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InnovateIncubateAccelerateLee Burnstein
WHAT IS BIZDOM?An ENTREPRENEURSHIP
ACCELERATOR that helps entrepreneurs LAUNCH, FUND and GROW innovative web and tech-based startups in DETROIT and CLEVELAND
HOW DOES BIZDOM WORK?‣3-6 month accelerator; 4-6
startups per accelerator; 2 x per year
‣$25K seed funding for 8% equity
‣Pitch for up to $100K convertible note
‣Intense mentoring & training in a dynamic, collaborative workspace
‣Access to expert & mentors in sales, marketing, branding, technology, and follow-on funding
WHAT KIND OF STARTUPS?‣Web-based and able to
leverage the FOC‣Potential to scale and grow
rapidly‣ Innovative and disruptive‣Focused on any of our core
areas:‣Real Estate‣Personal Finance‣Sports & Entertainment‣Casino Gaming
FACTS AND FIGURES‣59 Businesses
‣Created over 120 Jobs‣Bizdom has invested 1.9M‣Raised $3.7M in outside
investment‣2013 Revenue 4.1M‣2014 Year to Date Revenue
2.5M‣Headquartered in Detroit or
Cleveland
LARGE COMPANIES CAN PLAY AN IMPORTANT ROLE IN ANY STARTUP COMMUNITY.The two most powerful things large companies can do for the startup community are:
1) Provide a convening space and resources for local startups.2) Create programs to encourage startups to build companies that enhance the large company’s ecosystem.
Excerpt from Brad Feld’s Book, “Startup Communities”
INCUBATOR VS ACCELERATORS
INCUBATOR ACCELERATORLENGTH 1-2 Years 3-6 Months
OFFICE SPACE Paid FreeFORMAL
CURRICULUM No Yes
MENTOR PROGRAM Yes YesCAPITAL No Yes
ACCESS TO FOLLOW UP FUNDING Some Yes
NETWORKING EVENTS Some Yes
OWNERSHIP None EquityINDUSTRY Enhance Disrupt
Incubators provide guidance and advice to help startups grow and succeed in an unstructured program, with no specific goal or timeframe.Accelerators provide structured curriculum in a short period of time to help rapidly grow the size and value of a company to get ready for a specific goal, typically to raise funding.
APPLICATION PROCESS‣Recruiting
‣Online Application‣Vetting‣Due Diligence‣Offer
Always Thinking: How does Bizdom/FOC Provide Value
BIZDOM TIMELINE
Mentor MatchupStrategy Sessions1 Month
2-3 MonthCustomer DiscoveryRefining MVPRunning Pilot Programs
Gain TractionIterate product from pilot4-5 Month
6 MonthBuild Financials and Pitch DeckDemo Day
Inexpensive office spaceSupport while companies continue to grow6+ Month
BIZDOM SUCESSES
