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Summary:

One of the founders of Bootup Labs, an incubator that was forced to restructure after failing to raise as much money as it had promised, has said he is leaving the company. Former NowPublic CEO Leonard Brody is also joining the fund in an advisory role.

One of the founders of Bootup Labs, an incubator/venture fund that was forced to restructure recently after failing to raise as much money as it had promised its pool of startups, is leaving the company. Boris Mann, who co-founded the incubator with Danny Robinson, says he’s been “pushing on this seed accelerator piece of string for two years now” and working for a “ramen-level salary” and is now looking for new opportunities. Meanwhile, the incubator announced that entrepreneur and angel investor Leonard Brody, who recently sold NowPublic to Examiner.com for an estimated $25 million, is joining Bootup Labs in an advisory role.

The incubator came under fire from one of its potential startups last month, after the startup’s founder wrote a long blog post describing how he’d been accepted into the Bootup Labs program and moved to Vancouver with his co-founder, only to be told weeks later that the fund hadn’t been able to raise enough money to finance them and that they would have to leave the program. Several other startups were ejected from the program for the same reason. Mann apologized for what happened, and Robinson later admitted that the entire incident was handled badly.

Mann said in a blog post that he’s still committed to the mission he and Robinson had when they started Bootup Labs, but that he needed to move on:

The design for Bootup is to fix the main two things that were (and still are) missing from the ecosystem in Vancouver / Canada: mentorship and funding. I still believe in this mission 100%. My moving on has everything to do with needing to earn more money for myself, today.

In a post on the Bootup Labs blog, Robinson wished his co-founder the best, and also announced that Leonard Brody would be joining the company in an advisory role. The former NowPublic CEO, who is also an investor in Bootup Labs, will be “stepping up his involvement by working with the Bootup Labs Board of Directors and portfoilo companies on a regular basis,” according to Robinson. After the recent restructuring of the startup program, the company also added venture investor Boris Wertz to the board, and announced some new financing from GrowthWorks, a Canadian VC fund.

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Post and thumbnail photos courtesy of Flickr user Randy Stewart

By Mathew Ingram
  1. Good move! A VC this guy was not. It’s informative that Boris whines about Bryght, his last failed startup and Bootup both being underfunded. Well, whose fault is that? How about taking responibility for the outcomes and inability to produce successful results?

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  2. With Leonard Brody involvement, they should be able to get things going once again. Leonard is a talented individual

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  3. Good Luck to Boris, I’m pretty sure hell get snapped up quickly. @Don: Maybe you would like to try to build a scene from scratch in Vancouver? I bet you’d fail miserably. Its a testament that Boris got the business off the ground and it has a chance to succeed. So… where is your creds buddy?

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    • points for enthusiasm
    • points for execution

    Before someone becomes a mentor they usually demonstrate unequivocally that they know what theyre doing — with success.

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  4. Unfortunately, other that in pat-yerself-on-the-back, self-agrandising universe that was Bootout labs, only tangible results matter. The only tangible results Bootup has produced are negative, and that deserves no credit at all.

    Bootout and their ‘cred’ are over, done like dinner, pushing up daisies, deceased, el morte…. a dead parrot.

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  5. If Boris is so hot why are the BootOUT partners letting him go as managing partner to become a part time 1 day a week advisor… do these guys know better or do they really have no clue?!

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