Posted by: Mark Sorenson | March 13, 2010

BoomStartUp

Boom Start Up - EntrepreneurshipYesterday I attended the first BoomStartUp meeting. This is a brand new program designed to provide mentorship and investment capital to early stage start-ups. The founder is John Richards who happened to be my entrepreneurship professor last semester. He has assembled a team of eight investor/mentors who will be selecting eight start-up teams to participate in the four-month long program. BoomStartUp is designed to bridge a gap in the investment capital between the idea-phase start-ups and angel investment capital.

These eight seasoned entrepreneurs will act as mentors and provide resources to the teams in the program. There is supposed to be a lot of hand holding and oversight from them as they help the teams prepare to receive angel funding. The eight teams involved will get a whole lot more than just mentoring. During the four month program, each team will get free grade A office space with all the latest phone and internet amenities. They will get free legal services to help them structure their company correctly, free accounting work to help them create accurate financial projections, and free public relations work to get their name out there. This will be a huge opportunity for any new company trying to make it big.

The program will run from May through August of 2010. Once the program ends, each business will be put in front of angel investors to try and secure more funding as needed. This is the kind of thing that would get any entrepreneur excited. Although I have committed to sell pest control again this summer in San Jose, I am strongly considering submitting an application for BoomStartUp. If I get selected to participate, I will just sell pest control here in Salt Lake City.

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Responses

  1. It was my belief that they required you to commit full time to BoomStartup. Are you sure you’ll be able to hold a job AND participate in the program? How did the meeting itself go?

    • Yes, that is the expectation. They want the founders to at least put in a full-time effort. They did, however, say that it was okay to hold a part-time job if necessary. Nothing more than part-time though. Obviously the teams that are going to be better candidates are the ones who can focus primarily on their start-up, but BoomStartUp understands that founders need to survive somehow.
      The meeting itself was great. We covered in depth how the program will work, met some of the founders, had a Q&A session, and then everyone had a chance to network and meet people. Overall it was a great experience.

    • Btw, I remember your presentation at the web start-up group you did a couple of months ago. Great idea. How is it going??


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