I've met a couple of the SproutBox founders at Indianapolis' Startup Weekend last year. I can't speak to their business savvy, but they were nice, and enthusiastic about their business. In my opinion, they would be a lot of fun with which to work. Indiana University is in Bloomington. IU has a top 20 business school (undergrad and grad, according to BusinessWeek: http://www.businessweek.com/bschools/rankings/). SproutBox intend to take advantage of (in a good way) the dreamers in the business program and the low cost of living. Indianapolis is only 1 - 1.5 hours to the north.

Incidentally, another top 20 business program resides in northern Indiana at Notre Dame.

Also worth mentioning, before taking any applications, SproutBox developed a couple apps for themselves (http://sproutbox.com/sprouts).