Fishbowl Labs, the office space and incubator for startups housed at the AOL campus in Dulles, Va., is undergoing several transformations, including moving into a new location on campus and raising the bar for eligibility in the lab space. Paul Singh, founder of Dashboard and Ashburn, Va., native, has set up shop at AOL for the summer and is helping to guide the lab through its transformation. When it's done, Fishbowl Labs will look more corporate--or more legit, depending on who you ask.
Startups applying to Fishbowl 2.0 need to have raised $250,000, up from $25,000 previously. According to Singh, raising the financial bar to entry was the easiest way to up the ante for the space. In addition to the higher financial floor, founders are "legally responsible to be working on their companies full time," Singh says. Companies at Fishbowl are also now required to be in the office four days per week and can occupy no more than six desks in the lab space.
Among AOL brass, Fishbowl is being viewed as a "cultural ROI [return on investment]," says Lauren Meeker, social media and events intern with Fishbowl Labs. In exchange for their functional expertise, corporate employees at AOL are encouraged to learn from the entrepreneurs at Fishbowl.
"Just throwing money at companies doesn't work anymore," says Singh. "Old venture models don't work anymore. Corporations are starting to realize that to compete, [they] have to get involved earlier in the process." Fishbowl 2.0 should assist AOL as the one-time communications behemoth seeks to find its way in the latest digital age.
"AOL is still redefining itself," says Meeker. "The startup culture [at Fishbowl] will strengthen employees and the image of AOL."
Conference calling startup
Speek has been based at Fishbowl since its inception and is currently garnering
national attention. "Speek is a great example of [a startup] using AOL's resources," Singh says. "They have the money figured out. They need functional expertise from someone vetted in their field." AOL can provide functional experts in a host of categories—SEO, legal affairs, ad buying, and so forth—as well as a QA lab that offers "every device [and] every browser" for app makers to use to test their latest creations.
Fishbowl was initially launched in July 2012 as a side project for Fletcher Jones, chief of staff of AOL Paid Services; Bud Rosenthal, president of AOL Paid Services; and Brian McMahon, general manager of Mapquest, to give startups access to resources at AOL to help build their companies.
Singh expects Fishbowl 2.0 to draw entrepreneurs from around the country, not just around Greater Washington. "[Fishbowl Labs] will become a bridge to [AOL in] Palo Alto and AOL Ventures in New York," he explains. A company-wide initiative to create Centers for Excellence is underway, with Baltimore's AOL office looking at the Dulles campus as a model.
For Singh's part, Fishbowl 2.0 represents more than a revitalization for AOL. He sees it as a way to put Ashburn firmly back on the map, with a venture identity separate from that of D.C. "Ashburn and Northern Virginia were something special," he says, "and we lost that. We can bring that back." Singh says that Ashburn's proximity to Dulles International Airport makes it ideal for flying VCs in and out of the area without having to touch the D.C. Metro area.
In short, Fishbowl 2.0 is looking for the best companies. "Not just the best D.C. companies," says Singh, "the best companies. I hope some come from D.C."