Tech startups, get ready – Brickhouse LLC will start accepting applications for its incubator program this fall. In addition to receiving between $250,000 and $1 million in seed funding, the selected companies will be placed in an “incubator pod,” where they will share office space and a management and support team.
As the businesses attract money from other sources and become self-sustaining, they will leave the incubator pods to make room for new Brickhouse startups.
David Paolo, Brickhouse’s new managing director as well as president and CEO of Crantson-based GoGo Cast Inc., spoke about his experience in the technology industry and his plans as Brickhouse prepares to launch.
PBN: Why did you decide to join Brickhouse as its managing director? What are your immediate plans?
PAOLO: It seemed like a great opportunity, and my getting involved ensured that the $10 million would come to Rhode Island to grow technology here, which has always been a passion of mine. My first task will be to appoint a selection committee to evaluate potential funding candidates.
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PBN: How will you balance your work at Brickhouse with your current job as president and CEO of GoGo Cast?
PAOLO: The two positions will not really interfere at this point. There is not much day-to-day activity with Brickhouse, and my role is more an oversight role.
PBN: In addition to giving grants to technology start-ups, Brickhouse will place those start-ups in “incubator pods,” where they will share a chief financial officer, marketing and IT departments and a reception area. What else will the companies receive from Brickhouse, and how will these benefits help them as emerging businesses?
PAOLO: They will enjoy the economies of scale of multiple companies saving precious resources that burden a start-up and hamper success. Other benefits will be access to experienced executive teams to assist in execution as well as preparation for their next round of funding.
PBN: Has the incubator pod system been used elsewhere? How did you develop the idea?
PAOLO: I am not aware of any venture or angle firm using this method as part of their funding process. The idea came to me from my 20 years in the technology field, roles in many start-ups, understanding of what the pitfalls were and assessment of what I thought could mitigate those issues for future startups here in Rhode Island.
PBN: What is the climate like for technology startups today? How can they succeed?
PAOLO: There is a huge appetite for technology startups globally. The key is selecting the right product and the right management team and fitting them with the resources and expertise to help them succeed. That is exactly Brickhouse’s mission.
