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. >>>

Business Incubator Series: John Richards, BoomStartup, Provo, Utah (Part 1)

By guest authors Irina Patterson and Candice Arnold

I am talking to John Richards, co-founder and co-managing partner at BoomStartup, which is a mentorship-driven accelerator in Provo, Utah.

Irina: Hi, John. Where are you originally from?

John: I grew up in the Seattle area. Actually, I was born in Pennsylvania, and then my parents moved back to Seattle. I grew up in Seattle and had a long career in Seattle until I moved to Utah for the teaching position. >>>

Business Incubator Series: Mark Lieberman, Business Technology Center of Los Angeles County, California (Part 7)

By guest authors Irina Patterson and Candice Arnold

Irina: What kind of support do you offer to your entrepreneurs with funding?

Mark: I mentioned before that Pasadena Angels are a resonance to our incubator. They do their screenings here. They do their due diligence sessions here. They do the prescreening sessions here.

We also have a special loan program geared for our clients, where they are eligible – again, the key word is eligible – to receive up to $200,000 in loan money. We are currently lending at 6% fixed, and for a startup company that’s very, very inexpensive. And of course we are looking at collateral and personal guarantees on those loans. The process is very similar to an SBA loan. >>>