Official Provo Labs Announcement

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Provo Labs is now funded.

Our small incubator team intends to launch between 12-20 internet startup companies in the next 2-3 years. We have an office at Canyon Park now (in Orem) but as per our name, we’ll be moving to Provo early next year.

Our m/o is to generate great ideas, build working prototypes (or live web sites) quickly and by using the best internet marketing techniques, bring enough visitors to each web site that we can prove each concept.

If a business idea passes the initial market test, then we will provide enough seed capital to build a team and fund a go-to-market strategy. Our goal is to reach positive cash flow from Provo Labs initial investment.

But some startups will need more than just seed capital. If necessary, we’ll use FundingUniverse.com to help us find angel capital, or in some cases we might seek venture capital.

We love Provo and believe this is the right place to do internet business incubation. The talent pool is excellent. The language pool may be the best in the U.S. (because of BYU and the Mormon missionary system which sends thousands of young men and young women to live in more than 160 countries for two years.)

Some of my Silicon Valley friends who are struggling to find developers (since Google is hiring all the best people) have congratulated me for launching in Provo. They believe it will be a real advantage.

In the coming months we’ll be looking for part and full time developers, internet marketers, content experts, sales people and interns and lots and lots of contractors.

Our current investments include Infobase Media, which markets audio products, and FundingUniverse.com, which matches angel investors with entrepreneurs.

Our newly funded projects incude Worldhistory.com, where we intend to build the largest database of historical events, Blastyx, a Web 2.0-ish online promotion/marketing company, and a new mobile e-commerce technology company that we are doing with Alan Hall.

We are also exploring various other ideas including genealogy and family, online education, mapping, vertical search engines, social networking and blogging, politics, and international opportunities.

We also have a budget to acquire a number of web properties that have unrealized potential, where our team can significantly increase the traffic and revenue.

Our core competencies include content and search, online community building, and metrics-driven internet marketing.

If you want to experience the pace and intensity of Silicon Valley (yes, we are as passionate as Google about changing the world) while enjoying the Utah lifestyle, then please drop me an email or send a resume to Amy Rhoads at amyrhoadsATgmail.com.

We’ll invite you to some Geek Dinners or some entrepreneur Brainstorm Lunches, where we can get to know you better and see if there’s a place for your on our team.

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5 Responses

  1. Mike’s question is based on a fundamantal misunderstanding of what FundingUtah.com does. FundingUtah.com *does not* fund entrepreneurs directly. FundingUtah.com *does* connect entrepreneurs and angel investors. In fact, this week alone two entrepreneurs have been contacted by investors through FundingUtah.com. These two entrepreneurs may or may not close a round of funding with the angels that contacted them, but they now have the opportunity to pitch their ideas to accredited investors who, without FundingUtah.com, would never know they existed. If you are interested in speaking with the many other entrepreneurs that have been contacted by investors through our site, feel free to contact me at brock AT fundinguniverse.com and I’ll be happy to put you in contact them. Thanks.

  2. Brock Blake

    Congratulations Paul! I’m excited to see the innovative business ideas that come from Provo Labs. In a few short years, I predict Provo Labs will be the next Garage.com/Idea Lab…Good Luck!

  3. Mike

    Paul, let us know how many companies have been funded by the $145,000,000 avaiable through fundingutah.com. Is there any? Didn’t think so.

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