BoomStartup is Utah’s top accelerator program. We offer both a General Technology (GenTech) accelerator as well as an Education Technology (EdTech) accelerator.
Sumner Douglas
Name of Accelerator: Boom Startup
Location: Salt Lake City, Utah
Website: http://www.boomstartup.com
Managing Directors: Sumner Douglas, GenTech / Ted McAleer, EdTech
This article is part of our Startup Accelerator Spotlight Series featuring accelerators from around the world. We hope these spotlights will assist the entrepreneur should they consider attending an accelerator program.
In two sentences or less, tell us about your accelerator and its objectives.
BoomStartup employs the lean startup methodology, which focuses on quickly learning what works and discarding what doesn’t. Our objective is to help companies identify their core purpose, develop and refine their minimum viable product, obtain traction critically needed to raise capital and perfect investor pitches.
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Why is your accelerator program unique? Please describe the benefits of participation in your program.
Ted McAleer
BoomStartup is Utah’s top accelerator program. We offer both a General Technology (GenTech) accelerator as well as an Education Technology (EdTech) accelerator. In addition, companies selected into BoomStartup receive over $500,000 worth of services such as hosting, marketing, legal and financial services. Even more important, startups receive intense day-to-day mentoring from BoomStartup’s extensive mentor pool of over 200+ industry experts who will work with startups to nail their business model, build their minimum viable product and get traction. Furthermore, companies that participate in our program raise on average $548,000.
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What is the most difficult part of working with startups?
Executing business model pivots and working with the teams to accomplish it. The other difficult issue in working with startups is mediating co-founder disagreements.
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Tell us about your success stories; Which are the most interesting companies to have participated in your program?
- SimpleCitizen
A 2015 GenTech graduate, has simplified the complex immigration process and made applying for a green card as simple as doing your taxes. - Ardusat
A 2014 GenTech graduate, provides an interactive platform focused toward STEM education and gives instruction on how to run experiments in the classroom. - Tute Genomics
A 2013 GenTech graduate, is powering the world’s genomic knowledge with a cloud-based solution for precision genome-guided medicine. Genomics is changing healthcare as we know it and Tute is helping to shape the future of medicine. - ProMD
A 2014 GenTech graduate, is an integrated patient mobile application that simplifies discharge instructions, facilitates patient compliance and improves outcomes. - T3S Technologies
A 2015 GenTech graduate, provides genetically engineered bacterial cells that are designed to expand their biologics manufacturing capabilities and dramatically shortens the current manufacturing process.
What are the three most important factors startup entrepreneurs should consider when contemplating attending an accelerator?
- Being Coachable –
We have 200+ mentors and seasoned entrepreneurs that have been through the process of launching a business and it’s important to be teachable when working with them. - Demanding & Intensive Pace –
We move quickly to get your MVP launched, implement our curriculum, make industry connections and help companies gain traction to accelerate businesses. - Implementing the lean startup methodologies into the business and utilizing those moving forward.
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What else would you like to share?
“We’re thrilled to announce the eight companies in the 2018 BoomStartup cohort. This is our 8th class since starting in 2010. This year’s class includes two companies from Utah, New York, and Colorado and one each from Michigan and Ukraine.
BoomStartup accepts applications year round and reviews the applications monthly. Companies are accepted to the accelerator throughout the year.” (source)
Pam Goforth
Pam Goforth is Research Manager for FundingSage, which provides valuable information, tools and resources to entrepreneurs seeking to start, grow and fund a business.
