BoomStartup Frequently Asked Questions
Do you invest in companies that go through the seed program?
Yes, every company accepted into the accelerator/ seed program is written a level 2 check and receives additional funding as they meet metrics throughout the program.
Funding: Our initial accelerator investment is $20k for 6% equity.
- Level 2-$6666-2% Equity
- Level 3-$6666-2% Equity
- Level 4-$6666-2% Equity
- Total Accelerator Seed Capital: $20K
- Venture Funding: (Level 6) $100k Market Rate
- Follow on funding in future rounds
When are your applications open?
BoomStartup accepts applications year round and reviews the applications monthly. Companies are accepted to the accelerator throughout the year.
Are the valuations negotiable?
Valuation of our seed stage investments is not negotiable. Most of our companies have raised capital at a higher valuation and know that BoomStartup can significantly increase the growth rate and valuation of their company.
What is a custom accelerator plan? Companies create a profile during the application process that helps us assess each company and develop a customer accelerator plan. Companies select the concept they need to focus on and the Managing Director also assess the company’s needs. After the assessment, the managing director develops a custom plan for the company based on their needs.
Program Timeline: The program is 52 weeks long. The core curriculum is delivered over a 6 month period and mentorship is continued over an additional 6 month period.
Virtual Monthly Demo Day: Instead of the traditional demo day, we introduce one to two companies per month to our investors and make direct one on one introductions to investor yielding a significantly higher ratio of meaningful interactions with investors. This way our entire cohort is not fighting for the same capital at the same time.
Virtual Accelerator: We accept companies from around the world and employ a fully virtual accelerator program. Many of our companies choose to travel to Salt Lake City, UT a couple of times throughout the year to get the most out of our mentorship and investor introductions.
Program Time Commitment: We require all founders to work full-time on at their company. On a weekly basis, founders must participate in a two-hour call twice a week and a few weekly 1:1 mentorship calls. The Monday and Thursday meetings incorporate all the founders and have been very effective at building strong founder groups. The core curriculum is consumed by companies via the online platform. After running 14 cohorts, our findings where that our previous program was to time intensive for many companies not allowing our companies to spend as much time as needed on product development, traction, and capital raising. Our meeting/calls are now focused on the practice on the implementation of our core principals and hands-on mentorship.
Pre-accelerator Program: The accelerator program does not cost accelerator companies anything. However, we have built in a new pay as you go pre-accelerator curriculum enabling companies not yet ready for the accelerator access to some of our accelerator methods. This enables us to create a market where companies not accepted into accelerators can purchase core curriculum items. The goal of providing this information is for companies to reach Level-3 metrics and be accepted into the program.
Core Curriculum Courses: Create a profile and log in to see all of our core curriculum classes.
Signing Bonus: Companies also receive over $500K of in-kind services, ranging from $100K in AWS credits, Azure or IBM hosting credits, 5 free hours of legal services, discounts on many software’s & tools, and financial services.