US incubator 500 Startups to make it easier for Australian ventures to apply

Top US incubator 500 Startups has widened its application process, confirming it will take applications from any venture through AngelList, making it considerably easier for Australian start-ups to be accepted into the program.

500 Startups, founded in 2010 by Silicon Valley entrepreneur Dave McClure, invests primarily in consumer and SME internet start-ups, and related web infrastructure services.

In addition to being an early investor in Wildfire Interactive, which was recently acquired by Google, 500 Startups has invested in the likes of Twilio, SendGrid, TaskRabbit and Zencoder.

In August, 500 Startups acquired Latin American accelerator Mexican.VC, strengthening its already-solid involvement in the Mexican start-up scene.

Now it has announced it will be taking applications for its upcoming program through AngelList, a matching program for angel investors and start-up founders.

This will open up the application process considerably. Previously, 500 Startups only accepted new start-ups through referrals.

McClure has also flagged his intention to invest in new geographic areas, suggesting it could become easier for Australian start-ups to be accepted into the 500 Startups program.

In a company blog post, 500 Startups’ Vi Tran said the accelerator is looking for start-ups “from all corners of the planet”.

“Are you the biggest fish in your small pond? Have you already raised tons of cash? Are you ready to step it up to the next level and play in the big leagues?” Tran wrote.

“If so, then 500 wants YOU to come to the valley and CRUSH IT. Join the fall 2012 batch of the 500 Accelerator Program!”

“We’re doing something we’ve never done before. An open application process. Starting today through Sunday, September 23, you can submit your application for the 500 accelerator.”

AngelList will help 500 Startups examine the applicants through a mix of algorithmic ranking and curation from mentors and others, thus speeding up the process.

It’s worth noting 500 Startups only expects to choose between five and 10 start-ups through this process. It has already selected several start-ups to participate and is reviewing several others.

The accelerator is also changing the terms of its investment for companies that have already raised some funding.

Typically, 500 Startups provides $50,000 for 5% of equity, with an option for up to $200,000 in later rounds.

Now, companies that have raised at least $250,000 will be able to join the program for only 3% to 4% of equity.

Meanwhile, applications close this Sunday for Rock Health, a five-month seed accelerator program for health entrepreneurs, based in the US.

Companies receive a $100,000 investment as well as office space, mentorship, a health-focused start-up curriculum, and access to health tech partners, experts and like-minded peers.