With timing that escapes my marketing sense Sanjay Parekh announced on twitter last Thursday the formation of Shotput Ventures.

Shotput Ventures is following the much discussed Y-Combinator model.   They intend to be a technology startup accelerator fund that focuses on capital-light web services companies and assist during the concept phase of startup development.  Shotput is going to invest $5,000 per company and $5,000 per founder (a three person company would get $20k).

During all the talk about the Atlanta investor class last summer the usual suspects of entrepreneurs showed little interest in this type of investment.  I think there is a need.  We will see.

Shotput intends to take in its first class of up to eight startups in the summer of 2009.  They are not accepting applications just yet.  If you want to move to the front of the line when they do, I suggest that you apply to present at Startup Riot.

Congratulations to David Cummings and the entire Shotput team for building a much needed bridge.