Tech VC Firm Wants To Pay You $50K For Best New Name
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The rebellious partners of tech VC firm ’FKA’ -- or ’Formerly Known as Atlas’ -- want a new name, and they’ll pay you $50,000 for the right one. The firm is currently holding a naming contest with a prize of a $50,000 investment in its new $200 million fund. Contestants can enter up to 10 names, three at a time, at www.NameFKA.com.
FKA was previously the tech-focused side of Atlas Ventures, with big, early stage investments in companies such as Bit9, Reddo Mobility and Veracode. The firm’s partners have a reputation for shirking the blue-blazer nature of the VC world, and they want a name that reflects that.
Director of Community at FKA Sarah Downey said participation in the contest has been through the roof.
’We need a new name, and we figured that we should go to the public for the name, because we could go to a naming agency and spend a ton of money looking, or we could just ask people what they think – and we’ve gotten an amazing reaction so far,’ Downey said.
NameFKA.com reads: ’Most venture capital names are awful. Why? Because they come from a handful of blue blazers in a boardroom. You can do better.’
Downey did not give too many hints on what FKA’s partners might want to see, but she did indicate what will definitely get you kicked out on the spot. FKA does not want ’stuffy, buttoned-up, traditional names.’ That means nothing involving mountains, rivers, or trees. Names also should not include these three words: venture, capital, partners.
With those guidelines in mind, the winner could get more than just $50,000. While $25,000 of that prize money will be put toward TUGG – Technology Underwriting for Greater Good, the winner’s investment will grow.
’If the fund triples in value, then your 50K triples in value too,’ Downey said.
A live clock tracks the time left in the contest at nameFKA.com, with only eight days left in the competition at the date of this publication. There’s only so much brainstorming time left.
PUBLISHED MARCH 23, 2015