I first heard about the Founder Institute through TechCrunch about a year ago when I saw Adeo’s video of how to start a company for $2000. I admit, at first, I didn’t think this was for me. Who was this guy? And why did he have to use so many cuss words? Then, about four months ago, a recent grad told me he found the program incredibly useful, and was already pitching to investors. I was convinced. Problem was, it was two days before class was about to start! Luckily, my friend was willing to recommend me, and if I could just fill out all the application materials (and pay the fee) in time, I could join the class. I spent a few hours that evening frantically filling out paperwork and scanning it in. Then the panic set in as I read the agreements. “I have to actually form a corporation! I have to sign over 3.5% of it to the institute?!?”
The Founder Institute is not for the faint of heart. It’s not for people who are just casually thinking about a startup. It’s hard-core. Yes, you have to form a Delaware Corporation and sign over warrants for the Bonus Pool. In exchange, you get access to a top-notch education from genuinely successful entrepreneurs and investors that’s not available in any business school. You’ll learn more in those four months than you thought possible. If your idea doesn’t pass muster (or you can’t communicate it clearly enough) you’ll be asked to leave. If you aren’t coachable, you’ll have to leave. If you don’t form a corporation on time, you’ll have to leave as well. (Founders who are asked to leave can return in a later semester.) Of our initial class of about 30, only 11 companies made it to the end.
Now the real work begins! I’m launching something exciting very soon and look forward to sharing the story though this blog.
