From TechCrunch, July 7:
The investment firm Sequoia Capital has no shortage of internal programs for the founders it backs. The idea is to help its startups not merely by sheer dint of their affiliation with Sequoia but by helping them at the outset with everything from storytelling to recruiting strategies in order to give them an edge over rivals.
Now, Sequoia is using some of that know-how for a longer, seven-week-long program called Arc that it’s using to bring even more promising founders into the fold. The idea, broadly speaking, is to invest $1 million in each company that fits the firm’s criteria, after which Sequoia brings the startups together both in person and virtually before gathering them together again to present what they’ve learned to the partnership — along with potential customers.
Right now, 17 startups are finishing the program in Europe and roughly the same number will be welcome into a U.S. and Latin America program this September. (Startups can apply here through July 22.) To learn more, we talked today with Sequoia partner Jess Lee, who is leading the initiative this fall. We also talked with Lee about whether Y Combinator might see Arc as a competitor, the deal terms that startups should never accept, and more. Our chat has been edited lightly for length....
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