Seed Hatchery is a membership-driven seed stage investment program established in Memphis in December 2010 by Vic Gatto of the Solidus Company (an investment firm specializing in seed and early-stage investing), Eric Mathews of LaunchMemphis and Gwin Scott of EmergeMemphis. The organization supports emerging technology entrepreneurs with $15,000 in capital and strategic mentors to sharpen ideas in to strong startups. In return for the investment, Seed Hatchery and the mentors collectively receive a 10% ownership stake in the Common Stock of the company.
Each Seed Hatchery “class” will include 3-6 startups who will receive an investment and a 90 day program of business advice and technical assistance to refine their product or service, strengthen the business model, form the operations, begin marketing efforts and determine market viability of the business. The first class, recently completed, included six local startups with names like Work for Pie, Choomogo and Krikle. A description of each of these companies can be found on the Seed Hatchery website at www.seedhatchery.com. The organization is beginning preparations for its next group of candidates either in the fall or early 2012.
The organization hosted its first Investor Day on June 2 where each of the first generation Seed Hatchery teams pitched their companies to investors from the region in hopes of raising the needed funds. It was great that both Mayor Mark Lutrell and Mayor A.C Wharton, Jr. attended this event signifying their support. The Memphis area has a long history of entrepreneurship and programs such as the Seed Hatchery can have asignificant impact on our economy and quality of life.