This fall we are kicking into high gear with Startup Iceland initiatives, I applied to lead the local chapter of Founder Institute in Reykjavik and I got accepted. I had to take a test, the same test that every wanna-be-entrepreneur takes when she/he applies to a Founder Institute program. I am looking for Co-Directors for this initiative. I have reached out to some of you to help me but I would like to open it up and see if there is more interest to help me get this started. Founder Institute is an idea-stage accelerator from Silicon Valley. A local chapter will build new technology companies, and these companies go on to enter other incubators, raise angel capital and create jobs. For those who are interested, it is a part-time opportunity that is requires one night per week, and you receive equity in all of the companies created.
Here is a description of Founder Institute in their own words:
The Founder Institute is the world’s largest entrepreneur training and startup launch program, helping aspiring founders across the globe build enduring technology companies. In the Founder Institute’s four-month, part-time program, promising startup entrepreneurs “learn by doing” and launch a company through structured training courses, practical business-building assignments, and expert feedback from a large network of business mentors. Plus, aspiring founders are not required to quit their day job to participate, so they can begin building a business around their ideas without putting their livelihood at risk.
Based in Silicon Valley and with chapters across 66 cities and 40 countries, the Founder Institute has helped launch over 1,230 companies, which have created over 10,000 new jobs. The company’s mission is to “Globalize Silicon Valley” and build sustainable startup ecosystems that will create one million new jobs worldwide.
I really like the philosophy of Founder Institute, it also aligns with my vision of building great companies out of Iceland. We have all the ingredients here and the Silicon Valley mind-set. Here is a gist of the Vision, Formula and Approach of Founder Institute.
Starting a company is an arduous and lonely journey, and technology entrepreneurship is a constantly evolving discipline. The Founder Institute aims to improve the rate of startup success by creating local startup ecosystems that emulate the unique characteristics of Silicon Valley.
Great People + Expert Training + Collaboration = Exponentially Better Chance of Success
Great Companies Start With Great People
It’s very hard to judge a new founder by the quality of their idea, because there is too much subjectivity involved. To apply to the Founder Institute, you do not need to provide an idea. Instead, we use a proprietary Predictive Admissions Test to find the most talented people.
To date, over 20,000 people have applied, and the Founder Institute can predict with 85% accuracy somebody’s potential to become a successful technology entrepreneur. Our revolutionary entrepreneur research has been featured in The New York Times, CNN, and Forbes.
The best way to learn is by doing. Through a structured, 4-month curriculum of weekly training courses and business-building assignments, you graduate the Founder Institute as the Founder of an enduring company.
The curriculum was built using Silicon Valley best practices, and each training course is led by members of the Founder Institute’s worldwide network of over 3,100 entrepreneur Mentors, that are founders themselves.
So, if you have read this far and interested send me a note.