Boise Young Professionals, a program of the Boise Metro Chamber of Commerce, has created a unique competition called b|launched to help stimulate the Treasure Valley economy. At its core, the program is designed to connect Boise’s young professional talent with experienced entrepreneurs and local funding in order to encourage idea development and create successful companies. b|launched is now in its third iteration as of January 2014.
GOALS OF B|LAUNCHED:
WHY YOU SHOULD PARTICIPATE:
This is a once in a lifetime opportunity to test your abilities as an entrepreneur. The program provides you with all the tools you would need to create a successful company with other individuals, including funding, mentors, advisors, infrastructure, pro bono lawyers, marketing assistance and relevant educational seminars. Here is what else you can take away from this Program:
The competition is divided into two phases:
Phase I is the creation and presentation. Phase. It entails finding and fleshing out a commercially viable idea. The goal is to find a fundable idea. Individuals should come into the group without an idea or with a potential idea that hasn’t been vetted at all. The team participants then work together to research and further develop their idea. The teams then present their idea to a panel of distinguished judges, the top two teams will then enter the next phase.
Phase II is the development phase.
Phase II will entail developing a prototype. At this point, the teams become companies. The 1st place team will be funded (by the Idaho Angel Fund) with a minimum of $15,000 and the 2nd place team will be funded with a minimum of $10,000. These two companies then have three (3) months to build and launch their product or service (i.e. a functional prototype). The companies will then have another opportunity to get in front of the Idaho Angel Fund to pitch for all remaining funds (which to date over $40,000 in additional funds are committed). The second round will also be open to the other two teams that competed and were not initially funded.