Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 9)

By guest authors Irina Patterson and Candice Arnold

John: My favorite situation is when I have a founder who is strong in technology, but also has enough business acumen to be the CEO. That is when we have the strongest team, where you’ve got a tech person who’s essentially the CEO/CTO.

The first 12 to 18 months of a company’ life needs to be very focused on customer validation and MVP [minimum viable product]. >>>

Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 8)

By guest authors Irina Patterson and Candice Arnold

John: So, Boom Startup Capital 2010, LLC was the exact name of the entity that took in money, and then invested in each of the 10 companies in the inaugural year, 2010.

We took in enough money for the investment and a bit more for expenses. That money goes into the entity, and the entity then writes the checks to the companies to make the investments and has a little money for administrative expenses. >>>

Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 7)

By guest authors Irina Patterson and Candice Arnold

Irina: What are your metrics for success?

John: Traction in the form of investment, revenue, profit and exits. We always have the companies report at every meeting (a) validated customers, (b) users, (c) true customers, and (d) revenue. >>>

Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 6)

By guest authors Irina Patterson and Candice Arnold

John: So, both years, one team in 2010 and one team in 2011, turned us down after we gave them the invitation.

Irina: Why do you think they turned you down? >>>

Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 5)

By guest authors Irina Patterson and Candice Arnold

John: We have about 50 top mentors who are listed on our website. Sometimes they provide only a few hours during the summer. Sometimes, they’ll come in and provide four hours every week because they fall in love with the program. They do it all free. >>>

Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 4)

By guest authors Irina Patterson and Candice Arnold

Irina: How do you feel about bootstrapping of a business?

John: Personally, I think you should bootstrap for as long as you possibly can, as long as it doesn’t hinder your growth opportunities.

>>>

Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 3)

By guest authors Irina Patterson and Candice Arnold

John: So, Bazari contacted the top 15 microfinance institutions in India and met with 13 of the 15 to offer them their online loan reporting platform.

[Bazari offers SMS interface to manage reporting and tracking of lending and collection of the micro-borrowers accounts.] >>>

Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 2)

By guest authors Irina Patterson and Candice Arnold

John: I took me a couple years or a year and a half to research and decide what to do. I was going to launch in 2009 but the economy … you know, you start these things for a summer program in February or March. >>>