An interesting new Y Combinator like model out of Europe. HackFwd takes a lot more equity than existing models (27% vs 2-10%) but also offers quite a bit more money and a much more flexible model.

Startups will get funding for one year, with the aim of roughly matching the founder’s current yearly salary. Founders keep 70% equity, with 3% going to advisors and 27% to HackFwd. However, that said, they then take care of “legal and admin stuff… so you can focus on your product.” Help is given with UX, marketing and brand “through us or our partners”. Since it is not an incubator, the startups they invest in are created wherever the founders are. “Quarterly un-conferences in cool places so everyone can share and learn,” are arranged instead to allow everyone to meet up. That should appeal to the distributed nature of European startups where distances are an issue.

Funding amounts to up to €191,000 (depending on the size of the team).
XING founder Lars Hinrichs launches HackFwd, a product-oriented pre-seed fund

Check out their excellent intro video which explains the concept better.

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