The idea is to provide a few start-up firms with four months of seed capital, office space, and intense mentorship, and then see what happens. Amplify opens in Venice with $4.5 million in funding from the likes of producers Brian Grazer and Mark Burnett, investors Tim Draper and Gordon Crawford, and Google's Eric Schmidt. From Socal Tech:
The accelerator joins a long list of accelerators to ramp their efforts in the region recently, including Science (Mike Jones), LaunchLA (Mark Suster), MuckerLab (Erik Rannala), Start Engine (Howard Marks), UpstartLA (Dan Dato and Bruce Brown), K5Launch (Amir Banafatemi, Ray Chan, David Cheng, and Kai Tao)--just to name a few.
Interesting how the national tech press is playing up these incubation efforts as something new for L.A. when in fact efforts by David Bohnett and others have been part of the Socal tech landscape for many years.