AI Forge’s Troubled Startup Incubator Programs in Miami and London
AI Forge, a new startup incubator in Miami, promised founders $12,000 in cash upfront along with $255,000 worth of perks like office space, mentoring, and networking opportunities. In exchange, the founders would give AI Forge 9% equity in their companies. However, as the program progressed, founders began to voice concerns over delayed payments and unmet promises.
Several founders who relocated for the program expressed frustration over not receiving the full $12,000 as promised. Despite assurances from AI Forge executives, the money was slow to come, leading to financial difficulties for some participants. The situation escalated to the point where founders formed a union of sorts to address the issues they were facing.
AI Forge’s chairman at the time, Kevin Jackson, cited financial struggles and promised investments that fell through as reasons for the delayed payments. He also mentioned the challenges of running a program while fundraising, which may have contributed to the issues faced by the founders.
In addition to payment delays, some founders were disappointed with the quality of resources provided by AI Forge. UX designers failed to deliver on time, and a demo day meant to attract investors fell short of expectations. Despite these setbacks, some founders did report positive experiences and connections made during the program.
As the situation unfolded, AI Forge faced criticism and legal action from some founders who felt they had been misled. The company eventually made efforts to rectify the situation, but the fallout from the Miami program led to its discontinuation. AI Forge continued to operate in London, with mixed reviews from participants in subsequent programs.
Overall, the story of AI Forge’s Miami program highlights the challenges faced by startups and founders in the competitive world of entrepreneurship. It serves as a cautionary tale about the importance of transparency, communication, and financial stability in incubator programs.