Foundations, a new startup community group in Seattle, hosted a lively launch party in Seattle’s Capitol Hill neighborhood with the aim of building a new community for the city’s tech entrepreneurs. The organization hopes to provide guidance and camaraderie for early-stage founders by creating a space for startup leaders, veteran mentors, and younger entrepreneurs to connect and support each other. The goal is to create a “serendipity factory” where startup founders can come together to share experiences and knowledge.
Led by Seattle-based founder and venture capitalist Aviel Ginzburg, Foundations plans to offer memberships to small groups of “founders-in-residence” for six-month stints in order to accelerate their startups through access to office space and mentorship. The organization is unique in that it does not plan to charge membership fees or take equity from participating startups, setting it apart from similar programs. Foundations also plans to host events, founder circles, and provide a physical space for active or former founders and operators to connect periodically.
The organization is backed by prominent entrepreneurs and investors in the Seattle region, including early investors who will also become members and receive equity in Foundations. Operating as a benefit corporation, Foundations is focused on turning a profit while prioritizing social and public good. The startup community group is raising investment to fund its operations and aims to provide a supportive environment for founders following the closure of the Techstars Seattle program earlier this year.
The launch of Foundations comes at a time when Seattle has several other resources for entrepreneurs, such as incubators, accelerators, and startup studios like Pioneer Square Labs, Madrona Venture Labs, and the AI2 Incubator. Ginzburg’s vision for Foundations is not to replicate Techstars or other programs, but rather to address the current needs of the Seattle startup ecosystem and allow room for growth and collaboration. The organization is focused on creating a space for founders to come together, support each other, and ultimately build successful startups.
During the launch party, Ginzburg expressed gratitude for the support of the community and emphasized the importance of coming together to build and grow. The energy of the event and the connections made between startup leaders, mentors, and entrepreneurs highlighted the potential for Foundations to become a valuable resource for the Seattle startup community. The organization’s mission to create a supportive and collaborative environment for early-stage founders reflects the importance of community building in the startup ecosystem, and the determination of its leaders to provide resources and opportunities for growth and success in the Seattle tech industry.
