BoomStartup will begin the first ever online accelerator program focused on EdTech startups on May 1, 2017.
The new program is designed to allow more flexibility than a typical accelerator. Much of the content is delivered online through a new platform BoomStartup has been beta testing over the past several months, which allows companies to move through the curriculum and milestones at a more personalized pace. With rolling monthly start dates, startups will have more chances during the year to join a cohort, and, unlike most accelerators, the online EdTech accelerator will accept companies from anywhere in the world.
"The most innovative part of the new program is the tiered structure," said Shaun Cunningham, Managing Director. "With the traditional accelerator program, BoomStartup used to be able to accept only about two percent of the companies who applied. Now we can offer at least some portion the online program to nearly all the startups who apply."
Startups accepted into a cohort receive seed funding based on their tier in exchange for equity. They also receive free and deeply discounted business services, such as hosting, marketing, legal, and financial services. During the program, founders hone their business models and create minimal viable products, with the goal of securing funding from private investors, angel groups, venture capitalists, banks, and others.
"We are extending the online program to other vertical focuses," said founder/CEO Robb Kunz, "however, EdTech is an area where we have deep expertise."
Participating startups are supported by an extensive mentor network of investors, serial entrepreneurs, subject matter experts, and EdTech advisors, including key executives from big names in education, such as Pearson, McGraw Hill, Instructure, and Western Governors University. Much of this expertise is in BoomStartup's backyard, as Utah is home to a healthy ecosystem of successful EdTech companies, including Pluralsight, Instructure, Mastery Connect, True North Logic, School Improvement Network, Agilix, Kimono, Western Governors University, and Degreed.