1776 co-founder Donna Harris and Hattery co-founder Josh Mendelsohn talked to the assembled startups at the D.C. incubator what it means for them that 1776 has acquired the San Francisco startup space. Over a lunch of San Francisco-themed food, Harris and Mendelsohn explained some of the details of the new arrangement and why it made sense for both companies.
There won't be an immediate crossover of companies from either space working on the opposite coast as might have seemed possible when the acquisition was first announced. While 1776 plans to do some physical work on Hattery's building, the point of of the integration has a lot more to do with sharing expertise and contacts than it does with physical workspaces Harris said.
"It's much more about the connections rather than the real estate," Harris told the crowd. Hattery will be "a launchpad for us and or team to go out and have meaningful conversations out there."
The integration between the two spaces won't happen all at once, but eventually Hattery will have a name indicating that it's part of 1776, Harris said. But there will be a solid exchange between the two arenas as 1776 companies gain more access to the kind of capital that's far more readily available around Silicon Valley. The companies based out there meanwhile will be able to take advantage of the kinds of programs and mentorships that 1776 specializes in, especially when it comes to dealing with regulation. It can also give them the kind of spotlight that 1776's connections with the political world make possible. Having a company meet with a prominent lawmaker who then uses that company in speeches all over the country is a great way to boost that startup's profile, Harris said.
"It's really a win-win for everyone," Mendelsohn said.
Despite the coincidental timing, Harris said it was a complete coincidence that the deal went through just a couple of weeks after 1776 acquired Disruption Corporation. And while she couldn't comment on the relation between being close to Silicon Valley and the upcoming anniversary of the $25 million startup fund 1776 filed for last year, you can expect there to be some announcements related to that soon. Of course, for the startup members already part of 1776, the real question is how will the deal benefit them, but Harris said 1776 will remain focused on the primary goal it has always had.
"Our entire purpose in everything we're doing is to help you grow your companies,"
