It cost them about $40 million, but Summit Series, the destination startup conference for a younger, “cooler” set of entrepreneurs, now owns a mountain in Eden, Utah. It will use Powder Mountain, which the group is calling “Summit Eden,” to to host all of its future conferences, retreats and events.The property is 10,000 acres and includes a lake surrounded 360 degrees by mountains.
“It’s a place where a horizon line isn’t a boundary, it’s a beginning,” the founders wrote on their site.
The founders, Elliot Bisnow, Brett Leve, Jeff Rosenthal and Jeremy Schwartz, want Summit Eden to become a permanent place of innovation, and they’ll be building a few roads and structures to turn the mountain into a community where businesses can flourish.
The first thing the team built, though, is unusual.
“One of the first structures we actually had built on the mountain is a nest made of 100% natural materials, no nails, woven together in a tree,” says Summit’s community development leader, Natalie Spilger. “It allows you to stumble upon it in a way that makes you think, ‘How can this be possible?'”
Summit Series was founded in 2008 and the first gathering included 19 entrepreneurs who spent three days at a Utah ski resort. The series has grown to hundreds of attendees. Speakers have included Bill Clinton, Sean Parker and investor Peter Thiel.
Business Insider first broke the news that Summit Series was seeking $40 million for Powder Mountain in March; the founders wanted 40 people to invest $1 million each.
For more on the mountain and Summit Series’ vision for it, check out the video, below: