Sourcebits Launches 50-50 Partner Program for Startups on Black Friday. Company Builds Startup Mobile, Cloud, and Web Apps For 50% Less Cash and Takes Balance in Convertible Note.
November 21, 2012–San Francisco, CA. Sourcebits, a Sequoia Capital and IDG-backed mobile, web, and cloud development firm, announced today that its new 50-50 Partner Program for startups will launch on Black Friday. When startups participate they pay just 50% of the total design and development cost of their project in cash. Sourcebits becomes a true partner with the startup, and takes the balance in a note that only converts when they raise their next round.
“For friends and family or angel-funded start ups, finding the right partner to develop their mobile, cloud, or web project is a challenge,” said Sourcebits CEO, Rohit Singal, “If they invest too little and build a mediocre app, they hurt their chances with customers and investors. But great design and development is not cheap, and it can be difficult for a startup to fund the project they really need.” According to Singal, “Sourcebits’ 50-50 Program is a revolutionary new way for startups to build world class apps for just 50% of the cash they would normally require, and at the same time become a true partner with a Sequoia and IDG-backed firm that’s taken more than 20 apps to the top 10 in their categories.”
Startups will have full access to the same design and development resources that emerging technology companies like Sling Media, Peel, Knocking, CloudOn, TwitPic, and Posterous, as well as organizations like CocaCola, Intel, and GE have taken advantage of at Sourcebits since the company was founded in 2006.
Startups that want to learn more about the program can visit Sourcebits’ 50-50 Black Friday page: http://sourcebits.com/#!/info/startups
Based in San Francisco, California, and backed by Sequoia Capital and IDG Ventures, Sourcebits has been delivering compelling solutions for giants like GE, SAP, Intel, MIT, P&G, Hershey’s, and Coca-Cola, as well as emerging technology companies such as Knocking, Peel, TwitPic, CloudOn, and Sling Media since 2006. The company’s offices across North America, Europe and India allow clients to benefit from 24 hour work days, and take advantage of economies of both scale and geography.
Ranked as the 38th fastest growing technology company on Lead411’s Technology 500 list, Sourcebits’ team of more than 400 has executed over 500 successful mobile, web, and cloud solutions on platforms including, iOS, Android, Blackberry, Symbian, and Windows Phone — with more than 20 apps reaching the top ten in their categories in global app stores.