Sections: Common Questions :: Ideas :: Mentor Info :: Application Process :: Fees :: Program Questions :: Investors/Raising Money :: VentureBox

Common Questions

What types of companies does VentureBox work with? Concept, Early Stage, Pre or Post Revenue?

We work with entrepreneurs companies of all sizes, typically concept to early stage, pre-revenue - meaning you likely haven't started generating revenue yet. If you have already started generating revenue, that's great, we have programs to help you as well.

What is the first step for an Entrepreneur to join VentureBox?

We want to meet you in person and hear your story and determine how we can help you. Please plan on spending an hour with one of our staff to understand your business.  You can contact us by contacting Jim Boeddeker or filling out a contact submittal on our contact page.  If you have developed documents that you would like to share you can populate a company file on our company portal at Gust.com by visiting  https://gust.com/angel-group/venturebox/apply

What is the time commitment required by a Founder?

If you're accepted in our Venture Launch program, plan on spending a minimum of 15 hours of work per week, including our weekly Wednesday class sessions from 3pm to 8pm which runs for 12 consecutive weeks. The sessions will have between five and ten hours of assignment work that needs to be completed before the following session. If a participating Founder is also working on a prototype or some other aspect of the business, then the time commitment can be much greater.

How does a Founder graduate from the program?

In order to graduate, there are three criteria. First, a Founder must attend all sessions. Second, a Founder must complete all of the assignments in coordination with the Venture Launch program. Lastly, the Founder must incorporate a suitable company.

Do I need to attend every session?

Attendance is mandatory. However, it is understood that Founders may have emergency business travel or illness that prevents them from attending one session in a semester. VentureBox makes exceptions on a case by case basis, but absences are highly frowned upon.

Should multiple co-Founders apply?

VentureBox encourages all co-Founders to apply. All accepted co-Founders are expected to enroll and remain in the program together.

What are the costs involved?

The cost to go through the VentureLanch is $1,500 per company. You will need to incorporate a company during the semester, which will cost money, and you may have other business expenses. VentureBox works to reduce the cost of launching a new business by working with our sponsors to help create scholarships for our Founders. There is a good chance an organization in the Central Oregon community will step up to provide a scholarship for you so don't let the tuition cost keep you from applying.

Will information be shared or made public?

VentureBox may post the name of the companies accepted into our Venture Launch program each semester. If you would rather remain in stealth mode let us know and we'll make the accommodations.

Do we have to live in Central Oregon to be a VentureBox Founder or participate in Venture Launch?

No. This program is open to all. We recommend Founders living outside of Central Oregon think about moving to Bend Oregon during the Venture Launch program. OWhile we are verry committed to helping local companies, our not very hidden agenda is to recruit some of the best companies in the country to build their businesses in Central Oregon.

How do I apply to Venture Launch?

We have all of our applying companies develop Cimpany files on our web portal on Gust.com.  This process starts by setting up a private account on Gust where you develop all of your comapny material.  As you develop content you choose to "share" it with VentureBox at which time we can begin to learn about your enterprise.   Thsi process continues throughout your develpment and becomes a useful site to manage and store your company information.  The VentureBox Portal on Gust is free and you can utilize this process regardless of wether you are in one of our programs or not.  This software application is widely used by investors and Venture fund accross the United States.  

We think its an effective tool so why not give it a try>>>>> Click here to get started.

Idea Creation and Protection

Does VentureBox focus on any particular business field?

VentureBox primarily supports technology businesses. The definition of technology spans online, software, health information systems, clean technology, hardware and consumer electronics. VentureBox selects a wide range of Mentors to be sure that all relevant technology sectors are sufficiently covered. If your business is outside of the technology field we would still like to hear from you.

Will participating Founders need to disclose their ideas?

Yes. All Mentors, Founders, and participating staff are bound by confidentiality provisions inside of the VentureBox organization but no NDAs are typically executed with client companies. In order to help you develop your business, we'll need to know what problem it solves but detaied disclosure of actual designs may not be required.

Do Founders have similar ideas to one another?

Yes, it can happen. Before being selected for VentureBox where you'll be working with other Founders, we'll inform you if we believe another Founder is attempting to solve the same problem. In past Semesters, Founders have shared ideas and collaborated sucessfully and there is great value in the collaboration between companies in the same cohort.

Can Founders submit more than one idea?

This is up to you. VentureBox is more interested in the person, and less interested in the business idea. Founders must select one idea to turn into a company within the first 45 days of the program.

Mentor Information

What is the range of Mentor experience?

VentureBox selects Mentors with a broad range of industry experiences, including hardware, software, manufacturing, biotech, entertainment, digital media, investment, services, and B2B/B2C. Most Mentors have started multiple companies and are currently running a well-known start-up or retired. The Mentors were chosen for their ability to speak on a specific set of important business issues that affect all high-tech start-ups.

How do Founders get paired with Mentors?

The pairing process is informal. Founders have the opportunity to ask questions of Mentors before, during, and after each Venture Launch session both online and in-person. While some Mentors are extremely busy, it is expected that the majority of Mentors will help Founders where they have common interests. The Mentors are compensated through a shared upside pool, and Mentor compensation increases with positive reviews from participating Founders. This gives Mentors the extra incentive to help the Founders, provide introductions, etc. In addition, a final review is done after the program is completed, creating an incentive for longer term Mentor involvement.

Applications for Venture Launch

Is it better to apply sooner rather than later?

Yes. We start narrowing the list of finalists approximately 60 days before the class begins.

Can I apply if I have an established start-up?

Yes. VentureBox will accept any founder that is running a business less than two years old with less than half a million in annual revenues, as a general rule of thumb. The first semester of the VentureBox included Founders with a wide range of experiences.  About on fifth of the companies that entered the inaugural VentureBox were already incorporated at the beginning of the program. Some of the Founders had nearly complete products with sizable partners.

How many Founders will be in the program?

VentureBox accepts 5 to 9 Founders. A number of factors encourage limiting the group size, such as the capacity of reserved meeting facilities, the ability to deliver a meaningful mentorship experience, and the quality of the shared upside among participants.

How do I apply for Venture Launch?

We ask Founders to log into our Company portal and do their best describing their business on gust.com. We use Gust as basis of the application process and the more developed companieds do have an advantage but it is not a requirement. Click here to get started.

Fees & Warrants

What does the $1,500 cover?

The Venture Launch course fee is due befre the initial kickoff meeting and covers the cost of operating the sessions, including catering costs, Mentor travel stipends, location fees, audio visual, etc. The fee is non-refundable. A limited number of scholarships are available for each class if financial assistance is required. You will be briefed on the process top obtain scholarship for tuition offset.

Are there any other fees?

If an enrolled Founder graduates or continues to the last 30 days of the program, the enrolled Founder is asked to contribute two additional fees. First, the Founder is asked to grant a warrant for 2.0% of their company stock to join a Bonus Pool of shared equity upside with VentureBox's Mentors and Staff.

Why warrants versus equity?

Warrants have a number of advantages over equity.

(1) Successful Founders from incubators often feel that they receive bad investment terms from the incubator. Warrants ensure that any equity placed in the Bonus Pool for VentureBox and other stakeholders is priced by the market, creating a win-win scenario.

(2) Warrants do not give VentureBox any control or voting rights in the company

Venture Launch Program Details

Do Founders need to quit their day job?

No. VentureBox has a mix of full-time and part-time Founders in the program. Many businesses get started with part-time Founders until the company gains traction. Once a company gets off the ground and properly capitalized through revenues or investment, VentureBox expects that the Founders will start working full-time.

Can participating Founders find co-Founders in the program?

Yes. Since participants have shared areas of interest and hail from a variety of backgrounds, it is common for founding teams to be established with different program participants. In one case a Mentor even joined one of VentureBox companies as a Co-Founder.

How will you get involved in the idea creation phase with the entrepreneurs?

In the beginning of the program, the Founders are broken into smaller working groups by related ideas, and provided with very specific assignments for refining, researching, and validating ideas.

From having a great idea to taking it to the market successfully, what do you think is the most difficult part of the process for an entrepreneur?

The hardest challenge for a founder is understanding and completing all of the various things that need to get done to launch a company in a logical and orderly manner. Finishing a prototype and product is just one of many important steps and Founders often overlook critical details which come back to haunt them later.

What are the key steps to succeed in the VentureBox program?

The process of building your company will be a lot harder than you ever expected. Maintaining your enthusiasm, passion, and enjoyment of pursuing your vision is paramount.

Investors and Venture Capital

Can I apply if I am not planning to raise money?

Yes. VentureBox encourages Founders with standalone business ideas that are capital efficient to apply. The majority of topics covered in the curriculum are relevant to any business, such as team building, vendors, and revenue. VentureBox is working with multiple service partners on discounted or free offerings to dramatically reduce the cost of launching a new company, making enrollment worthwhile. 

Can I apply if I am already fundraising?

Yes. VentureBox encourages active fundraising throughout the Semester for Founders that are prepared and require outside capital. The goal is to get Founders in front of investors multiple times before the Semester ends.

How will Founders interact with investors?

In two sessions throughout the Semester, top rated angel investors and venture capitalists will be invited to attend and contribute. Founders will have the opportunity to informally socialize and pitch investors during these sessions without the stress and pressures of a pitch environment - garnering invaluable experience feedback without the fear of backlash. By the second and final investor session, you will be experienced and very well prepared to pitch. In past investor sessions, over a dozen venture capital companies have been represented, with additional angel investors. VentureBox also facilitates investor meetings outside of the program.

How much money should participating Founders plan on raising?

VentureBox invites a wide range of Founders from different sectors to apply. Some companies need more capital and will raise more capital during the program. The amount of money that a participating Founder can expect to raise is ultimately based on the business, its specific needs, and the execution.

Does VentureBox make investments?

VentureBox is structured to enable small investments in our client companies.  At this time this "micro-investment fund" is not available but we are working with our investor community to create this facility during 2012.  When in [lace we expect this fund will make smaller investments with  as part of what we learn about your company through your development in the program.  We anticipate that our investments will be placed in blocks $3,500 in excahnge for 1% of additional equity and will only be available to cmpanies already participating in our programs.

About VentureBox

Who is funding VentureBox?

Please see the Founding Team