6 ms·

I'm currently part of the first cycle of this program. AlphaLab has some benefits over YC: * includes office space * more money for less equity * longer

I'm currently part of the first cycle of this program. AlphaLab has some benefits over YC: * includes office space * more money for less equity * longer program * cheaper city to live in

cjenkins 18y ago
I've been a bit curious on how serious the "stay in Pennsylvania" part is. Are they heavily enforcing it, hasn't really been an issue, etc? I'm guessing for the HN crowd here, not being able to head West after something like this might be a downer. Pittsburgh is a nice place around the CMU/Pitt/etc. area. Can't really speak for the rest of the city as I didn't really get around much while at school there.
- NathanCollins 18y ago
  From http://www.alphalab.org/about.aspx http://www.alphalab.org/about.aspx: Funding Innovation Works will invest $25,000 in each AlphaLab company in return for 3% of the common stock of the company. This funding should support company operations during the AlphaLab program. As Innovation Works utilizes funds from the Commonwealth of Pennsylvania, each company receiving funding is expected to maintain a significant presence in Pennsylvania after the program. and from http://www.alphalab.org/faqs.aspx http://www.alphalab.org/faqs.aspx: 14) Do we have to stay in Pittsburgh after the program ends? Companies are expected to remain in Pittsburgh after the end of the AlphaLab program. Our goal is to help you build a successful technology company and to add to the critical mass of flourishing tech companies in the Pittsburgh region. We believe that Pittsburgh is a great place to build a company and after your experience at AlphaLab we are confident that you will agree. As I understand it, the state money imposes the condition that companies stay in PA. It's been a long time since I looked at our contract/agreement, but I think the technical details for this round were (roughly) that companies must maintain a "significant presence" in PA for at least 5 years after receiving the money. If a company fails to maintain this "significant presence" they must return the $25,000 invested, but IW retains their 3% equity in the company. So, I'd say they're pretty serious, but if it were essential for your company to cut ties with PA at some point it wouldn't be the end of the world. I don't get around that much myself, but can add: The AlphaLab office space is on the South Side, which is the big "night life" area, with a bunch of bars, clubs, restaurants, and for some reason a tattoo parlor on every other block (maybe drunk people are more likely to spontaneously get tattoos?). Overall Pittsburgh kind of reminds of Portland, OR, since it's green, cheap, and has a big river (two actually) running through the downtown. It's also supposed to rain a lot like Portland, but that hasn't started yet ...
  - pius 18y ago
    It's also supposed to rain a lot like Portland, but that hasn't started yet ... Don't worry, it will. ;)
deleted 18y ago
[deleted]

I'm currently part of the first cycle of this program. AlphaLab has some benefits over YC: * includes office space * more money for less equity * longer program * cheaper city to live in

cjenkins 18y ago

I've been a bit curious on how serious the "stay in Pennsylvania" part is. Are they heavily enforcing it, hasn't really been an issue, etc? I'm guessing for the HN crowd here, not being able to head West after something like this might be a downer. Pittsburgh is a nice place around the CMU/Pitt/etc. area. Can't really speak for the rest of the city as I didn't really get around much while at school there.

NathanCollins 18y ago
From http://www.alphalab.org/about.aspx http://www.alphalab.org/about.aspx: Funding Innovation Works will invest $25,000 in each AlphaLab company in return for 3% of the common stock of the company. This funding should support company operations during the AlphaLab program. As Innovation Works utilizes funds from the Commonwealth of Pennsylvania, each company receiving funding is expected to maintain a significant presence in Pennsylvania after the program. and from http://www.alphalab.org/faqs.aspx http://www.alphalab.org/faqs.aspx: 14) Do we have to stay in Pittsburgh after the program ends? Companies are expected to remain in Pittsburgh after the end of the AlphaLab program. Our goal is to help you build a successful technology company and to add to the critical mass of flourishing tech companies in the Pittsburgh region. We believe that Pittsburgh is a great place to build a company and after your experience at AlphaLab we are confident that you will agree. As I understand it, the state money imposes the condition that companies stay in PA. It's been a long time since I looked at our contract/agreement, but I think the technical details for this round were (roughly) that companies must maintain a "significant presence" in PA for at least 5 years after receiving the money. If a company fails to maintain this "significant presence" they must return the $25,000 invested, but IW retains their 3% equity in the company. So, I'd say they're pretty serious, but if it were essential for your company to cut ties with PA at some point it wouldn't be the end of the world. I don't get around that much myself, but can add: The AlphaLab office space is on the South Side, which is the big "night life" area, with a bunch of bars, clubs, restaurants, and for some reason a tattoo parlor on every other block (maybe drunk people are more likely to spontaneously get tattoos?). Overall Pittsburgh kind of reminds of Portland, OR, since it's green, cheap, and has a big river (two actually) running through the downtown. It's also supposed to rain a lot like Portland, but that hasn't started yet ...
- pius 18y ago
  It's also supposed to rain a lot like Portland, but that hasn't started yet ... Don't worry, it will. ;)

deleted 18y ago

[deleted]