I love this concept.
There is much value in what you can find and get for free online today, just about anything you need is available.
I new business startup accelerator called Lead To Win is using transparent and open methods and materials to help startups get rolling, and it seems to be working as they are doing it again.
See this great article from a real writer: Lead to Win: An Open source Business Accelerator
As someone who loves the startup world, and being an engineer myself, business know-how and experience is something I always struggle with. An accelerator that focuses on the business side of things is sorely needed for people like myself.
They are not the first exactly, something similar was originally tried by Omazo Ventures however they were not as open and never generated the critical-mass support in the community required to move forward (they are now a little more traditional).
I think this deserves a bit more exploration and I wonder what it would take to expand this to other cities.