BOF AMERICAS 2014: Bizdom


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Lee Burnstein

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BOF AMERICAS 2014: Bizdom

  1. 1. Innovate Incubate Accelerate Lee Burnstein
  2. 2. WHAT IS BIZDOM?An ENTREPRENEURSHIP ACCELERATOR that helps entrepreneurs LAUNCH, FUND and GROW innovative web and tech-based startups in DETROIT and CLEVELAND 2
  3. 3. 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 3
  4. 4. 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 4
  5. 5. 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 5
  6. 6. 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” 6
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  8. 8. INCUBATOR VS ACCELERATORS INCUBATOR ACCELERATOR LENGTH 1-2 Years 3-6 Months OFFICE SPACE Paid Free FORMAL CURRICULUM No Yes MENTOR PROGRAM Yes Yes CAPITAL No Yes ACCESS TO FOLLOW UP FUNDING Some Yes NETWORKING EVENTS Some Yes OWNERSHIP None Equity 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. 8
  9. 9. APPLICATION PROCESS‣Recruiting ‣Online Application ‣Vetting ‣Due Diligence ‣Offer Always Thinking: How does Bizdom/FOC Provide Value 9
  10. 10. BIZDOM TIMELINE Mentor Matchup Strategy Sessions 1 Month 2-3 Month Customer Discovery Refining MVP Running Pilot Programs Gain Traction Iterate product from pilot 4-5 Month 6 Month Build Financials and Pitch Deck Demo Day Inexpensive office space Support while companies continue to grow 6+ Month 10
  11. 11. BIZDOM SUCESSES 11
  12. 12. THANK YOU! @bizdom 313.202.6618