I registered myself to this event few weeks ago, and today is the first day.
The idea: a group of IT professionals getting together for a weekend (2.5 days) to create a new startup company, based on a web product. This group is divided to sub-groups (backend, client, architects, business development, etc), each sub-group in charge of a specific section of the product. Each participant receives a certain number of "shares" based on his/her contribution (based on the number of days in attendance).
The event is hosted by Netwise, a company specializing in building web portals and selling products to build such products.
So far the event is still being organized, each participant receives upon registration few complimentary items (notebook, shirt, food), and now we are sitting around chatting among ourselves.
The first item on the agenda: Have a brainstorming and choose a product to develop.
Being a long time developer, I'm already guessing the second item: Selecting technology to use for creating this product. (Get ready for religion wars....)