At BoomStartup we help great startups find an optimal business model, create a minimal viable product that is revenue-ready, execute into revenue generation, and make connections to customers and investors.
Founded in 2010, as a founding member of the Global Accelerator Network (GAN). We were recently ranked among the top accelerators in the country by the MIT Sloan Study published in Inc. and TechCrunch. More than 80 companies have graduated from our program, and have raised more than $30 million in seed capital.
Lean Startup methodology is the heart of our program. Through this approach, startups quickly learn what works and discard what doesn’t. We know from years of experience that this methodology helps startups build a minimum viable product (MVP) with maximum acceleration and less waste.
We believe that the mentorship-driven approach is a better way to start companies. The approach is based on a proven model that leverages mindshare across mentors and increases the chance of startups raising funds. It’s also a better way to invest in early-stage companies – reducing the risk profile and increasing the probability of company performance and exit.
Founded in 2010, BoomStartup established itself as the top accelerator in Utah and is consistently recognized as a nationally-ranked accelerator.
After shepherding companies through our accelerator over the last 8 years, we realized that there are a lot of great ideas and entrepreneurs not getting the help they need. Many companies we see are not quite ready for a full-on accelerator, so rather than turning those companies away, we offer pre-acceleration help. During this pre-accelerator phase, we open up some of our core content and classes for free in hopes these early-stage companies will grow to accelerator ready companies and be accepted into BoomStartups program. Through the end of 2016, we’ve shepherded over 120 companies through the rigors of launching a company and helped 72% of them get funded. However, we’ve learned a number of important lessons from founders and our internal metrics over the years, namely:
- Historically, we only select the top 1% of 800 applicants per cohort, which means we accept 8 companies and reject 792. This has always bothered us and felt unfair to the majority of companies that applied. Many companies told us, “Please don’t reject us, help us, we are even willing to pay.”
- Our applications were only open 4 months out of the year and founders didn’t want to wait 6-8 months to get in.
- Founders want to try before they buy. Meaning founders differ on whether or not they want to give up equity without being able to fully appreciate the value of the program.
- After managing so many companies, we realized the need for our own enterprise software-as-a-service (SaaS) platform to manage our accelerator operations.
So with that information, we decided to fix what wasn’t working for founders and implement what will.
- In order to fix this, the first thing we needed to do was build an online accelerator platform to automate our accelerator business processes. We also wanted to create a self-service way for founders to accelerate their startup faster. So we invested our own capital to make this happen.
- We accept all entrepreneurs through our BoomStartup Online Platform, where founders can work at their own pace to accelerate their business for up to 52 weeks. BoomStartup Online allows founders to utilize our mentor pool, review best practice examples and templates, purchase products and services at their leisure as well as receive online training to launch their company.
- Our applications are open year-round. We’ve moved to a rolling close model, meaning applications close the last day of every month and are reviewed monthly to select the top companies ready to join our cohort, which we have moved to a rolling quarterly basis. The selected startups will cluster into cohorts based on timeframe & maturity level.
BoomStartup’s Online Accelerator Platform
We have developed, first for ourselves internally, and then for other Accelerators, a cloud-based Online Accelerator Platform to provide the end-to-end management of Accelerator Operations. It is also used by Founders/Entrepreneurs and the Community as a self-service, pay-as-you-go model, for those Companies not accepted or not interested in the more traditional, in person, cohort-based models where they give up equity.
The Solution consists of the following key modules:
– Online Application Processing with customized forms generator
– Automated Company Scoring and Company Maturity Analysis scorecards
– Acceleration plan creation that is customized for each Company by the system
– Online Accelerator University providing 75+ Courseware modules
– Mentorship Marketplace to find, connect and schedule your Mentors
– Best Practices Library Startup artifacts, deliverables, and standards
– Centralized Document Management Library to ensure everything is in one place
– Real-time Chat and Messaging Services between stakeholders
– Web Teleconferencing system to connect Mentors and Founders automatically
– Dashboards and Key Performance Indicators to ensure things stay on track
– Online Company Status Reporting
Content Management Subscription Service
We have over 75+ Courseware modules and other Accelerator best practice artifacts that can be licensed for a fee and used standalone or integrated within BoomStartup Online
Online Products and Services Marketplace
We have created our own suite of value-added products and services that Founders can procure directly from us or one of our certified service providers on our e-commerce platform which is integrated to BoomStartup Online. A summary of some of these offerings are:
– Software / Product: Minimal Viable Product (MVP) Development
– Outsourced CFO Services
– Accounting and Bookkeeping Services
– Co-location and Private Offices
– Pitch Deck Creation
– Social E-marketing Services
– Website Development
– Brand Strategy
– Insurance Services
– Company Formation
– Tax Management
+ Many More…
These services generate recurring revenue for us to ensure we have a built-in, sustainable, profit-model for the future. It also provides the Companies a one-stop shop to save time and money and to leverage our buying power discounts from pre-certified partners.