Schedule

This is where it all begins. During Orientation, we will review the Founder Institute program structure, methodology, tools, and requirements. You will meet the cohort and establish how your startup will use the program to push your business forward.

Sprints

During Orientation, your cohort will be split up into the “Launch Track” or “Growth Track”, depending on the stage your business. The "Launch Track" focuses earlier Founders and teams on validation and go-to-markets, while the "Growth Track" focuses teams with a live product and customers on traction and funding. 

The below deliverables are in addition to any custom "Epic Sprints" you may receive based on your specific challenges, and below is a small sample of the deliverables you’ll complete through Working Groups and Office Hours:

Launch Track Deliverables

1. Progress - Outline your business ideas and any testing or progress made to date. 
2. Hotseat Pitch - Prepare a one minute verbal pitch for the weekly “Founder Hotseat”, where you present to Mentors during the Feedback Sessions. Start with our one-sentence pitch template, and if you do not have a final idea yet, describe yourself and a field that you are passionate about and uniquely qualified to build a business around.
3. Co-Founders - If you are looking for a Co-Founder, create a basic description of what you are looking for, and this will be shared with the rest of your cohort.

Growth Track Deliverables

1. Program Goals - Outline the monthly objectives your team wants to achieve during the four month Core Program.
2. Key Performance Indicators - Outline the KPIs that you are currently using to track success. Analyze the validity of these metrics, and create a plan to share updated metrics and progress with your Local Leaders every week in the program.
3. Hotseat Pitch - Prepare a one minute verbal pitch for the weekly “Founder Hotseat”, where you present to Mentors during the Feedback Sessions. Start with our one-sentence pitch template, followed by why your team is uniquely qualified to execute your business and the progress that you’ve made to date.

In each weekly Feedback Session, Founders will pitch and outline their progress to the Mentors for feedback, and get tips and insights on the week's topic. This week you'll get tips on how to develop a strong vision for your business.  

Sprints

Below are just a few of the 10-15 deliverables you’ll complete through Working Groups and Office Hours:

Launch Track Deliverables

1. Ideation - Catalogue the ideas that you are interested in pursuing, or examine different variations of the current business you are pursuing.
2. Initial Interviews - Using our templates, interview at least 15 people that have knowledge of the customer problems or may be potential customers themselves.
3. Market Research - Utilize our market research template to collect accurate and available market information on the customer problems you are analyzing. 

Growth Track Deliverables

1. Customer Interviews - Using our templates, interview at least 15 customers. If you already have done extensive customer development then outline your current findings and identify areas that require deeper understanding.
2. Identify Unknowns - Document a detailed understanding of the main customer problem, and fill any required gaps in your customer knowledge. 
3. Visioneering - Describe what your business will look like when it has $100 million in annual revenues, including the vision, culture, and main revenue stream, and outline at least 5 steps that need to happen for your company to reach that goal.

In this Feedback Session, Founders will share their pitch and revenue model with Mentors for feedback and continued refinement. You will also get tips on how to sustain your startup before receiving financing or revenue, identifying the most lucrative revenue source for your business, testing different revenue sources with your target customers, and more. 

Sprints

Below are just a few of the 10-15 deliverables you’ll complete through Working Groups and Office Hours:

Launch Track Deliverables

1. Customer Problem - Based on your research, select one customer problem to pursue in the program that has the greatest chance to generate significant revenue.
2. Revenue Models - Narrow down that problem to three potential revenue models, and thoroughly analyze the positives and negatives of each model.
3. Professional Pitch Deck - Use our templates to develop a professional three minute long pitch deck, based on the feedback, concepts and flow that have resonated from your Hotseat pitches.

Growth Track Deliverables

1. Expert Interviews - Speak with three financial people who have experience in a similar industry to your customer problem, and get their insights and opinion on the scalability of your revenue model.
2. Key Performance Indicators - Based on your research thus far, identify the final key metrics that will impact your ability to secure revenue (and funding). Discuss these with your Local Leaders, and finalize a tracking system for these metrics. 
3. Product Development - Refactor your plans to prioritize the release of a solution that will generate initial customer revenue and validate your riskiest assumptions.

This is the first big checkpoint in the program to determine your progress. During the Mentor Idea Review, you will present a longer presentation to a panel of FI Mentors for extensive review. You will receive a rating, as well as feedback on the long-term viability of your offering, revenue model, growth strategy, and more. 

Sprints

After the Mentor Idea Review, Founders receive a larger number of custom "Epic Sprints" with deliverables based on their specific challenges. Below are examples of some of the standard deliverables. 

1. Corporate Materials - Immediately update your 3 minute pitch deck and video based on the Mentor Idea Review feedback, and develop a new and updated Executive Summary using our template.
2. Advisor Candidates - You will create (or fill out) an Advisory Board in the next 5 weeks, so develop a target list of new advisor candidates based off your identified needs and gaps in knowledge/ connections. 
3. Advisor Outreach - Leverage the FI network to get introductions to your targets where necessary, and follow our templated process to make progress on your advisory board.  
4. Sales Follow-up - Continue to work on securing sales or commitments for revenue, growing the rate month over month. For B2B solutions, get as many contracts or letters of intent as possible. For B2C solutions, aggressively increase your revenue (or submitted information indicating they will pay you). Document all lessons learned.
5. Financial Model - Develop or professionalize your financial model based on our template that focuses on expenses (“burn”) to understand your cash needs. Develop a revenue forecast for 12-18 months and factor in timing considerations from your sales follow-up work.
6. Legal - Identify your short to medium term legal needs, and if you don’t already have a law firm, identify at least two local law candidates that have experience working with startups. Begin vetting new or existing law firms using our guidelines. 

In this Feedback Session, startup lawyers and CEOs will explain various legal agreements, startup legal components (such as equity), cap tables, how to protect intellectual property, the best practices for managing a law firm, and more. As usual, Mentors will also provide Founders with ratings and feedback on their startup pitch and progress.

Sprints

Below are just a few of the 10-15 deliverables you’ll complete through Working Groups and Office Hours:

1. Legal Review - Review our Legal Guide to fully understand all critical startup legal components, including granting equity, vesting equity, granting options, issuing common stock versus preferred stock, and more. If any of your existing legal structure is in conflict with these best practices, then create a plan for resolution. 
2. Capitalization Table - Develop or improve your capitalization table (“Cap Table”) that shows the ownership structure of the business, using our template and guidelines.
3. Finalize Co-Founder Legal (if any) - Create a list of any co-founders, co-founder candidates or founding Team Members that you have for your Founder Institute company, and begin the next steps in formalizing the relationship.
4. Law Firm Engagement - If you don’t already have a law firm, meet with your law firm candidates and sign an “engagement letter” with your chosen firm. 
5. Corporate Formation Agreements - If you don’t already have a suitable corporation, secure all of your corporate formation agreements which govern how the business conducts itself.
6. Equity Collective - Prepare to join the Equity Collective, and send your law firm the necessary agreements and request their help to properly fill out the required fields.

In this Feedback Sesison, Mentors will provide Founders with feedback on their current product, and/or product roadmap. Expert in product development will also discuss best practices in product management, roadmapping, managing product teams, and more.

Sprints

Below are just a few of the 10-15 deliverables you’ll complete through Working Groups and Office Hours:

1. Intellectual Property - If you have not already, secure and protect the intellectual property for all of the work done to date. Examine the need for patents, if applicable, following our guidelines. 
2. Solution Goals - Evaluate the current state of your solution, and outline the three solution goals that you would like the next product release to solve for your target customers over the next year.
3. Project Team - If you have not already, organize the skills and roles needed to execute on your solution goals, whether using existing team members or supplementing through hiring or outsourcing. 
4. Product Roadmap - Develop a first or updated product roadmap, using our guidelines, in order to meet your solution goals with your project team.
5. Project Plan - Fine tune the schedule of releases in your product roadmap to be as simple as possible to each test one hypothesis of the business, using our guidelines.
6. Hotseat Pitch - Prepare a five minute presentation for the Mentor Progress Review that includes sufficient information to enable Mentors to evaluate your progress and plans.

Completing the Founder Institute is an honor. The program is challenging, and the expectations are demanding.

In this final session, you will celebrate with your peers, friends and family, as well as select Mentors. Some Founders will also pitch to a live audience, and you will officially onboard to all of the post-program resources and assistance the Founder Institute provides.