Andrew Mason, former Groupon founder and CEO, is moving to San Francisco to start on a new business venture after recording an album of “motivational business music” according to an update on his blog on Thursday.
“If there’s a silver lining to leaving Groupon, it’s the opportunity to start something new,” Mason wrote. “I’ve accumulated a backlog of ideas over the last several years, my favorite of which I’ll be turning into a new company this fall.”
“As part of this, my wife and I are moving to San Francisco later this summer,” he said in the blog. (here)
Mason does, however, intend on keeping his Chicago residence.
Mason said on Thursday that he will be spending a day each week at start-up incubator Y-Combinator in coming months “to keep my brain from atrophying.”
In 2005, Y Combinator developed a new model of start-up funding. Twice a year they invest a small amount of money ($14-20k + an $80k note) in a large number of start-ups (most recently 46). The start=ups move to Silicon Valley for 3 months, during which the company works intensively with them to get the company into the best possible shape and refine their pitch to investors. Each cycle culminates in Demo Day, when the start-ups present to a large audience of investors. But YC doesn’t end on Demo Day. The company and the YC alumni network continue to help founders for the life of their company, and beyond.
Since 2005 Y Combinator funded over 500 start-ups, including Loopt, Reddit, Clustrix, Wufoo,Scribd, Xobni, Omgpop, Weebly, Songkick, Disqus, Dropbox, Twitch, Heroku,A Thinking Ape, Machine Zone, Airbnb, Heyzap, Cloudkick, WePay, Bump, Stripe,CarWoo, Mixpanel, Cardpool, Optimizely, AeroFS, E la Carte, Hipmunk, PagerDuty,Meteor, Rap Genius, Codecademy, SocialCam, 42Floors, and Exec.