We Reject NO ONE – We Accept 100% of Entrepreneurs
Founded in 2010, BoomStartup established itself as the top accelerator in Utah and is consistently recognized as a nationally-ranked accelerator.
Through the end of 2016, we’ve shepherded over 120 companies through the rigors of launching a company and saw three exits. However, we’ve learned a number of important lessons from founders and our internal metrics over the years, namely:
- We only select the top 1% of 800 applicants per cohort, which means we accept 8 companies and reject 792. Which has always bothered us and felt unfair to the majority of companies that apply.
- Our applications are only open 4 months out of the year and founders don’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 6% equity when 28% of companies don’t get funded.
- After managing so many companies, we realized the need for our own enterprise software as a service platform to manage the 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 to accelerate their startup faster. So we took our own capital to make this happen.
- We reject NO ONE – We accept 100% of 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 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 our 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.
- We make performance-based milestone investments. We are solely focused on ushering companies through our 5-step maturity program, which is backed with analytics, metrics, milestones and aspiration that your startup is ready to take the next step. Companies can receive up-to $100K in seed funding by reaching the fifth step, while BoomStartup receives between 1-6% of equity. This performance-based method minimizes the risk for founders giving up 6% equity, before experiencing the full benefits of BoomStartup.