What does it take to build a billion-dollar startup? Many of the biggest businesses today started from scratch. It took their founders years to figure things out and grow their startups into the billion-dollar powerhouses they are today.
Take for example, Apple. The company was established in 1976 but didn’t really become successful until it launched Macintosh eight years later. Two years after its launch, Facebook was incurring millions in net losses in 2005. But before the end of the decade, it had become a global phenomenon. Today, it has more than a billion users.
Indeed, startup success is oftentimes a long, hard road. But what if an entrepreneur is pushed to launch his or her business idea and make it operational and successful in less than four months? What if there was a program that helps entrepreneurs to build a billion-dollar startup? There is such a program and it’s called the Founder Institute.
Many of the world’s fastest-growing startups have used the Founder Institute program to take their startup ideas from concept to reality, testing their startup ideas, building a team, getting their first customers, raising funding, and growing into global corporations. Since its launch, the Founder Institute has helped launch more than 2,000 graduate companies that combined, have a portfolio value of more than $15 billion.
What is the Founder Institute?
The Founder Institute is an early-stage startup accelerator and entrepreneur training program that has placed many entrepreneurs on the path towards building a billion-dollar startup. It was launched by Adeo Ressi in 2009. Based in Silicon Valley, it has chapters in more than 80 cities and more than 40 countries around the world. The Institute offers a four-month program for new and early stage entrepreneurs, who are provided with the things they need to launch their business ideas. These include training, mentor support, and a global network of peers.
The Founder Institute accepts applications from aspiring entrepreneurs, founders of established firms, solo founders, and even those who have a full-time job. Applicants will have to go through an hour-long Predictive Admissions Assessment that identifies those with the highest potential to be successful in a fast-paced environment.
Successful applicants, or “founders” will get expert advice and guidance from the program mentors, many of whom include top names from the startup world. The program only accepts mentors who have established or steered high growth technology firms to success.
These accomplished people lead the weekly training sessions, sharing their experience and discussing the latest business tactics to founders. They also provide critical feedback.
A significant difference of the Founder Institute from other business training programs and startup bootcamp workshops is that it doesn’t have a partiality to hiring consultants and academicians.
Mentors are compensated through the Foundation’s Shared Liquidity Pool. This is a groundbreaking concept introduced by the organization. In this arrangement, everyone in the Foundation will share equity in the companies that were set up by the program. Thus, mentors will become more supportive of the founders because of what’s at stake. Mentors can also become formal advisors to program graduates.
Once graduates complete the program, they also gain access to the global mentor network of the Institute. The said network has more than 7,000 founders and CEOs worldwide. They also get benefits such as invitations to Silicon Valley events, advisory programs, and service provider discounts. Most of the graduates are also able to gain revenue by the end of the program.
Completing the program is hard, as less than 30 percent of accepted Founders complete the program and graduate.
On the surface, the Founder Institute Program may appear like a typical business training program. But upon closer inspection, it has proven to be unique, taking a different approach in nurturing new and early state entrepreneurs. If you aspire to build a billion-dollar startup, you might consider launching through the Founder Institute.