"We've blogged about Four things to have a hope of being funded, but the most important two at an earlier stage are having a co-founder and a starter executive summary." um ... ya this is going to be a problem.
Also, this is a 100k convertible line of credit. I don't know they're conditions, but Bootup Labs could easily use a convertible note to their strategic advantage... For example, bankrupt the business, take more ownership, or strong-arm a board position by offering not to covert the note.
If you can legally work in Canada, you're insane if you don't try to get into this program. $150K - 10x what YC does, but still with buy-in from top-tier US VCs? Eight months to just get to ramen profitable (not paying back the $150K)? This is awesome.
It's not quite as good as it sounds. You get $50-150k in exchange for 5-15% equity, which sounds like a post-money valuation of $1M, far higher than what YC provides; but then you have to pay bootuplabs $50k out of that. In effect, bootuplabs puts a dollar value on the assistance which YC provides to startups for free.
If you're doing a startup which only needs $20k in order to reach the point where you can find other funding, bootuplabs will take 7% of your company, exactly in line with YC's typical 6-7% for $20k... but I'd much rather have the YC team advising me than the bootuplabs team.
