Compute.Org to Give $5M in Seed Grants to Tech Startups

Compute.org, a non-profit foundation based in Seattle, will put its money where its mouth is by giving out substantial seed grants to a wide variety of Internet and software startups. The foundation hopes to reach its target goal of $5 million in financial support by the end of 2010. “I’m really inspired by seeing other people succeed in their businesses,” says Andrew Conru, founder of Compute.org. “I absolutely understand that a relatively small amount of money can create huge results.” Conru ‘s long history in the tech industry has led to the formation of at least twenty companies, and an acute understanding of the intricacies involved in successful online ventures. As part of Compute.org’s grant program, recipients will also receive direct mentoring and consultation from Conru.

“I’ve been called a serial entrepreneur many times,” Conru admits. “Being able to share some of that knowledge and experience is as important to me as the financial support.” While Compute.org promises its grants will have no strings attached, there are some guidelines in place for companies seeking funding. Applicants must show that their motives include a philanthropic element; either through direct charitable giving or as a result of the service they plan to provide. “There is no reason why a company can’t be for profit, and still be for a cause,” Conru explains. “Helping others through technology is the core of our belief behind this project.” With venture capitalists shifting their funding to larger and more established companies, Compute.org’s timing could not be better. Economic hardships have slowed the growth of Internet startups, something that Conru hopes to remedy through his organization’s giving.