For anyone thinking of applying, they're also probably the worst of the YC clones. I think all of the other ones probably add some value by the equity equation, but iVentures has been actively destructive by taking an unreasonable of equity and exerting ridiculous control.

Bad stories abound about them. On thefunded.com they have one astroturfed review and one negative review. I can verify that the anon posting here has the basis to accurately judge iVentures: http://news.ycombinator.com/item?id=448466

This one is at the University of Illinois 2 hours outside of the city. I was wondering if they had done one in Chicago.