It is hard to pin down what stood out most for the CAWEB On Tour team when visiting Founders Space, since there was so much excitement going around.
The highly charismatic Steve Hoffman, or “Captain Hoff”, imparts an intense, yet thrilling energy to the event. Entrepreneurs take turns, pitching their businesses to investors chomping at the bit for some action. What’s more, large sums of money are spoken of in causal terms.
Founders Space – a downtown money machine
This all happens in an unassuming basement in downtown San Francisco, featuring a handful of kitschy sculptures, no doubt intended to give the impression that it’s all happening in some random guy’s garage. Since students generally prefer like casual atmosphere, we loved Founders Space from the very start.
Admittedly, some pitches inspired more confidence than others, nonetheless, we should commend all those who participated for their boldness, sometimes asking for seemingly obscene amounts of money.
China and Korea are still where it’s at
Clearly, American investors are still interested in China and Korea. Most of pitches delivered during our visit were by participants from these regions. Furthermore, many of the pitches dealt with the English as Foreign Language (EFL) sector, which is all the rage in China now. Some of the companies that were pitching were in direct competition with each other. This contributed significantly to the Vegas-like allure of the place.
As an outsider, I enjoyed the openness with which newcomers are welcomed at Founders Space. In fact, the whole CAWEB On Tour team had the privilege of rubbing shoulders with major investors and bright entrepreneurs alike. The American dream is far from dead, here in the edgy city of San Francisco.
The frontier spirit lives on
As students, we obviously made the most of the refreshments, but we also got a healthy dose of frontier spirit in the process. Founders Space is a microcosm of the larger economic dynamo which is San Francisco and Silicon Valley. This seemingly endless fountain of wealth is built on entrepreneurship, excitement and luck. An exhilarating combination.
For the first article in this new series, have a look at “How to Sell Yourself in the US: A Workshop with Aurelia Laff”