Heyo Receives Seed Funding from DayOne Ventures

A version of this post originally appeared on Handshake 2.0. DayOne Ventures is housed at VT KnowledgeWorks and Rackspace is a VT KnowledgeWorks sponsor.

On November 2, 2010, Heyo, Inc. announced the release of its new social planning mobile application. Heyo was founded by Frederick Cook and Rishi Ishairzay with seed funding from DayOne Ventures.

Heyo, the social planning app.  What's in your future?

Start-up entrepreneurs and company founders the world over ask, "Who gets funded?"

Handshake 2.0 asked Bill Boebel, Vice President of Stategy at Rackspace Hosting and DayOne Ventures Mentor: "Why fund Heyo?"

Bill Boebel kindly replied:

We selected Fred and Rishi into the DayOne Ventures summer program because we believed in the two of them. Their initial product idea was questionable, but we saw that these two entrepreneurs were smart, had passion and were extremely willing to take our input.  During the summer, DayOne mentors and I worked with them weekly on topics like finance, marketing and product.  I primarily focused on their product.

Their journey from the start of the program in May to today has been pretty amazing.  They pivoted business models twice, once completely scrapping everything and starting from scratch, each time getting closer to something solid.  Without a mentoring program like DayOne, this typically would take entrepreneurs a year or two of trial and error. 

We founded DayOne Ventures to help entrepreneurs go through this cycle faster and end up with a business that is better positioned to succeed than if they did it entirely on their own.

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VT KnowledgeWorks is a unique growth enhancement program open to entrepreneurs in the New River Valley and beyond.  Acceleration center and incubation facilities are located in the Virginia Tech Corporate Research Center in Blacksburg, Virginia.  Programs for Members are divided into two categories according to the evolutionary status of the member company.  Pre-Launch program components are carefully constructed to help market-worthy ventures organize, formulate strategy, obtain outside investment, and launch in an efficient manner.  Enterprise class members benefit from emphasis on strategic support for ongoing growth, continuing intra-preneurship, and professional development for the corporate leader.

VT KnowledgeWorks sponsors include Attaain, Inc., BB&T, Handshake 2.0, Harris Office Furniture, Hodges, Jones & Mabry, P.C., Hutchison Law GroupLeClairRyan, Science Applications International Corporation (SAIC) and The Becher Agency (TBA).

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