BOMBOLO is a new multi-band visitor instrument for the SOAR 4m Telescope. It is a three-arm imager covering the near-UV and optical wavelengths through an optimized set of broad and narrow band filters. The three arms work simultaneously and independently, providing synchronized imaging capability for a variety of astronomical events. BOMBOLO is an exemplary case of science exploration feeding technology development in Chile. The instrument is at the Conceptual Design stage, having been approved by the SOAR Board of Directors as a visitor instrument in 2012 and having been granted full funding from CONICYT, the Chilean State Agency of Research, in 2013. The Design Phase has begun and will be completed in the early 2016, followed by a construction phase in 2016, with expected Commissioning in 2017.