Let's face it -- reality television and Web 2.0 were destined to be bedfellows. So it's not surprising to see a seed funding contest combined with democratic crowd wisdom in the fashion of Bang Ventures' recently announced "You Be the VC" competition.
The contest itself is very cut and dried. Essentially, startups and would-be entrepreneurs are encouraged to submit Web 2.0-friendly business plans in hopes that a panel of judges vote them into the next round. Once the judges have narrowed the entries down to the final 20, the finalists will upload business profiles and video pitches to the contest's site. From there, it's up to the public to decide which three entries will receive the grand prize of $15,000 stipends, Boston, MA office space, and a bevy of incubation services.
Bang Ventures leader Mark Modzelewski explained the inspiration behind the contest in a company statement:
Missing, of course, was Modzelewski's admission that this is one of the more clever self-promotional tools that Bang Ventures or any of the contest's sponsors have cooked up in a long time. Venture capitalism at its roots is hardly holy, but it's safe to say that "You Be the VC" will be viewed by some as a trivialization of the craft. Whether or not that viewpoint is valid ultimately depends on the practicality and financial solvency of the three start-ups that make the cut. Until then, it's hard to say whether this will end up being a sheepish take on the funding process, or a true innovation in terms promoting talent. Either way, we'll be casting our vote when the list of the final 20 is drafted in March.
