If you have a great idea regarding a mobile app or hot new technology, you probably think that your idea is ready for prime time. You probably think you only need some investment capital and the right people with the right ideas to go on to change the world.
Never mind the process – you need to have a lot of money and there are a millions of people who think exactly like you. Everybody thinks that they have the latest and greatest idea when it comes to technology. But the truth is, a lot of startup ideas are completely unfeasible and unrealistic. It can get quite confusing and disappointing because people with hot ideas often devote years of their lives as well as financial resources to pursue their dreams. If you want to increase your chances of turning ideas into a reality that you can actually see, touch, hear, feel – and eventually sell –, you might want to enroll in a Startup Boot Camp.
A Startup Boot Camp is essentially an idea-filtering factory that challenges would-be company founders to truly give off the assumptions underlying their project. You may have overlooked certain weaknesses in your idea that prevent it from actually taking off. You may be unrealistic in some of your assumptions and this may be preventing your startup from fully living up to its potential.
Preferably, you might be overlooking a key thing that might even cause your company to close abruptly and implode after you receive the money. All these scenarios should be solved if you join the Startup boot camp as it allows you to think through your ideas and work with experts to help you clean up, tighten and improve the ideas that make up your particular business model.
Startup boot camps are, of course, nothing new and they have been coming in many different names. There is a euro-y accelerator program called Startup boot camp is and also an American version Y Combinator. Notice that both of these Startup boot camp models are pretty much the same. They gather entrepreneurs with big ideas in the same space and guide them through the idea process. They get advice, the opportunity to tighten up and defend their ideas against the challenges and, most importantly, they get some bonding experience.
So how do these boot camps works out in the end? They’re fairly new since the earliest Startup in Europe is only three years old but still the initial numbers are quite encouraging. According to statistics released by startupbootcamp in Europe and in Israel, this program has gathered a total of 27 Million Euros from its participants. This translates to around 400,000 Euros for each program. Interestingly enough, a 67% of the company’s participant in this program received additional funding after graduating from a startup boot camp –the best indication of success.
The failure rate is only 25%, so far, which is still big news, considering the risks involved and considering the fact that the technology landscape changes on a week-to-week basis. Overall, startup boot camps appear to be working pretty well. So, if you have a hot idea regarding mobile app, you might want to enroll in a startup boot camp soon.