Published April 2018
Written by Laura Henschel
The Innovation Academy strives to help students grow their ideas and cultivate creativity in all that they do. Success is not limited to their post-graduation experience.. During a student’s educational track with IA, they are encouraged to get involved with organizations, internships, and projects outside of class. Benjamin Segarra happened to find an internship the summer before his first year—and it’s turned into a huge success.
Nineteen year-old Segarra enrolled in IA and Finance for Spring 2017. While awaiting his first semester at IA, he got involved in a summer internship with a finance start-up. The lead developer in that start-up took Segarra under his wing, and thus the developer who would become his future business partner - BurnRate was born.
BurnRate is a web application for founders of companies and their investors. Curated and implemented by Segarra and his business partner, Robert McLaws, they have built the app from the ground up. “We’re passionate about helping start-up companies,” Segarra said. “Our mission is to create a world where more start-ups succeed than fail.”
Put simply, it does the heavy lifting for business owners and uses algorithms to tell owners how to grow their capital, hit goals, and know when to sell their company. BurnRate also acts as a collaborative tool for investors. It gives venture capitalists access to the detailed portfolios of companies so they can constantly evaluate for lower risk. Segarra describes this function as “a Common Application - but instead of a streamlined registration for college students - it’s for growing businesses.”
The app is a hybrid model, meaning that start-ups pay monthly for the platform, while venture capitalists pay a flat rate for access to the new companies.
Looking to the future, Segarra is excited for upcoming developments. “We’re currently looking to recruit companies in need of funding to use our service. Also, our website just launched at StartupBurnRate.com.”
Part of Segarra’s final goals are to not only grow others’ start-ups, but to expand BurnRate itself. “We are a team of four developers right now, but we are always looking for more bright minds,” Segarra said. He encourages like-minded entrepreneurs and creative minds to reach out if interested in being part of the company.
For more information on Segarra’s start-up, visit their website (StartupBurnRate.com.) or twitter account (@Burncashsmarter)