Rick DeVos Introduces Start Garden $15 Million Fund To Invest In Ideas
GRAND RAPIDS, Mich., April 26, 2012 /PRNewswire/ -- After weeks of speculation, Rick DeVos' Pomegranate Studios, creator of ArtPrize, Momentum and 5x5 Night, today introduced its latest initiative before a crowd of Michigan business leaders. Called Start Garden, it is a new venture capital fund that will invest $5,000 in two ideas each week, then continue to invest incrementally as they gain momentum. The fund is backed by a $15 million dollar commitment from the DeVos family.
The Start Garden fund is designed to remove the barriers for an idea to become a project and a project to become a startup business. The initiative's ultimate goal is to make Michigan an amazing place to have an idea and run with it.
"A lot of regions are making it easier for startup businesses to get funding," said Rick DeVos, founder of Pomegranate Studios. "With Start Garden, we took a step back and imagined an incredibly friendly place for new ideas. Somewhere you could have an idea one night, then have a little money and meetings set up to start proving it out within a few days."
Each week, Start Garden will invest in two ideas submitted to the website ( www.startgarden.com). Each idea will receive $5,000. One of the ideas will be chosen by Start Garden team members, the broader community will select the other. Each week, the public has the opportunity to visit startgarden.com and endorse the idea they like the most. The idea with the most supporters at the end of each week receives the second $5,000 investment."Anyone familiar with my past projects knows I enjoy getting the public involved with a 'vote'," added DeVos. "It's not just to find out what people like, an idea has a much better chance of success when an entire community gets behind it."
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