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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