Bitcoin has its own place to grow its start-up companies in San Mateo, California under Adam Draper, CEO and founder of Boost VC. Draper told CoinDesk today in an interview that, ‘We are actually, over the next three years, going to be accelerating 200 companies. And 100 of those are going to be bitcoin companies. That’s our big stake in the ground.’
Ambitious plans match the ambitious Bitcoin, peer-to-peer currency, that is taking the world on a fast paced ride into the future. Consider the make-up of Bitcoin. It is a crypto-currency that is not part of a centralized banking system, it has no geographical home or boundaries and it can be accepted anywhere in the world by sending it via the Internet. It can be stored off-line and brought online when it is needed to transfer its coin status into a monetary denomination such as the US dollar or the Euro.
It is as forward in thought as Virgin Galactic. Branson told CNBC last November about his decision to accept Bitcoin payments for a seat on his Virgin Galactic mission and said, ‘Virgin Galactic is a bold entrepreneurial technology. It's driving a revolution. And bitcoin is doing just the same when it comes to inventing a new currency.’
When Draper began Boost VC in Oct. 2012, there was office space, housing provided and speakers to help launch the first seven start-up companies. Bitcoin in the program came a little later. Now the plan is to focus on achieving 100 companies of bitcoin in three years.
Draper first considered drones and 3D printing but when he looked at Bitcoin there were only five companies in 2012. He decided that Bitcoin had a future.
One investor reached out to Draper and told him that he would like to back all of the bitcoin companies that Draper brings into the system. Investment money came from Lightspeed Venture Partners, which has started over 200 companies, has $675 million dollars in current fund monies and had set-up Double Click IPO which has been purchased by Google. Also, investment monies came from Barry Silbert and the Bitcoin Opportunity fund and angel investor Ben Davenport.
Boost VC wants to be the largest of start-up incubators. Draper noticed that Bitcoin can provide many benefits in its ability to transfer and send money around the world. Draper wants to develop bitcoin companies that provide a very unique and beneficial service in using Bitcoin. He told Coin Desk that, Coinbase made it super easy to buy bitcoin. They solved one of the main issues with bitcoin – that it was hard to approach.’
Draper mentioned two success stories from Boost VC which are Draper SnapCard, which makes buying things with bitcoin simple and Gliph, allows users to send bitcoin via its mobile messaging app.
Going forward Boost VC will have two sessions a year, summer and winter. Applications for the July summer session will be open in two weeks. You can check out the website and apply for a session.
To find more information about Bitcoin see the list below in Author’s suggestions and the video atop this article from Street Smarts interviewing Bitcoin exhibitors at SXSW convention in Austin this week.
Twitter: Victoria Wagner@victoriaross888