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Tuesday, 17 February 2015 10:04

Start Garden revives 5x5 Night concept

Written by  MiBiz Staff
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Start Garden plans to resurrect 5x5 Night, the precursor to the $15 million venture fund that invested $5,000 weekly to individuals with ideas that had the potential to become a business.

As Start Garden now focuses on growing the startup companies it’s invested in over the last three years, and after raising its maximum potential investment in a single company to $1.5 million from $500,000, the firm intends to return to the 5x5 Night format that it launched in January 2011 and discontinued in 2012.

This time, 5 x 5 Night will use a member-driven, crowdfunding model. Members who join will contribute to the pot of money to support grants and become part of the process for deciding who gets funded.

“The goal of the weekly $5,000 process was to generate a lot of activity around potential business projects, and it exceeded our expectations. Start Garden’s focus stays with our portfolio as investments we made into projects a few years ago are now fledgling companies,” Start Garden founder and CEO Rick DeVos said in a statement. “We want Grand Rapids to remain a great place to start running with an idea, which is why we’re asking the broader community to get more involved with bringing back 5x5 Night.”

Start Garden, which has made more than 190 weekly investments, will oversee the new version of 5x5 Night and hosts its first Update Night at 12 p.m. Thursday, Feb. 26, at its office at 40 Pearl St. in downtown Grand Rapids.

Read 2516 times Last modified on Sunday, 22 February 2015 09:17

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