Program Overview
BoomStartup is a mentorship-focused investor program focusing its efforts on providing seed capital, mentors, and markets for its energetic tech entrepreneur participants and high-growth companies.
The Purpose of BoomStratup is to create “revenue ready” companies in 3 months or less that warrant investment from angel investors, venture capitalists, and banks.
BoomStartup’s mentors include founders and key individuals from companies including Omniture, Cisco, Skull Candy, Altiris, and many more.
Program Description
The program consists of the following key phases:
BoomStartup 2010 Mobilization: From now through April 25th, BoomStartup will hold weekly, all-hands meetings, where its mentors and investors will raise awareness and coach entrepreneurs as they prepare their applications.
Application Process: All submissions are due April 25th at 11:59 p.m. Review the website for additional updates and resources. Selection criterion includes:
- Business model focused on software, web, or mobile applications
- Team of 2-3 founders, with at least one developer/technologist
- Plan for a fast-start, early-exit strategy (you are not expected to build a $50-100M company to enter the program)
- Passion and persistence to overachieve
- Capability and desire to be mentored
- Ability to make a huge impact/contribution (often we pass on companies not because we think it will fail, we just see limited impact)
- Preferably based in the State of Utah with an intent to remain
Company Selection: Following the application deadline of April 25, a panel of Investor-Mentors will review all applications and shortlist the Top 25, and then the Final 12. The Final 12 will be announced at a public forum at the beginning of May 2010 and be provided up to $15,000 in cash and $15,000 of in-kind services from our sponsors.
Summer Mentorship Program: Throughout the summer months, from May through August, you will participate in an intense mentorship program. You will first attend a kick-off and orientation program. Each week you will communicate with your assigned Investor-mentor whom will provide you with direct coaching and facilitate other mentoring workshops such as legal, marketing, sales, financial management, and product/solution development. BoomStartup will hold group sessions and dinners for topics that are global and beneficial to all companies and team members. At the end of the sumer you will graduate and prepare for Investor Day.
Investor Day: In September a special event will be held where you will be invited to present your business before private investors, angel groups, venture capitalists, banks and other members of the ecosystem. Additionally, participating companies in the BoomStartup program will gain access to investors from across the country.
What Does it Cost Me?
First, your dedicated time. The core founders for each team are required to attend all of the trainings and mentoring sessions; BoomStartup is a full-time commitment.
BoomStartup has secured private offices at Canyon Park Technology Center in Orem, Utah. Participants are encouraged to take full advantage of this mentor-rich environment. Team members, at a minimum, must use this space at least two business days each week.
For BoomStartup’s efforts and time that the investor-mentors contribute they are granted 6-10% equity of common stock in your company. This will help ensure an ongoing relationship with them, even after you exit the program.
