they still fund me, if I go with another founder I get 35% and if I go with two cofounders I get 23%. Plus would you go through all the hassle you just imagined for 50k more and then let everyone see what kind of person you are? Bah.
  - andreyf 16y ago
    I'm sorry, I didn't mean to be accusatory. Best of luck :)

haasted 16y ago

Accidentally hit the downvote arrow, while intending to do the opposite. Apologies.

daniel-cussen 16y ago

The 1+ year thing stands out as the best idea there.

jdp23 16y ago

Very interesting. It seems to me like this approach responds to some of the points people have made about potential entrepreneurs who don't fit YC's profile.

andreyf 16y ago

I think it's pretty different. - It doesn't have a public application process. Why is this a good thing? It doesn't give you $15-20k for 6%, but instead matches your annual salary with caps at 90k, 140k and 190 if you are a 1, 2 or 3 person team respectively. In NYC, I'd expect three competent software engineers to be making ~400k. That's a 50% salary cut (it's livable, but certainly leaves room for competition). In other parts of the world, this would obviously be different... maybe you should adjust it for cost of living? HackFwd always gets 27% equity, and you are required to give away 3% to advisors/referrers. So your valuation of an idea ranges from ~$330k to ~$700k, based only on the number of founders? If the % equity is constant, doesn't that encourage an applicant to always come up with three founders, even if one of them ends up dropping out and not taking any equity?

alexro 16y ago
It's also an interesting way to discourage single founders and promote 2-3 people team mentality
stefanobernardi 16y ago
1) I am stating facts. I said it's different. 2) Europe is not NYC and a 40k salary for a software engineer seems to be fair. Your comment makes no sense at all. They are not funding companies in the States, and are adjusting the salaries based on eu countries. 3) That's quite a mindset you have. And the answer is no. Because if I go alone I get 70% and they still fund me, if I go with another founder I get 35% and if I go with two cofounders I get 23%. Plus would you go through all the hassle you just imagined for 50k more and then let everyone see what kind of person you are? Bah.
- andreyf 16y ago
  I'm sorry, I didn't mean to be accusatory. Best of luck :)