Frequently Asked Questions
What is a Roadie?
At RevRoad, Roadies are the portfolio companies we bring onboard. These entrepreneurs bring their great idea — their secret sauce — and we help them grow fast, grow strong, and grow well. We negotiate an equity exchange for the value we offer through our 12 service Hubs. Our goal is to achieve the financial results our Roadies desire, whether that’s sustainable growth, ongoing distributions, a sale of their company, an IPO, or some other harvest event.
When did RevRoad begin?
RevRoad was founded in early 2017 by a group of 6 entrepreneurs who were united by a common passion for helping businesses grow. RevRoad’s founders believe that helping entrepreneurs bring new products and ideas to the marketplace is is the best way to make the world a better place.
How is RevRoad funded?
RevRoad kicked off with seed money from its founders and funds from private accredited investors, including many friends and family members. Ongoing funding will come from RevRoad’s share of the proceeds during Roadie harvest events.
Is RevRoad a business accelerator? What does that mean?
Yes, RevRoad is business accelerator. That means we are all about helping other companies succeed. Unlike other business incubators and accelerators, we help companies regardless of their stage of development. We work with businesses long-term rather than offering a short bootcamp-style program.
Is RevRoad a venture capital firm? If not, how do Roadies get the funding they need?
No, RevRoad is not a venture capital firm. Rather than offering cash to our Roadie companies, we offer all the services and support they need in exchange for an equity stake in their companies. If your company needs funding, our expert team can help you find investors while helping you retain control of your company. Roadies get access to our exclusive network of investors and mentors.
How many companies has RevRoad helped so far?
RevRoad brought on 8 Roadies in the 2017 and 2018 and has space for 3-4 Roadies every quarter.
Why Provo, Utah?
Utah is a great place to live and grow a family, and we chose to call Provo home for many reasons. Utah was recognized as the best state for business by Forbes and CNBC in 2016. Dubbed Silicon Slopes, this area has the advantages of a strong entrepreneurial culture, a highly educated workforce, and a favorable regulatory climate. The Utah market has produced four unicorns, with $2.5 billion invested in last 3 years. It is also No. 1 in high-tech employment growth and top 3 for entrepreneurship/innovation in the West. Our founders believe that the Provo area has been underserved by incubator and accelerator programs, although our dollars per deal figures are the highest in the nation.
What makes RevRoad different?
We are here to help entrepreneurs succeed, and we’re in it for the long haul. We believe that it takes sustained effort and persistence to build strong businesses, and we work side-by-side with our Roadies to help them win. We’re the first-ever 24-month accelerator program, and the only one that lets our portfolio companies select from a suite of expert service Hubs before they sign on.
What kind of companies do you accept as Roadies?
RevRoad accepts Roadies from all industries and all stages of development (idea, pre-revenue, or post-revenue). We lean toward innovation-driven companies with the potential to grow quickly, scale effectively, and disrupt the marketplace in their sector.
What are the chances of getting accepted?
RevRoad receives more Roadie applications than we can accept each quarter. Being accepted is determined by the quality of your idea, the energy and commitment of your team of cofounders, the marketability of your solution, financial factors including recurring revenue and market size, and the bandwidth of RevRoad’s expert team. If you aren’t accepted on your first try, we strongly encourage you to keep trying.
Can I apply if I don’t have any cofounders?
Yes. You can apply if you’re the only founder (several of our current Roadies have driven solo on their roads to revenue). However, we have found that diverse teams of founders do best. If you need help finding a cofounder, we can help connect you with other qualified, energetic entrepreneurs.
What do I need to do to present my idea to RevRoad?
It’s easy. All you do is fill out the online application, submit a video, and get your pitch deck ready to present to the RevRoad leadership team. If you meet the qualifications, someone will reach out to you to coordinate a meeting.
As an entrepreneur, do I need to have an exit strategy for my company
selected before I can be considered as a Roadie?
No, it’s not a requirement. But we will be impressed if you’ve thought that far ahead and have data to back up your plan.
What would disqualify my company from becoming a Roadie?
When analyzing Roadies we look for a great idea coupled with a large TAM (total addressable market), recurring revenue opportunities, scalability, and a passionate and capable leadership team with a desire to win! If these requirements don’t describe you or your business, you’re probably not a good fit for RevRoad.
Is there a limit to how many companies I can bring to RevRoad?
No, but running a company takes a lot of time and focus (according to one of our current Roadies, it’s a 120-hour-per-week job). We recommend that you focus on ‘nailing and scaling’ one company at a time. However, we encourage additional business applications after you have sufficient bandwidth.
ABOUT WORKING WITH REVROAD
How many Hubs from the Exchange can I choose?
RevRoad provides Exchange services based on what your company needs to grow and the amount of equity we negotiate to help you do so. We will agree on specific Hub services as part of the sign-on process.
How does RevRoad determine how much equity is exchanged?
We work with potential Roadies during the application process to determine their needs and growth trajectory. If we decide to invite you to become a Roadie, we will discuss our equity exchange offer in a private meeting.
Do you fund companies that are competitive with each other?
No. We typically look for companies in a variety of industries each quarter.
What sort of control do Roadies give up?
One of the things that makes RevRoad different is that we are committed to helping you retain control of your company. We will advise you and help you with whatever you need, including systems, financing, and capitalization. However, we believe in letting you steer on your road to revenue, from the starting line to harvest event and beyond.
What is the timeline for the 2-year program?
In your first quarter as a Roadie, we’ll help you build a foundation for success and provide the services you need to kick off your growth. Throughout the first year, our expert teams will continue to provide the services you need based on the Hubs you selected during the sign-on process. In the second year, we will help you and your employees learn to take over every aspect of management for your company. You’ll have weekly chats with a mentor throughout the 24 months, and you’re welcome to snag some breakfast cereal from the Cantina anytime.
How do you deal with my intellectual property?
We are committed to your privacy and to keeping your intellectual property and cap table information secure. Need-to-know information will be shared with RevRoad staff, including your mentors. However, we will not share your information with other Roadies or RevRoad partners without written permission.
Do I need to stay in the accelerator program for the full 24 months?
No. At RevRoad, your goals are ourQ goals. We will work with you for up to two years, but if you have a harvest event or reach your goals more quickly, we’ll be there to cheer you on. You’re welcome to hang with us as long as you need up to 24 months. As your partner, we will also keep in touch with you after your official time as a Roadie has ended.
Does our company have to office with RevRoad?
No. If you have office space you’re happy with, that’s great! If you need offices or need to use our HQ for meetings or events, that’s great too. We’ll discuss all your needs, including the need for office space, as part of the sign-on process.