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This sounds a bit shady to me. They get 100 startups to pay 5k each, then they choose 2 of those startups to fund 250k and 50k, with 200k going to cover their costs? In the end, you have 98 unhappy startups paying for 2 startups to launch and to pay these people.

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It is a free country, but this is a gross idea. Thankfully it seems not to be attracting any entrants. MIT's 100K competition gives almost the same cash outlay for no equity and MUCH better connections and support. According to his model he gets 10% AND $800K in "management fees" if everything was to go as planned (100 entrants per quarter). I hope this is the last we hear of them.

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