The Application Process
What does the application process entail?
We have a four step process, including – an online application, an application video, a telephone interview, and an in-person interview. We typically respond to applicants within a few days at each stage and accept teams on a rolling basis. We try to be as founder-friendly as we can given that we have been in your shoes and understand what it’s like to start a business. If you are selected for a final interview, we will travel to you if you live outside of NYC.
Are there any application requirements?
The only requirement is that the majority of founders must be willing to work and participate in the program from our office in SoHo, NYC for the duration of the three month program.
Is my intellectual property safe?
We have no interest in stealing your idea and that would be bad business for us. We won’t show your application to anyone outside of Blueprint Health. We see hundreds of applications each year and many have very similar ideas. For this reason, we do not sign NDAs. In the end, your real secret sauce is your ability to execute.
I’d like to talk to you before apply?
If you have a specific question – please email us at email@example.com. Otherwise, the best way to get in touch with us is to apply for the program. It should only take 5 minutes to apply and there is no obligation to join the program when you start the application process. Unfortunately, between our commitments to alumni and reviewing new applications, we cannot take meetings with everyone that requests one.
I’d like to talk to some of your alumni?
Our alumni are our best advocates and probably the best people to talk to regarding Blueprint Health. We will ask you at the phone interview stage if there are any specific alumni that you want to speak to. If you are going to reach out to our alumni, make sure to have a specific ask and please be respectful of their time.
Fit For the Program
What type of companies are you looking for?
Our evaluation process is based primarily on three criteria: team, coachability, and business model. We look for teams of resourceful and efficient problem solvers and with complementary backgrounds. Your team should be able to sell as well as build and execute on your product or service. Coachability entails our assessment of your ability to interact and benefit from interactions with our mentors and community. In terms of business model, you will set yourself apart if you can clearly articulate who your primary customer is (hint: choose one), what their problem is that your solving, how much they are willing to pay per year and why, and how you can grow this to a $500K+ run rate business within 12 to 18 months.
I think our company is too far advanced to join Blueprint Health?
Companies that have joined our program have been generating up to $1M in revenue and have had as much as $1M in funding prior to joining Blueprint Health. About one-third of our alumni already had customers when they joined the program, an additional one-third were ready to make sales, and one-third were not much more than an idea. Having worked with 60 companies, we have proven an ability to help our companies acquire customers and accelerate their fundraising process. The majority of our alumni would state that the value we have added has been exponentially greater than the equity they gave up. Click here to learn more.
Do you accept solo founders?
On occasion, we accept companies with a single founder, but having a strong team of two or three founders greatly increases your chance of being accepted.
Do you work with business-to-business or direct-to-consumer companies?
Our community has considerable experience in enterprise sales – we’re not adverse to (actually we are excited by) companies that sell to payers, hospitals and providers. We have also invested in a number of direct-to-consumer products and have mentors with significant direct-to-consumer experience.
I don’t have an idea. Can I still apply?
Yes – we have a limited number of spots for floating founders. Floating founders join our program for the first six weeks as free agents. During the six weeks, we expect you to meet all of the teams and offer to assist them in building their company and product. At the end of the six week period, if a team invites you to continue working with their team, you can join the company. You can apply as a floating founder here.
The Deal Terms
What do I get if accepted into the program?
You will receive hands-on marketing and fundraising consulting for three-months and access to our network, seed capital, and office space for you and your employees in our Soho Loft for three months. Click here to learn more about how the program works.
What does Blueprint Health get?
Blueprint Health receives a 6% common equity stake in your company. This is pre-option pool and pre-investor capital. Blueprint Health usually ends up with less than 4% of the common stock after your seed round. Our deal terms are very straight-forward and founder friendly. Click here to view the stock purchase agreement we enter into with accepted companies.
How much control am I giving up?
You maintain full control over your company. This includes the day-to-day operations of your company, strategic decisions, hiring decisions, fundraising decisions, etc. Click here to view the stock purchase agreement we enter into with accepted companies. Feel free to email firstname.lastname@example.org if you have any questions about the agreement.
How successful have your companies been?
80% of the companies we have worked with are still in business and 85% of those companies are generating revenue. This is very high given the stage at which we get involved. More than ten of our portfolio companies that have grown revenue to $1M+ in ARR or greater and are on track to build very successful companies.
What is the average amount of money your companies raise post-program?
After our program, most Blueprint Health companies raise a seed round of $300k to $1.5M at market valuations. We will help you with your pitch, building customer traction, and advise you on the tactics of raising either an angel or venture round. The introductions we provide to you during our program and the connections you make at demo day can be instrumental in your fundraising process. This being said, although we dramatically increase the probability that you will successfully raise capital, our portfolio companies still have to invest a significant amount of time and effort into the process of raising capital.
What has been your most successful company?
None of our companies have exited yet, but more than ten of our portfolio companies that have grown revenue to $1M+ in ARR or greater and are on track to build very successful companies.
How do we work with your mentors?
The primary way you are introduced to our mentors is via one-on-ones. The mentors select the companies they are interested in meeting with and typically meet with three or four companies in each class. One-on-ones are only 15 minutes long and are meant for you to introduce yourself and your company and to determine if there is a fit / mutual interest in talking. Portfolio companies typically have one-on-ones with 50 to 70 mentors and will typically form strong relationships with 2 to 5 mentors. For many of our portfolio companies, our mentors have help facilitate their first customer relationships or were the first investors in their company.
What’s a typical day like?
The focus of the program is helping our companies build sustainable, profitable businesses. We encourage the founders of our portfolio companies to spend the majority of their time marketing their business, following up with leads, and executing for interested leads or clients. This is not a school or a pedantic program. There are structured elements including one-on-ones, office hours, founder discussions, and events that are geared to expanding your network and resolving challenges you are facing. You will be asked to meet with a lot of people during the first month of the program. This will be a distraction from the blocking and tackling of marketing and sales, albeit our alumni have found that these relationships pay off in spades in the long run. During the last month of the program, most of our portfolio companies spend a significant amount of time raising capital and preparing for demo day. Click here to learn more about how the Blueprint Health program works.
Will Blueprint Health help us after the three month program?
You are part of Blueprint Health for the life of your company. We hope that our portfolio companies see us as an extra founder or special advisor. We are often the first people that our founders email when they are doing something new or have a difficult decision to make. Most founders see us as experienced friends rather than investors and realize that they can talk to us about things that they might not be comfortable talking to others about initially. This includes reviewing at contracts, investor term sheets, discussing employee issues or key hires, or just getting a beer to blow off some steam. We continue to make introductions and help whenever we are called upon. As we like to say, once you are in the Blueprint Health family, you are always in the Blueprint Health family.
Are there obligations after the program?
Other than spending 5 minutes each quarter to update us on your progress, no. Though we do hope you continue to be an active member of the Blueprint Health Family. Even after the program, the resources of the Blueprint Health community are still at your fingertips, giving you the continued opportunity to seek investors and mentors through our unique network.
Do we have to stay in NYC after the program?
No. It is your company. You don’t have to stay in New York (although we would love you to).