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You're got to wonder what they're thinking--after all they're giving away $100k per startup. Do they really expect any of their members to have a successful exit after giving away half the company?

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Their model definitely doesn't fit the industry way of doing things but I give credit to the Lightbank guys for putting something different out there and standing behind it. They have a track record and are investing a lot of their own money. Also, I think they saw how effective their approach with Groupon was and this program may be something where they are trying to replicate what they did there.

That said, this program isn't a fit for me so I don't plan to apply.

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