Historically the greater part of a healthy economy comes from small businesses, BoomStartup is accelerating the growth of small tech businesses.
The purpose of BoomStartup is to help great tech ideas find an optimal business model, create a minimal viable product that is revenue-ready, execute into revenue generation, make connections to customers and build a sustainable business. The goal is that at the end of the summer program the companies will warrant investment from angel investors, venture capitalists, and banks to take them to them to the next level and greater economic impact.
Company Selection: Following the application deadline in April, a panel of Lead Mentors reviewed all applications and selected the best candidates. Those selected for participation were announced at LaunchUp on May 3rd and are being provided (1) up to $20,000 in cash investment and (2) more than $100K of valuable in-kind services from our sponsors and partners.
Summer Mentorship Program: Throughout the summer months, from May through August, the companies will participate in an intense mentorship program. They will first attend a kick-off and orientation program. Each week they will communicate with their assigned Investor-mentor whom will provide direct coaching and facilitate other mentoring workshops such as legal, marketing, sales, financial management, and product/solution development. BoomStartup will hold group sessions and dinners for topics that are global and beneficial to all companies and team members. At the end of the summer they will graduate and prepare for Investor Demo Day.
This is a full-time commitment, BoomStartup expects the founders of the companies dedicated time. The core founders for each team are required to attend all of the trainings and mentoring sessions.
BoomStartup has secured private offices at facilities in Salt Lake County at the Miller Business Innovation Center. Founders are encouraged to take full advantage of this mentor-rich environment. Team members, at a minimum, must use this space at least two business days each week.
Investor Demo Day: In August a special event will be held where the BoomStartup companies will be given 15 minutes to present their businesses before more than 100 private investors, angel groups, venture capitalists, banks and other members of the ecosystem.
Caleb Eliason is the Program Manager for BoomStartup a Technology Accelerator in Sandy, Utah. EMAIL: [email protected]