The BoomStartup Program
How BoomStartup Works for Participants
Program Overview
The purpose of BoomStartup is to help great tech ideas find an optimal business model, create a minimal viable product that is revenue-ready, execute into revenue generation, and then make connections to customers and investors. The goal is that the companies at the end of the summer program will warrant investment from angel investors, venture capitalists, and banks. BoomStartup’s mentors have included 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 2012 Mobilization: From now through April 15, 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 15 at 11:59 p.m. Review the website for additional updates and resources. Selection criterion includes:
Company Selection: Following the application deadline in April, a panel of Lead Mentors will review all applications and select the best candidates. Those selected for participation at either the North or South Campus will be announced at a public forum in early May 2011 and be provided (1) up to $20,000 in cash investment for 6% common stock and (2) more than $100K of valuable in-kind services from our sponsors and partners.
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 summer you will graduate and prepare for Investor Demo Day.
Investor Day: In August 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 facilities in Salt Lake County at the Miller Innovation Center. 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% equity of common stock in your company. This will help ensure an ongoing relationship with them, even after you exit the program.
The purpose of BoomStartup is to help great tech ideas find an optimal business model, create a minimal viable product that is revenue-ready, execute into revenue generation, and then make connections to customers and investors. The goal is that the companies at the end of the summer program will warrant investment from angel investors, venture capitalists, and banks. BoomStartup’s mentors have included 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 2012 Mobilization: From now through April 15, 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 15 at 11:59 p.m. Review the website for additional updates and resources. Selection criterion includes:
- Business model focused on software, web, SaaS, 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 in April, a panel of Lead Mentors will review all applications and select the best candidates. Those selected for participation at either the North or South Campus will be announced at a public forum in early May 2011 and be provided (1) up to $20,000 in cash investment for 6% common stock and (2) more than $100K of valuable in-kind services from our sponsors and partners.
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 summer you will graduate and prepare for Investor Demo Day.
Investor Day: In August 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 facilities in Salt Lake County at the Miller Innovation Center. 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% equity of common stock in your company. This will help ensure an ongoing relationship with them, even after you exit the program.
- Business model focused on software, web, SaaS, 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
