The first YC clone of all was in Chicago, actually. I think it's called Illinois Ventures 10. I'm not sure if it's still running. The site is still up:
Bad stories abound about them. On thefunded.com they have one astroturfed review and one negative review. I can verify that the anon posting here has the basis to accurately judge iVentures: http://news.ycombinator.com/item?id=448466