City of Providence Considering $50K Offer to Startups

As reported in the New England Post, representatives from eleven startups pitched their ideas to investors last Thursday at Betaspring’s headquarters in Providence, Rhode Island.

The city wants them all to remain in Providence.

“Betaspring did a really good job of bringing in some interesting folks—some entrepreneurs, investors and businesspeople from around the community—and also people from the city,” Jameel Farruk of Inhabi told the New England Post earlier this week.  “It went swimmingly for most of the teams.”

The possibility of $50,000.00 from the City of Providence presented itself even as some of the companies were on the way out of the area for good.  Inhabi is in Philadelphia.  The BuildingLayer team has already returned to Kentucky.  Fitted Fashion is, naturally, in New York City.

One business is definitely staying local.

“Since demo night, we’ve received commitments for approximately half of the $350,000.00 advisory round we’re currently raising,” said Jesse Kenner of Nest4Less.

Rumor has it that the state of Rhode Island plans to match the city’s $50K pledge in the coming days.  The New England Post will continue to follow this story and profile several other startups from this year’s Betaspring Summer Demo Day.

Related posts:

1. Eleven Startups Strut Their Stuff at Betaspring’s Investor Demo Day
2. Two Man Operation -Inhabi- Offers Up eHarmony for Renters and Landlords
3. Providence Startup Nest4Less to Offer Deals for Homebuyers/Homeowners
4. RI Mosquitoes Test Negative for West Nile
5. RI Economic Board to Vote on Grants to Woo Company

Short URL: http://www.newenglandpost.com/?p=3833

Posted by Soren Sorensen on Sep 14 2011. Filed under Business, Featured - For home page featured article. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry