Foundations is a new startup community group in Seattle that aims to bring together tech entrepreneurs for guidance and camaraderie. The organization hosted a launch party at its space in Capitol Hill, where veteran startup leaders mingled with younger entrepreneurs. The group plans to operate an in-person, invite-only community of startup founders and experienced mentors to create a “serendipity factory” for early-stage founders. Foundations is led by Seattle-based founder and venture capitalist Aviel Ginzburg, along with Tyler Brown, Ryan Dao, and Art Litvinau, who previously started a group called Cloud Zero for founders.
The 5,000 square-foot space of Foundations is designed for both work and play, with co-working desks, office pods, meeting rooms, drinks, snacks, video games, and more. The organization plans to accept small groups of “founders-in-residence” for six-month memberships to accelerate their startups and provide mentorship and office space. Unlike many similar programs, Foundations does not plan to charge membership fees or take equity from participating startups. The group also plans to host founder circles and events, both private and public, to further enhance the community and support network for founders.
Four leaders from Seattle’s startup community, along with Ginzburg, Brown, Litvinau, and Dao, make up the board of Foundations. The organization is raising investment from at least 40 backers, including prominent entrepreneurs and investors in the Seattle region. The initial group of investors will become members and receive equity in Foundations, potentially leading to dividends or ownership stakes in participating companies. Foundations will operate as a benefit corporation, prioritizing social and public good while also aiming to turn a profit.
Launching following the closure of the Techstars Seattle program earlier in the year, Foundations hopes to provide a unique space for startups to grow and thrive in the Seattle region. Ginzburg emphasized that the goal is not to start the next Techstars but rather to solve the current needs of the Seattle startup ecosystem and allow room for growth and development. The organization is also aimed at supporting early-stage startup founders and providing opportunities for collaboration and support. Ginzburg expressed gratitude to the attendees of the launch party and encouraged everyone to come together and build a strong community.
Foundations’ space in Capitol Hill is set to be a hub for startup founders, mentors, and investors to gather and collaborate. The organization plans to create a vibrant and supportive community for tech entrepreneurs in Seattle by offering mentorship, office space, and networking opportunities. With a focus on social good as well as profitability, Foundations aims to provide a valuable resource for early-stage founders and help drive innovation and growth in the tech startup ecosystem in the region. Through events, mentorship programs, and partnerships, Foundations hopes to make a significant impact on the Seattle startup community.
