BoomStartup Frequently Asked Questions
Do you invest in companies that go through the program?
Companies that progress through the program’s levels will become eligible for investment. Companies that reach the 5th level can receive up-to $120K in seed funding, which is deployed across multiple investments based on achieving mutually agreed performance milestones. In return, BoomStartup receives 6-9% of equity in each company. In addition to capital, companies also receive increased access to valuable in-kind services, including technology, banking, legal and financial services as they reach new milestones.
When are your applications open?
BoomStartup accepts applications year-round. 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 start by applying to the program here. As part of the initial application, we collect metrics and other information about your business and use this data to generate a custom business plan laying out a path to success with detailed steps and defined metrics needed to reach each milestone.
What is a Virtual Demo Day?
BoomStartup offers an innovative alternative to the traditional demo day, where only one or two of the presenting parties manage to gain traction and launch themselves into the ecosystem. What we’re offering, instead, is a virtual demo day, that allows investors and businesses to have one-on-one communication to give you a better chance at getting capital to fund your startup. Our virtual demo days use traditional emails to pitch your idea to investors using a three to five-minute pitch so you no longer have to wait for annual demo days to present your idea!
Do I have to be in the Salt Lake City Area to participate in the program?
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.
What kind of program time commitment do you require for founders?
We require all founders to work full-time at their company. On a routine basis, founders will participate in calls with the other founders in the accelerator as well as 1:1 mentorship calls. After running 14 cohorts, our findings where that our previous program was too time intensive for many companies as it didn’t allow them to spend as much time as needed on product development, traction, and capital raising. Our meeting/calls are now focused on the practice and implementation of our core principals and hands-on mentorship. Additionally, we have found the period cohort calls are very effective at building strong founder groups and providing a valuable forum for the exchange of ideas and solutions.
What type of content is in your Core Curriculum Courses?
Apply to the program here to see all our core curriculum classes.