Need startup help? Here's a great accelerator for startups & entrepreneurs.
Have you ever had a great idea but didn't know what the hell to do with it?
Have you ever had a great idea but didn't know what the hell to do with it?
It's a fact that many people have ideas, but only real entrepreneurs turn those ideas into business.
The Founder Institute may be a great fit for you if you think you have what it takes. Is it easy? Hell no. But its strong "founder-centric" philosophy and its sharing of experience and resources lightens the load enough to increase the odds of success for your startup...
IF you graduate.
Per the Founder Institute Website:
The Founder Institute is a technology startup accelerator and entrepreneur training program currently on pace to launch over 500 companies per year in over 13 cities worldwide. The program identifies high-potential entrepreneurs using predictive social science testing, and then guides them through weekly company-building sessions featuring a network of over 350 CEO Mentors. All program stakeholders, including the participating founders and CEO Mentors, share in the equity generated by companies formed in the program. In addition, participants get access to free and discounted services, and are not required to quit their day job.
Halfway through my first semester of volunteering for Seattle's branch of the Founder Institute, I am impassioned to aid in any way the dynamic and determined entrepreneurs who make up the class. It is inspiring to hear each week from Mentors, battle-hardened founders in their own right, about their own experiences and views on what it means to be an entrepreneur and grow a business.
i. Passion
As a recovering "desk-jobber", it is exhilarating to be swept into the passion that each founder has for his ideas, for the ideas of others, and for life. I learned quickly in my first class that possessing a passion for the world around us is absolutely necessary in order to be successful at our ventures. Without passion, we lose the drive to continue when times get tough; we lose sight of the goal in the face of small- and large- discomforts. There is no option to go into work and tune out, or "day job" it; a founder has to be present and engaged on and off the clock. Passion and interest in the world is needed to understand how the business will be lasting and meaningful in the context of our global society. Regardless of whether or not you follow the "proper" steps to starting a business, you won't get anyone on board with your idea if they don't experience your infectious passion for it. Having vision is important, but passion is what drives the vision.
ii. Lifestyle
Most of the startup CEO's who have mentored the course thus far have founded multiple companies. I get the feeling when they speak that their first companies assumed the role of "teacher", where they experienced the hardships that first tested their commitment to being entrepreneurs. This was where each learned about bad contracts, low funding and board takeover's; about lawyers, investors, hiring and firing.
Their presentations give everyone in the room as taste for the hardships suffered and lessons learned. I can see in their eyes the wisdom that comes with constantly learning and evolving from past mistakes. And I also see that their bodies radiate with authenticity and love for the lifestyle. The Founder Institute makes it clear in the first Introductory class that it is OKAY to drop out of the course if we discover that we're a wrong fit for the unpredictable lifestyle of an entrepreneur. Whether we graduate from the course or choose to leave, the Institute stresses the importance that we be honest with ourselves. There is only room for forward-thinking, great ideas and genuine passion in entrepreneurship.
iii. Fair
In addition to the quality of the course, the economic model of the Founder Institute reflects its overarching philosophy to be founder-centric:
The Institute keeps costs low, bets on the success of the companies created, and shares in the returns.
- First, Founders pay a $50 USD Application Fee to cover the costs of reviewing and testing the prospective entrepreneurs.
- Next, Founders accepted into the program contribute a $900 USD Course Fee to cover location fees, catering, mentor travel, and other expenses of running a 16 week program. The Course Fee is calculated by dividing costs by the expected number of accepted Founders.
- Third, if a Founder graduates from the program, they are asked to contribute warrants for 3.5% of their company priced at fair market value into a Bonus Pool that is shared between the other Founders, the Mentors, the local operators, and the Institute. 30% of the Bonus Pool returns goes right back to the Founders themselves, allowing each graduate to earn returns based on the success of their peers.
- Lastly, if a company is successful and receives financing from third parties, the Institute asks that the company pay a one time Tuition of $4,500, which supplies the operating capital for the Institute. The success of the Institute is based on the success of the graduates, as it should be.
Topics Include:
- Vision & Values
- Naming & Branding
- Legalities & Incorporation
- Hiring, Firing & Cofounders
- Revenues, Costs, Profits
- Product Development
- Intellectual Property
- Marketing & Sales
If you have a great entrepreneurial idea, you may want to consider applying to the next semester of the Founder Institute here!
And check out Adeo Ressi, founding member of The Funded and the Founder Institute.