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 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 to accelerate their startup faster. So we invested 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, 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 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-level 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 level. BoomStartup receives 6-9% of equity across multiple investments based on achieving mutually agreed performance milestones. This performance-based method minimizes the risk for founders giving up equity, before experiencing the full benefits of BoomStartup.