A practical approach to accelerating your startup from start to investment.
A few years ago, the team at BlueChilli sat down and brainstormed all the practical steps to take an idea through to Series A Venture Capital. We identified 156 things that needed be done, from incorporating a company through to hiring your first employee to raising venture capital. We wrote all these down and created a process for every single one of them - and called this 156.
The 156 program is supported by our team of Entrepreneurs in Residences (EIRs) who have experience in starting, launching, funding and exiting startups. Our EIRs mentor every startup through our program and provide guidance and advice to help entrepreneurs go from zero to one.
There are four main reasons why startups fail, we mitigate the risks of these through a 156 step program.
We mitigate the team risk by running our entrepreneurs through a proprietary system called 156, named after the original 156 steps required to take a team from idea through to independent business. We further mitigate the risk by controlling the recruitment pipeline for each startup.
42% of startups fail due to the wrong product and 75% of tech startup budgets are spent on technology. We mitigate this risk by embedding a startup studio into each startup, lending a full stack tech team to each entrepreneur and using our ChilliSource technology framework, which mitigates scope creep, cost blowouts and misaligned idea-product.
The traction risk is mitigated in the rigour of 156 and further mitigated by partnering with corporates with our innovation programs. By starting with a corporate need on day one, we build startups that have an immediate reach with a motivated partner geared to the startup’s success.
With a network of over 300 high net worth investors, a capital raising platform and venture capital funds to invest directly in startups, we mitigate the risk of tender by making it easier for our quality startups to raise capital.