RPM Ventures is a seed and early-stage technology venture capital firm focused on creating and funding Information Technology companies based on research-derived technologies. We work closely with inventors and entrepreneurs to mold concepts, vision, intellectual property, sweat and passion into breakthrough, high-growth companies. We’re located in Ann Arbor, MI and spend lots of time on Campus participating in everything from guest lecturing to panels to VC office hours.
Seed funding is the earliest stage of ventures funding that cover some early expenses while you are getting started. Some companies may need no more than seed funding. Others will go through several rounds of funding to reach scale and profitability. That said, we want to challenge the notion that it always takes $10 million or more to build every a successful technology company. We don’t think so. Some of the fastest growing companies in the world required little or no financing. The bottom line is that the more money you raise the larger exit (sale or IPO) you will need to get wealthy.
We are looking for ideas that could reach scale with more modest amounts of capital in less than 2 years. A great idea, however, is not good enough. The people in your team are what matter most. We expect that your idea will shift and move during the 10 weeks, so we will evaluate your ability to go with the flow. The goal of the RPM10 program is to get you through the initial phase of turning your idea into a company, which means that you’ve built something impressive enough to raise money on a larger scale. At the end of the program, we will evaluate your company as a candidate RPM Ventures investment.
Teams will be funded with up to $25,000 for the 10 week period which we think is just enough resources to prototype your idea. The funds can be deployed at the team’s discretion except for compensation. Each team member will receive up to $5,000 for the 10 weeks (you can take less if you want) up to a maximum $15,000 and the rest can be used to purchase specialized hardware, software or whatever you need to build your prototype and prove your concept.
At the beginning of the program our Legal Services sponsor Miller, Canfield, Paddock and Stone, PLC will provide your company all of the paper work in forming and setting up your company....free of charge! The program’s Financial Services sponsor Renaissance Financial will help set up your company’s financial books, manage the checking account and help with basic budgeting…also free of charge! Finally, your team will also be provided with office space...you guessed it, free of charge.
Keep in mind, we will provide more than just capital. The RPM Ventures team has been through the start-up process many times before. From how to set up servers to how to think about your business model, we will provide you with as much coaching as you need. If we aren't able to personally answer your question, we will find the right person who can.
