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Episode Date: July 12, 2016
Spanning 135 cities across the globe, and producing around 2000 companies per year, the Founder Institute (FI) has become one of the biggest, most impactful programs for early-stage companies in the world. In this episode, Jason sits down with Adeo Ressi, Founder and CEO of the Founder Institute, to find out what makes Adeo’s entrepreneurship program different from the host of other incubators and accelerators out there. Adeo gives some background and lessons learned as a founding member of TheFunded.com and shares his process of detecting successful founders as well as predicting which entrepreneurs will fail. As the owner of the LAUNCH Incubator, Jason is in his element comparing and contrasting the structure and practice of the Founder Institute with his guest.
- An educational program for entrepreneurship that is cheaper than a college course.
- A way to dip your toes and see if you're ready to leave your job for your idea.
- The purpose of FI is to take people through a 3.5-month long program and turn them into strong entrepreneurs with good companies.
- It was founded because it's hard being an entrepreneur. Adeo Ressi believed that if he set something up to make it easier to become successful as an entrepreneur, it would be a win all-around.
- It's more like a school rather than a classic incubator. People pay a fee from a couple hundred to a couple of thousand dollars depending on the location.
- It's not like Y-combinator, where companies have an MVP and a couple of months of traction, or LAUNCH incubator, where the companies have $10k/month in recurring revenue.
- 70-90% of inbound are people who have a job and believe that if they get some help, the likelihood that they will succeed may increase.
- 65% of people who enroll will drop out. Many realize that it's too much work. Between individual and weekly assignments, the program aims to help you figure out if you are cut out for what it takes to succeed.