ISlabs - The Genesis

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Why ISLabs was founded and how it was structured. The need for incubators and the failure of VC in South Africa

Why ISLabs was founded and how it was structured. The need for incubators and the failure of VC in South Africa

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  • Jeff, Greg DC and I used to go to lunches and talk endlessly about our ideas…. So we decided to stop talking and do something!
  • SA has idea, people and money… so what is the problem? There is a mismatch…. Money is to far along finance continuum
  • SA needs more incubating…. VC hurdles are too onerous
  • Islabs is a mashup of google 20% project; y-combinator and Google Summer of Code (SoC)
  • Success stories of incubators
  • Success stories – what happens when you don’t incubate properly… gmail, FF, adwords and adsense all started in Google 20% Project…. And Drupal is often helped within Summer of Code (SoC)

Transcript

  • 1. ISLabs The Genesis justin spratt – 19 june 2009
  • 2. ISLabs – Germination
    • Brainchild of Fletch
    • Water-cooler chats… gazillion ideas
    • IS has some of the smartest people
    • We are best equipped private enterprise to help tech
    www.twitter.com/justinspratt www.twitter.com/islabs
  • 3. ISLabs – The Problem
    • SA has….
    • Great people
    • Great ideas
    • Enough money
    • So what is the problem?
    www.twitter.com/justinspratt www.twitter.com/islabs
  • 4. ISLabs – Finance Continuum Chasm www.twitter.com/justinspratt www.twitter.com/islabs
  • 5. ISLabs – The Idea
    • Angel great, but we don’t have $
    • Incubator best model for IS
    www.twitter.com/justinspratt www.twitter.com/islabs Y- Combinator Google Projects Summer of Code
  • 6. ISLabs – Y-Combinator
    • Loopt (2005), mobile social networking, on all the major U.S. carrier networks
    • Scribd (2006), a Web-based document publisher, partnered with Random House
    • Xobni (2006), an e-mail software maker, was demoed by Bill Gates, a $20 million buyout offer
    • Weebly (2007), a website authoring toolmaker, 1-million-users mark
    • Omnisio (2008), an online video annotator, acquired last year by Google, circa $15 million
    www.twitter.com/justinspratt www.twitter.com/islabs
  • 7. ISLabs – Google Projects www.twitter.com/justinspratt www.twitter.com/islabs
  • 8. ISLabs – The Team www.twitter.com/justinspratt www.twitter.com/islabs Fletch The Engineer Carps The Scientist DC The Creative The Finance Guy
  • 9. Thanks! www.twitter.com/justinspratt www.twitter.com/islabs