Update: We just received word from Paul Bragiel, co-founder of I/O ventures, who clarified a couple points.
“We at I/O own the building. The Summit was simply our coffee shop vendor. They weren’t able to pay the market rate for rent, so we’re going to have a new vendor in going forward. The incubator is definitely still open and will be having the next group of companies in the new year. ”
According to its website, the Summit, 780 Valencia, will close in January.
From the website:
So long, farewell, it’s time to say good bye.
After a year and half, THE SUMMIT SF will close it’s operations at 780 Valencia to re-open at a soon to be determined location. During this time, we’ve received press and accolades from Food and Wine to Business Week, created a community of entrepreneurs/digital thinkers/and creative like minds, helped launch many start-ups, hosted several culinary pop-ups, produced buzz worthy art shows, and threw some legendary parties. We could not have achieved such accomplishments without our amazing community of managers, staff, and of course, our patrons. We are proud of our time at 780 Valencia, and excited to take The Summit to the next level: a social enterprise spreading entrepreneurship and innovation around the world.
We are thankful for the opportunity to launch The Summit SF at IO Ventures and we wish them the best of luck on their future endeavors. We are hopeful the next tenants of 780 Valencia will carry on our spirit and become an asset to the vibrant Mission community.
Our doors are scheduled to close on 1/28/2012. Until then, we invite you to our NYE party – CLUB NOUVEAU NYE 2012 the first of many closing events celebrating the relationships and community we’ve formed while at 780 Valencia.
The Summit SF is actively seeking new opportunities and partnerships that align with our values. Follow us @thesummitsf or thesummit-sf.com as we document the launch of The Summit 2.0…
We will update this story when we get more information.